There is a world of difference between managing and monitoring claims. Monitoring is not enough. In order for this process to operate as smoothly as possible and provide for both the employees and the company, someone must actively manage outstanding claims. The longer a claim sits open, the more it will cost your company. A well-designed and executed claims management process will reduce the time claims are open, thus drastically reducing the overall cost.
This is something best accomplished by using a third party claims management firm. These companies are experts in the claims management process and exist to help you manage claims effectively and close them quickly. Hiring a firm to help you manage this process will actually save you a considerable amount of money in the long-term. Instead of taking the time to learn the ins and outs of this process yourself, hiring a third party can actually save you both time and money.
Written by Ross Amato & Nickalas Oates
Work Comp Specialists