ESIS Whitepaper explores using integrated medical programs to reduce worker compensation costs
A new ESIS whitepaper published in February 2018, Why Employers Should Consider Integrated Medical Programs to Manage Workers Compensation Costs explores how companies may reduce their workers compensation medical costs by implementing a centralized approach to claims management while ensuring optimal claims outcomes. ESIS, a wholly owned subsidiary of property and casualty (P&C) insurer Chubb, provides claim and risk management services to commercial clients.
According to ESIS, with medical expenditures on the rise, companies face a number of challenges and inefficiencies when retaining multiple vendor partners to handle the medical components of their workers compensation programs. A third party claims administrator (TPA) with an integrated approach to medical programs can bring streamlined results, centralized program oversight, and access to coordinated data across the workers compensation process.
The paper stresses that by maintaining a strategic and focused medical approach, various medical program services and data often associated with workers compensation claims are closely integrated into single-source administration to provide a comprehensive view of a claim. This allows employers to make more informed decisions around reducing claim duration and costs in a timely manner.
The ESIS whitepaper also highlights a number of ways companies can further mitigate medical care costs, including:
- Identifying and assessing challenges found within current processes,
- Ensuring billing charges are accurate and appropriately associated with the correct injured employee, and
- Integrating data to align multiple systems and streamline information related to the workers compensation claim.