Workers Compensation & Hr Strategies Database

STUDY OVERVIEW
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"Worker's Compensation Excellence: Understanding Cost and Efficiency"

STUDY OVERVIEW

The research study - Worker’s Compensation Excellence: Understanding Cost and Efficiency – presents cost and performance benchmark data for workers’ compensation in Fortune 500 companies. Data gathered represents 20 large organizations operating in the United States.

This benchmarking study is intended to be a directional indicator of workers’ compensation costs and efficiencies.

Clients have used this benchmark research in the following ways:

Gap Analyses: Identify areas for improvement
Business Cases: Identify areas for improvement
Training: Learn about new areas, industry trends & standards
Resourcing Decisions: Assess staffing, budget & structure
Sharing Research: Satisfy internal customers with unique data

KEY TOPIC AREAS

WC Program Structure
Staffing Levels
Cost Allocations
WC Work Volumes
WC Activity Breakdowns
Efficiency Ratios

KEY METRICS

Average Age of Workforce
WC Program Administration Data (Self-Administered, TPA, Hybrid)
OSHA Work Related Injury Rates
OSHA Total Recordable Case Rates
OSHA Cases-With-Days-Away Incidence Rates
Annual Claims Processed
Open Claims
WC Total Cost ($US) Per WC Internal Staff And Consultants (FTE)
Total WC Cost per ($US) Million In Sales Revenue
Total WC Cost ($US) Per Company Employee (EE)
Cost ($US) Per Processed WC Claim
WC Claims Processed Per WC Internal Staff And Consultants (FTE)
Claims Ratio: Open WC Claims Per Total WC Claims Processed

KEY PROCESSES EXAMINED
* Vendor Management: Manage, evaluate and measure vendor outcomes. Audit carrier/TPA performance. Implement/oversee legislative reform with vendor. Work with vendors to develop medical management models.

* WC Claim Oversight : Perform settlement and subrogation authorizations. Manage employee surveillance. Review claims exceeding financial reserve thresholds. Select panels (e.g., legal, vocational, medical). Track and request excess insurance recoveries. Advocate/intervene for employees in claim disputes with vendors. Oversee WC related litigation activities.

* Partner With Business Units: Advise internal personnel on jurisdictional requirements and specific claim issues. Implement legislative reform with business units. Report WC data and key cost metrics to business unit partners.

* Loss Cost Analysis: Participate in the actuarial WC forecast process. Produce and interpret WC cost data reports. Develop and implement cost mitigation strategies to address adverse trends.

* Facilitate Return to Work: Facilitate return to work between business unit and vendors on complex claims.

METHODOLOGY
This research originated from a Best Practices, LLC research and consulting project. It was conducted for a manufacturing client.

Industries Profiled:
Telecommunications; Aerospace; Banking; Manufacturing; Retail; Chemical; Pharmaceutical; Computers; High Tech; Energy; Automobile; Defense; Consumer Products; Biotech; Biopharmaceutical; Technology

Companies Profiled:
Alcatel Lucent; Arkansas Best Corporation; AT&T; Boeing; Bombardier Aerospace; Costco Wholesale; DuPont; EDS; Entergy; Fleetwood Enterprises; International Truck and Engine Corp; Lockheed Martin; MeadWestvaco; Nordstrom; Inc; Northrop Grumman; Rockwell Collins; Seagate Technology; Sonoco; Southern California Edison; United States Steel

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.

Workers’ Compensation Excellence: Understanding Cost and Efficiency

ID: 4949

Features:

Pages/Slides: 57

Published: Pre-2019

Delivery Format: Online PDF Document

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