How Workers Compensation Helps Injured Employees and Control Costs

​Workers compensation insurance provides medical benefits and wage loss to an employee who got injured due to an incident at work. As good news, employers can control the worker's compensation coverage. Some of the ways to control costs are as follows:

​Claims Review
It will help if you review the causes of workers compensation claims by holding regular meetings to talk about it. It will help your organization a better understanding of what kinds of unsafe conditions and acts that the business needs to address to reduce the frequency of the claims and its severity. It’ll also help assess the costs associated with the types of injuries. 

Return to Work Program
Developing a formal light-duty or return-to-work program includes many benefits and is effective when it comes to controlling the cost of the worker’s compensation claim. It can help in decreasing the cost of the overtime paid to the employees who are filling in for the injured staff, increase productivity by building a better workforce, and brings in the injured employee back to work faster, which creates direct and indirect profits to the employer. 

Physician Panel
It’ll help if you put up a physician panel which can help you avoid paying unnecessarily high medical care fees. For example, you can avoid sending an employee to the ER for something that the urgent care center can treat. You will be saving 3 or 5 times more which can help in decreasing the overall claim costs. Also, there are a lot of insurance companies that have negotiated discounts with medical doctors; having them in your panel can help you with all those claims processing. 

Experience Modification Review
The experience modification factor as an addition to your workers compensation premium and based on your business’ payment history and reserve history for three years. It can either be a credit modification which is good for your business or a debit modification. 

Conclusion
Having a safe environment, ongoing programs to promote safety and effective safety training are some of the keys to prevent employee injury. However, in case of accidents, it’ll be best if you are prepared and ready by getting a worker’s compensation plan. It is not just to help you or your business, but also, as a sign that you truly care for your employees. 

At American Eagle Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (225) 667-7377. You can also request a free quote by CLICKING HERE.