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Risk Management Strategies for Healthcare Workers

Risk Management Strategies for Healthcare WorkersPreventing loss and injury at any healthcare facility is an integral part of a successful operation. While no industry is completely accident-proof, there are several different ways that these professionals can be proactive and minimize risk on the job as well as insurance costs. In this post, we’ll explore the most effective loss and injury prevention strategies to minimize Healthcare Workers’ Compensation Insurance claims. As these costs continue to impact businesses in a major way, 2018 is the year to be assertive in a prevention strategy.

Make it a priority.

Healthcare businesses need to write a formal safety policy that is consistently enforced. By making safety a priority, employees of the business know that these policies should be taken seriously and that there will be consequences for failing to do so. Upper management is the best team to execute and enforce the plan as well as welcoming feedback for improvement, regular team meetings, and compliance testing.

Take action.

When an employee experiences an injury on the job, complete an accident report with as much detail as possible. Take photographs of the scene and talk to any potential witnesses about what happened. The first report of injury should be sent within 24 hours to the insurance company to ensure prompt handling and to help fight fraudulent claims, says EHS Today.

It’s also a wise idea for employers to drug test employees at the time of injury. If they are under the influence of drugs and injured themselves on the premises, it could lessen the severity of the claim and minimize workers’ compensation insurance claim costs.

Investigate fraud.

No one wants to believe that their employees are capable of committing insurance fraud. However, it happens more frequently than anyone would like to admit. If there is any suspicion that the employee has claimed an illegitimate injury, or if they suffered the injury elsewhere, healthcare businesses need to notify their insurance companies immediately.

Next, conduct a thorough investigation where witnesses are interviewed and surveillance tapes are reviewed.

Ensure accurate experience modifications.

Check your experience modification factors (or “experience mods”). Every business that spends more than $5,000 on workers’ compensation has an experience mod. Each company starts at 1.00 and it goes up or down depending on its claim experience. The lower your claims, the lower your experience mod. Your rate is typically multiplied by your experience mod to arrive at the final rate. For example, if your rate is $10 and your experience mod is .8; your rate becomes $8.

Be sure to review the policy carefully and comb through all claims on the report to ensure accuracy and prevent overpaying.

About ASIA Workers’ Compensation

Associated Specialty Insurance Agency, Inc. has been “The Workers’ Compensation Specialist for Brokers and Agents” for the past two decades and is committed to providing brokers and insurance agents across the East Coast with expertise and services to develop a Workers’ Compensation policy. For more information about how we can assist you with claims management, anti-fraud measures, and more, call (610) 543-5510 to speak with one of our professionals.

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