Risk & Insurance discusses the rising problem of high-cost claims:
As workers' compensation claims become more costly and time-consuming to resolve, understanding the multiple factors driving complexity has never been more critical for effective claims management.
Complex claims in workers’ compensation are primarily defined by two factors: cost and duration that significantly exceed those of typical claims. Recent research from the Workers Compensation Research Institute (WCRI) illustrates the scope of this challenge. From a sample of 720,000 claims across 32 states, the top 5 percent of claims with seven or more days of disability accounted for 28 percent of total costs.
You can read the full article here. The authors make reference to several different WCRI studies, including "Factors Associated with High-Cost Claims," "Impact of Attorney Representation on Workers’ Compensation Payments," and our recent study of "Patterns and Trends of High-Cost Claims Involving Back and Shoulder Injuries." Click the links for more information, including on how to download copies!




