Broker, Claim and Workers Compensation - Insurance Industry Brief

Two Main Reasons Why Workers’ Compensation Costs Skyrocket

AMAXX

OCTOBER 15, 2024

One of the most significant challenges for employers today is managing the rising costs of workers’ compensation claims. The price tag associated with these claims can severely impact a company’s bottom line if not controlled effectively.

Workers Compensation

Workers Compensation Compensation Workers Comp Injury

5 Reasons Why Workers’ Compensation Reserves Are Higher Than Expected

AMAXX

AUGUST 21, 2024

Reserves are the funds set aside by an insurer to cover the future costs of a claim, including medical expenses, lost wages, and other associated costs. However, even the most experienced adjuster can sometimes under-reserve a claim, leading to financial surprises later on. Is the Cost for the Claim for Life?

Workers Compensation

Workers Compensation Compensation Workers Comp Injury

2 Major Types of Transitional Duty in Workers’ Compensation

AMAXX

OCTOBER 8, 2024

These programs offer significant benefits, not only by speeding up recovery but also by minimizing the financial impact of workers’ compensation claims on employers. He is co-author of the #1 selling comprehensive training guide “Your Ultimate Guide to Mastering Workers’ Comp Costs: Reduce Costs 20% to 50%.”

Workers Compensation

Workers Compensation Compensation Workers Comp Injury

Workers’ Compensation Post-Injury Response Procedure: A Key to Effective Injury Management

AMAXX

SEPTEMBER 16, 2024

Moreover, a consistent approach allows the employer to control the narrative from the outset, preventing external parties—such as doctors, lawyers, or claims adjusters—from driving the process. Proper documentation not only aids in managing the workers’ compensation claim but also helps protect the employer against potential legal challenges.

Injury

Injury Workers Compensation Compensation Workers Comp

Understanding Classification Rules in Workers’ Compensation

AMAXX

AUGUST 7, 2024

The higher the risk, the higher the workers’ compensation premium for that classification. These rules are established by rating organizations like the National Council on Compensation Insurance (NCCI) in most states, though some states have their own rating bureaus. All state laws vary.

Workers Compensation

Workers Compensation Compensation Workers Comp Premium

Blog Post: Frequently Asked Questions on Complex Employment Issues for California Workers’ Compensation

LexisNexis

OCTOBER 10, 2024

Rassp, Presiding Judge, WCAB Los Angeles, California Division of Workers’ Compensation Disclaimer: The material and any opinions contained in this article are solely those of the authors and are not the opinions of the Department of Industrial Relations, Division of Workers’ Compensation, or the WCAB, or any other entity or individual.

Workers Compensation

Workers Compensation Compensation Workers Compensation Insurance Injury

Best Practices to Prepare for a Workers’ Comp Claim Audit or Review

AMAXX

OCTOBER 1, 2024

When managing workers’ compensation, a claim audit or review is a crucial opportunity for employers, carriers, TPAs (Third-Party Administrators), and brokers to come together and optimize claim-handling practices. Here’s how to effectively plan and prepare for a successful claim audit or review.

Workers Comp

Workers Comp Claim Workers Compensation Compensation

Avoid 2 Common Pitfalls That Delay Care in Workers’ Compensation Claims

AMAXX

JULY 15, 2024

One of the most critical aspects of managing workers’ compensation claims is ensuring that injured employees receive prompt medical treatment. Understanding the importance of quickly reporting claims and reducing lag time is key to preventing such scenarios. Initially, this policy faced controversy and skepticism.

Workers Compensation

Workers Compensation Compensation Claim Workers Comp

Part 1: Permanent Total Disability in Workers’ Compensation: Now What?

AMAXX

JULY 1, 2024

Issues concerning permanent total disability (PTD) benefits are a significant cost driver in workers’ compensation claims. When facing these claims, members of the claim management team and other interested stakeholders need to identify the issues early on, evaluate and develop defenses, and avoid costly mistakes.

Workers Compensation

Workers Compensation Compensation Workers Comp Injury

Workers’ Comp Claims Audit: Initial Action Plan Checklist

AMAXX

OCTOBER 7, 2024

Claims audits and reviews are one of the most commonly used tactics by companies to control workers’ compensation costs. In fact, according to the RIMS 2009 Annual Benchmark Survey, 90% of companies had conducted a claim audit or review of at least some of their claims within the previous six months.

