Posted on: November 30, 2017 by Manchester Specialty
Workers’ Compensation insurance represents one of the most significant expenses for home health care and hospice providers, particularly if there is a high incidence of claims which impacts an organization’s loss experience and the insurance premiums it pays. There are steps, however, a home health care provider can take to help minimize losses and take control over Workers’ Compensation costs.
First, let’s take a look at the costs involved with a Workers’ Compensation claim: You have direct costs, which include medical expenses (e.g. hospital care, surgery, doctor visits, physical therapy, ER visit, and/or prescription medications) and indemnity payments (lost wages) while a caregiver is not working because of an on-the-job injury or illness. You also have indirect costs as a result of a workplace incident, which can include a slowdown in patient service during and immediately after an employee injury/illness; a disruption in normal employee activities during the claim investigation period to determine how an injury or illness occurred; the need to pay overtime to other employees and/or the hiring and training of a temporary employee to accommodate for the injured caregiver who is out; greater possibility of litigation if there is a claim dispute; and the increased potential for malingering and fraud.
Now let’s take a broad look at some of the ways to control expenses associated with Workers’ Compensation insurance:
Manchester Specialty can assist you in securing the right Workers’ Compensation insurance plan for home health care and hospice providers. Our insurance carrier partners offer an array of loss control and prevention resources as well as return-to-work plans for insureds. For more information about our programs and coverages, you or your local insurance agent can contact us today toll free at 1-855-972-9399.
Posted in: Workers' Compensation