This feature article reports on the most promising and realistic medical management strategies recommended in the 2018 Workers’ Compensation Benchmarking Study to help claims organizations reduce ever-growing medical spend. The study’s findings are the result of focus group research with over 40 executives from a national cross-section of self-insured employers, national and regional carriers, state funds, TPAs, brokerages and industry consultancies.
In this second of two articles, Chief Operating Officer David Huth continues to examine how higher performing claims organizations are combatting key cost drivers along with action steps to replicate their outcomes.
Over the past five years, higher performing claims organizations have adopted practices to better target six key drivers of claims costs. In this first of two articles, David Huth, Chief Operating Officer, examines three of these cost drivers and the proven strategies for impacting them.
Study results indicates only 24 percent of claims organizations are high performers, so how do the other 76 percent catch up? This short report – “How to Close the Claims Performance Gap: Top 3 Findings in 5 Years of the Workers’ Compensation Benchmarking Study” – condenses the study’s multi-year benchmarking data into the top three practices claims organizations should adopt to join their more successful peers, or risk falling further behind. >> Five minutes to read.
A new A.M. Best survey demonstrates a growing number of workers’ comp insurers are fighting back against rising injury severity by using predictive analytics to lower claim and fraud costs. Rising’s 2017 Workers’ Comp Benchmarking Study was cited in support of A.M. Best’s findings, with our own survey data showing increased adoption of predictive analytics among claims organizations in the past three years.
Industry journalist and consultant, Peter Rousmaniere, uses data from Rising’s Workers’ Compensation Benchmarking Study to discuss how Artificial Intelligence (AI) can help the workers’ compensation industry. In the article, he shares how AI can go beyond prediction to help payers remove errors in their claims management processes.
The highest percentage of claims leaders (46 percent) surveyed in Rising’s 2017 Workers’ Compensation Benchmarking Study believe adjusters become expert at claims management within four to six years on the job. This begs the question, what makes a claims expert and how do adjusters become one? In this short report – Do “10,000 Hours” Make a Great Claims Professional? How Claims Teams Can Achieve Peak Performance – we feature expert interviews from Albertsons, Sedgwick, Daimler Trucks North America, and industry consultants to investigate strategies for mastery development and to provide claims leaders with a practical guide for improving workplace performance. >> Five minutes to read.