REDUCE WORKER’S COMPENSATION RESERVES FOR MEDICAL AND (LOST TIME)???
REDUCE WORKER'S COMPENSATION RESERVES FOR MEDICAL AND (LOST TIME)??? Many employers have open Worker's Compensation (WC) claims resulting in reserves being set for lost time, medical expenses, etc. There are many reasons for Reserves. Do you as an employer know why? Some injuries are more traumatic than others resulting in high dollar Reserves. However, is it possible that the Reserve is due to slow processing of the necessary paperwork to be initiated at the time of the injury???
PROBLEM
Specifically, the Accident Report form? Are you monitoring the process to determine if it is completed on a timely basis?
Delaying the Accident Report completion results in:
- delays in WC insurance processing of medical and lost time claims
- which results in a disgruntled employee
- an uncooperative employee who:
- wants proper and timely medical attention
- wants to get back to work as soon as possible, this simply adds to frustration for everyone
- costs you, the employer, dollars.
Why? Delay in completing the Accident Report form!
SOLUTION!!
- Completion of Accident Report form by the injured employee's Supervisor within 24 hours of the accident
- Submit the Accident Report form to Human Resources
- Human Resources will use the Accident Report to complete the 1st Report of Injury and submits it to your Worker's Compensation Insurance Company.
This must be done within 3-7 days of the injury depending upon the State requirements. If not done on a timely basis the employer can receive a financial penalty. This is the beginning of your costs. So it makes good business sense to process that Accident Report on time. Problems created by slow processing of required paper work will be eliminated!!
Contact Pinnacle PEO Corp for more information on Worker's Compensation Reserves.
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