Workplace injuries are often more complex issues than the injury itself. For example, injured employees may feel worried about keeping their jobs, worried about their health and frustrated or confused by company policies. An established rapid response plan turns a potentially negative event into a more manageable scenario for you and the employee by addressing their concerns up front, helping them get the care they need, and ultimately, lowering claims costs.
Both organizations that work with injured employees, such as the American Academy of Orthopedic Surgeons, and those that work with risk management for organizations, such as the Public Entity Risk Institute, agree that prompt and thorough action promotes the best outcomes for everyone involved. The lag between when an injury occurs and the reporting of that injury has a significant effect on both the time it takes to close the claim and the final cost of the claim.
A study published by the Hartford Financial Services Group found the following:
- Claims reported during the second week after an occurrence had an average settlement value that was 18 percent higher than that for claims reported during the first week.
- Waiting until the third or fourth week resulted in claims costs that were about 30 percent higher.
- Claims that were not reported until 1 month after the occurrence were typically 45 percent higher.
- According to the study, back injuries were particularly sensitive to delayed reporting; waiting just one week to report a back injury typically results in a 40 percent increase in the ultimate cost of the claim.
Workplace injuries happen. What happens next, and how quickly and responsively it happens, has a significant effect on not only the quality of care for the injured employee, but also on the costs involved. A rapid response plan, coupled with optimized insurance protection and risk management, is a good place to start. And that’s where we can help.
