Cost of Claims

I had just passed on some information of which I thought was pretty revealing concerning Workers Compensation Claims....their acceptance or rejection......so I thought I would pass it on to all.

In a 25 year research study of 273,000 claims from 150 employers....the following information is surprisingly eye opening in relation to accepting or denying claims.

1. Claim denial rate has increased between 2013 & 2017.

2. 67% of denied claims convert to paid claims within a year.

3. Claims denied then paid cost $15,694 on average

4. Claims accepted then paid cost $10,153 on average

5. So by denying claims, you increase your costs by 55% over claims paid without first getting

denied.

For those of you who have incurred losses or deal with claims every day.....this is stunning. Is it time to re-assess our process, strategies and expectations? Is the claim industry ill-served by aggressively questioning the legitimacy of too many claims?

What is your input? Let me know what you think.

Remember, if you need help with your losses, claims, near misses, safety training, inspections, etc. ....just contact me I WILL HELP! Glenn@complianceandsafetyfirst.com or 909-481-7223

Here is the link to the full article:

http://riskandinsurance.com/opinion-this-denied-claims-data-is-turning-heads/