How WCB Claims Impact Your Bottom Line
Owner of PD Stover Professional Corporation
Paralegal/Workers' Compensation Specialist
Published on July 08, 2018, Linkedin
Health care costs are only the beginning of the financial impact of a worker's injury. Lost time claims and mismanaged claims cost businesses in productivity and profits. At PD Stover Professional Corporation our goal is to save employers money and time.
Some common issues that affect your bottom line:
- Internal mismanagement of claims: Untrained or generalists may make internal errors which have a lasting impact on your bottom line as well as missed opportunities.
- Failure to review claims for cost saving opportunities: Claims should be reviewed by an experienced professional that is versed in law, policy and procedures in order to mitigate claim costs and ensure proper management of a claim. After all, claims costs impact a businesses bottom line that has a lasting effect.
- Fraudulent misrepresentation claims: Some claims are not as obvious as to the origin of the disability and/or work related injury and therefore require deeper examination. Unfortunately, some workers are reluctant to RTW or are non compliant in the process.
- Improper claim reporting: Lack of information on the Accident Investigation Form and/or Form 7.
- Late reporting: Cost employers in fines and delayed reporting takes away the ability to properly investigate a claim which can impact your claim costs.
- No Return to Work Plan: A formal RTW program will assist with getting your injured worker back to work by providing them with meaningful work that allows them to stay involved and is proven to assist in their recovery. It also assists with reducing the overall claim cost and returns skilled workers to productivity.
- Lack of sustained employer involvement: Some employers believe that once a claim has been established with WorkSafe BC that they can become a passive participant. Whereas, quite the opposite is required.
Effective and consistent claims management reflect ultimately in lower costs of a claim and subsequently lower premiums/surcharges. Our extensive knowledge, expertise and commitment drives us to achieve the best outcomes for our clients.
At PD Stover Professional Corporation we strive to mitigate claims costs and premium rates, manage claims effectively and efficiently to ensure best possible outcomes at every step of the process from initial reporting to resolution and work with your team of professionals.
A financially successful business seeks to keep costs low and profits high. An effective claims management system is integral to a businesses success. Every claim has the potential to have a negative impact on your business. PD Stover Professional Corporation services amount to a small fraction of the money saved in claim costs.
Contact us at 250-710-4479 to determine how our claims management services and independent representation will benefit your business.