Workers Comp

Workers Comp Claim Workers Compensation Compensation

The Role of an Injury Coordinator in Workers’ Compensation Management

AMAXX

JULY 29, 2024

Claims Management Oversee the workers’ compensation claims process, ensuring timely filing and follow-up. Work with insurance adjusters and third-party administrators to manage and resolve claims efficiently. You should consult with your insurance broker, attorney, or qualified professional.

Workers Compensation

Workers Compensation Injury Compensation Workers Comp

Eleven Considerations for Selecting Your Workers’ Comp Company Doctor

AMAXX

SEPTEMBER 10, 2024

Efficient Communication of Medical Records Communication is critical, especially when it comes to sharing medical records with insurance claims adjusters or your company. By streamlining this process, the provider helps ensure smooth claims management, reducing delays in treatment authorization or return-to-work decisions.

Workers Comp

Workers Comp Workers Compensation Compensation Injury

Effective Communication with Injured Workers: Best Practices for Success

AMAXX

AUGUST 12, 2024

In workers’ compensation, communication with injured workers is a critical aspect that can significantly influence the outcome of a claim. Proper communication helps facilitate a smooth return-to-work process and plays a crucial role in maintaining the injured worker’s morale and engagement with the organization.

Workers Comp

Workers Comp Workers Compensation Injury Compensation

Part 3: Permanent Total Disability – Other Defenses to Consider

AMAXX

JULY 9, 2024

Defending Permanent and Total Disability (PTD) cases presents many challenges for the claim management team and other interested stakeholders. These matters must be considered when seeking to maximize the efficiency of any workers’ compensation program and reduce costs. There are many defenses to these claims to consider.

Workers Compensation

Workers Compensation Workers Comp Injury Compensation

5 Best Practices for Effective Claims Reviews

Risk Management Monitor

SEPTEMBER 21, 2021

With the cost of insurance for businesses rising across many types of coverage, staying on top of trends in the claims portfolio is more important than ever. For this reason, many insurers and TPAs promise to conduct claims reviews with their business customers on a regular basis, but the rigor can vary greatly.

Claim

Claim Injury Workers Compensation Risk

Part 2: Permanent Total Disability – Focus in On Job Search

AMAXX

JULY 8, 2024

Even if it is not an explicit requirement, it should be a starting point for interested stakeholders seeking to defend PTD claims. When looking at job search issues, there are several factors to consider when handling the claim and crafting your defenses. Taxable earnings. Writing the best possible cover letter is also crucial.

Workers Comp

Workers Comp Workers Compensation Injury Compensation

5 Proven Strategies for Physician Oversight to Contain Workers’ Comp Medical Costs

AMAXX

SEPTEMBER 9, 2024

Medical cost containment is an essential aspect of managing workers’ compensation claims effectively. Various medical cost containment strategies play a pivotal role in managing these claims efficiently. A timely review could have prevented an unnecessary claim. However, IMEs are sometimes overused.

Workers Comp

Workers Comp Injury Compensation Workers Compensation

The Importance of Return-to-Work Programs

AMAXX

JULY 23, 2024

Effective Return-to-Work programs can significantly reduce the costs associated with workers’ compensation claims. Studies have shown that a small percentage of workers’ compensation claims account for a large portion of the costs. times the direct costs. However, this probability dropped to 55.4%

Workers Comp

Workers Comp Injury Workers Compensation Compensation

Navigating the Conflicting Roles of Supervisors in Workplace Injury Management

AMAXX

AUGUST 27, 2024

Building on Success: Enhancing Existing Practices Once a comprehensive injury management program is in place, it’s important to build on existing internal processes to closely manage workers’ compensation and improve overall safety outcomes. You should consult with your insurance broker, attorney, or qualified professional.

Injury

Injury Workers Comp Workers Compensation Compensation

Pandemic Fuels Growth in Captive Insurance

Triple-I: Workers Compensation

APRIL 4, 2022

The global insurance broker and risk advisor’s survey of more than 1,300 captives also shows that gross written premiums in this area grew from $54 billion in 2019 to nearly $61 billion in 2020. a claims service provider, said the initial phases of the pandemic saw many insurers denying COVID-19-related claims.

