It is essential for an organization to understand costs, risks and trends associated with the work force to be sustainable and profitable today. A workers compensation claims tracking solution addresses this need as it relates to workers’ compensation claims.
It is no surprise in certain industries costs associated with workers compensation can literally make or break a company. The National Safety Council estimated that work-related deaths and injuries cost the nation, employers, and individuals $171 billion in 2019. This is a staggering statistic when we realize much of these costs can be minimized through a structured risk management approach and more specifically understanding costs and risks associated with workers comp and liability claims.
It is important to consider an integrated claims management tracking software to address workers’ compensation, risk and costs as these injuries are impacted by proactive solutions that should include aspects of safety, case management and financial.
There is no one size fits all solution, because risk and need often are based on industry, current process and management preferences within an organization.
Workers Compensation Claims Management Solutions Considerations
When addressing the needs of managing insurance claims within an organization, a number of items should be considered when evaluating Workers Compensation claims management software, including:
- Does software meet my needs and how much customization is required?
- Did the organization consult with their IT Department?
- Is the workers compensation claims tracking software meeting my needs for reporting and can reports be easily run? Can reports be scheduled, emailed and what are the exporting capabilities?
- What is software vendor doing to protect my PHI, Protective Health Information?
- Is there a Business Associate Agreement in place to address specific requirements?
- Are costs and upgrades clearly spelled out now and in the future? Can I get 5- year costs?
- Is the software compatible with all current browsers?
- Does software include an incident portal for the generation of an incident anywhere via notebook, mobile phone, etc? Does this feature allow users to upload pictures, videos, etc.?
- What is my limitation on file storage space for attachments and is there a limitation per upload?
- What can be done to minimize downtime if I switch Risk Management Information System (RMIS) vendors?
- File format to be used – Popular formats include CSV, XML and SQL dump, and periodic data uploads upon customer request
The above approach allows an organization to work with a new RMIS vendor in advance of switching to minimize any problems.