Magazine article Occupational Hazards

Speed of Filing Affects Comp Costs

Magazine article Occupational Hazards

Speed of Filing Affects Comp Costs

Article excerpt

A company's prompt reporting of workers' injuries can have a considerable influence on its bottom line, according to a new study by The Hartford Financial Services Group.

The study found that claims filed five or more days after an injury cost an average of 15 percent more for medical and income-replacement benefits than similar claims filed promptly.

"With medical and indemnity costs rising at an annual rate of 7 percent to 8 percent, controlling workers' compensation costs has become increasingly important for companies," said Richard W. Palczynski, senior vice president and chief actuary at The Hartford. "The study demonstrates that early reporting can be one of the most effective ways risk managers can keep costs in check."

The Hartford analyzed more than 30,000 lost-time workers' compensation claims over a five-year period from 1994 through 1998. The injuries fell into three categories: back injuries, carpal tunnel syndrome and other nerve disorders, and miscellaneous injuries, which represent about two-thirds of lost-time workers' comp claims. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.