How to use Workers Compensation Benchmarking to cut cost

http://www.CXO7.com

With your existing insurance program, do you know whether your claims are being managed or simply processed? (Independent studies have shown 90% of claims are just processed). We can help you reap substantial savings in claims, expenses, settlements, and premiums. Some of our customers

have experienced a reduction in total workers compensation cost in excess of 30%. We have industry leading competitive intelligence and knowledge ready

to be applied and transferred to you through the following services:

Assess work flow and claims handling (Implement Process Improvement

Procedures)

Provide Workers Compensation Program Audit

Benchmark seven major impact points

Audit key elements such as checking for proper investigation of claims

and timely payment

Review monthly loss run reports and provide oversight on larger, high cost,

high exposure claims

Reserve Analysis- Verify that reserve practices are financially sound

Claims, Medical, Legal, claims resolution strategy

Provide cost benefit analysis on all ancillary service providers and

recommend changes if necessary

Coordinate with carrier loss control personnel to review sites and safety plans

Management and consulting loss portfolio transfers

CXO7's Score model teaches you how to use Workers Compensation Benchmarking to cut cost

SCORE Benchmarking System

CXO7 Compensation Seven Impact Points Benchmarking Model

S.C.O.R.E. Scientific Claims Operational Risk Evaluation

CXO7 built the Seven Impact Points Model to assist C-Level executives and their risk managers to benchmark the effectiveness and performance of their workers compensation programs with accurate and intelligent information.

Workers compensation claims administration management is operating at 2 Sigma. That means there are 308,000 defects per million opportunities (DPMO). The insurance and healthcare systems, including workers compensation, have been built on complexity and inherent dishonesty. The industry still lacks standards of practice and standardized naming conventions for services, processes, coding, data reporting, etc. The system is broken. The major companies in our industry (status quo) have built their business models to economically benefit from this complexity and lack of standardization and poor performance.

Most C-level executives agree that you cannot manage what you cannot measure. The SCORE System analyzes and measures the seven key components of a workers compensation program and their weighted economic importance of critical factors affecting workers compensation losses. It then compares and benchmarks them against industry best-practice. The model incorporates econometric and mathematical calculations to derive a score based on zero (0) and one hundred (100) points. Zero (0) represents no positive impact on workers compensation costs; one hundred (100) represents highest impact.

For more information on how to use Workers Compensation Benchmarking to cut costs visit http://www.CXO7.com