Workers Compensation

Workers Compensation Insurer Insurance Insured

Quiz: Supervisor Response to a Workplace Injury – How Would You Respond?

AMAXX

AUGUST 26, 2024

Oh, by the way, if you file that claim, you know that promotion you were thinking about? Michael Stack, CEO of Amaxx LLC, is an expert in workers’ compensation cost containment systems and provides education, training, and consulting to help employers reduce their workers’ compensation costs by 20% to 50%.

Injury

Injury Workers Comp Workers Compensation Compensation

Workers’ Comp Cost Formula To Accurately Assess Your Risk

AMAXX

JULY 30, 2024

Michael Stack, CEO of Amaxx LLC, is an expert in workers’ compensation cost containment systems and provides education, training, and consulting to help employers reduce their workers’ compensation costs by 20% to 50%. You should consult with your insurance broker, attorney, or qualified professional.

Workers Comp

Workers Comp Risk Workers Compensation Injury

Navigating Difficult Return to Work Scenarios: Strategies and Best Practices

AMAXX

SEPTEMBER 3, 2024

Michael Stack, CEO of Amaxx LLC, is an expert in workers’ compensation cost containment systems and provides education, training, and consulting to help employers reduce their workers’ compensation costs by 20% to 50%. You should consult with your insurance broker, attorney, or qualified professional.

Workers Comp

Workers Comp Injury Workers Compensation Compensation

Understanding the Impact of Frequency and Severity on Workers’ Compensation Premiums

AMAXX

SEPTEMBER 23, 2024

When it comes to calculating workers’ compensation premiums, two critical factors play a significant role: the frequency and severity of claims. Frequency: The Stronger Driver of Premiums In the world of workers’ compensation, frequency refers to how often claims are filed.

Workers Compensation

Workers Compensation Premium Compensation Workers Comp

A Brief History of the New Jersey Workers’ Compensation Act

New Jersey Workers' Comp

APRIL 3, 2024

For those who do not like workers’ compensation, blame Otto Von Bismarck. Yes, the man known as the Iron Chancellor, who united all the kingdoms and states into one Germany, passed the first modern workers’ compensation law in 1874. On April 4, 2024, New Jersey marks its 113 th year of workers’ compensation.

Workers Compensation

Workers Compensation Compensation Injury Claim

Insurance Industry Brief

Two Main Reasons Why Workers’ Compensation Costs Skyrocket

5 Reasons Why Workers’ Compensation Reserves Are Higher Than Expected

Trending Sources

2 Major Types of Transitional Duty in Workers’ Compensation

Workers’ Compensation Post-Injury Response Procedure: A Key to Effective Injury Management

Understanding Classification Rules in Workers’ Compensation

Blog Post: Frequently Asked Questions on Complex Employment Issues for California Workers’ Compensation

Best Practices to Prepare for a Workers’ Comp Claim Audit or Review

Avoid 2 Common Pitfalls That Delay Care in Workers’ Compensation Claims

Part 1: Permanent Total Disability in Workers’ Compensation: Now What?

Workers’ Comp Claims Audit: Initial Action Plan Checklist

The Role of an Injury Coordinator in Workers’ Compensation Management

Eleven Considerations for Selecting Your Workers’ Comp Company Doctor

Effective Communication with Injured Workers: Best Practices for Success

Part 3: Permanent Total Disability – Other Defenses to Consider

5 Best Practices for Effective Claims Reviews

Part 2: Permanent Total Disability – Focus in On Job Search

5 Proven Strategies for Physician Oversight to Contain Workers’ Comp Medical Costs

The Importance of Return-to-Work Programs

Navigating the Conflicting Roles of Supervisors in Workplace Injury Management

Pandemic Fuels Growth in Captive Insurance

Quiz: Supervisor Response to a Workplace Injury – How Would You Respond?

Workers’ Comp Cost Formula To Accurately Assess Your Risk

Navigating Difficult Return to Work Scenarios: Strategies and Best Practices

Understanding the Impact of Frequency and Severity on Workers’ Compensation Premiums

A Brief History of the New Jersey Workers’ Compensation Act

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