If you have been having trouble with getting the most worker’s compensation that you can for your clients, you are not alone. Worker’s compensation can be very tricky, and though you want to make sure that affected workers and their families can count on compensation in times of crisis, it can be hard to get them there. Keep reading to learn how you can get your clients the best worker’s compensation possible.
Know Who Regulates the Compensation
If you are new to the world of worker’s comp, you may not know exactly how it is regulated. Regulations can be complicated in general, but worker’s comp regulations have their own maze of red tape. Worker’s compensation is controlled by the individual states instead of by the federal government, so if you have a lot of clients, and many of them come from different states, you will have to know the specific regulations of each of the states that your clients come from.
If a client asks whether they can get away without having worker’s compensation, you might want to inform them that there are several reasons that, while they could, in theory, they may not want to explore that option. A lot of states have penalties for not having worker’s comp, ranging from a manageable fine to severe punishment in the form of a felony charge. In some states, it is required for the employer to enroll in a state worker’s compensation program, so there is no real way for a client not to sign up for it if they are in one of the states that have the required program.
Make Sure to Have a Good PBM on Your Side
PBMs, or Pharmacy Benefit Management companies, are companies that focus on managing benefits. Some PBMs, such , focus solely on worker’s compensation claims. Since you are trying to get the best prices possible, you cannot overlook the importance of a good PBM. Making use of a PBM will help you lower the cost of the worker’s compensation benefits and associated prescriptions so you can get the best deal for your clients in the form of getting the same benefits and medications for a lower price than your clients would have to pay elsewhere.
Put More Stock and Attention to Common Claims
While common claims could be considered low-hanging fruit, there is a reason that they are common claims. There are a lot of claims that are submitted every year relating to injuries such as lacerations, sprains, burns, and fractures. One big reason to put more stock in common claims is that if enough of the same claims are filed, there might be attempts to either raise the price of insurance on those claims, limit the number of claims that can be filed and approved in that category, or have more severe restrictions on what can be a qualifying injury. When that happens, it can be daunting for your clients, as they want to save money, but they do not want lawsuits from the workers under their employment.
If your client refuses to budge on restrictions, try reminding them that, while certain claims may seem less severe on the surface, they deserve the same attention and compensation. Also, remind them that what may seem like a small and even insignificant issue at first glance may turn into a massive issue later on, and your client then may be subjected to a lawsuit. Your client needs to have all of their bases covered before they go thinking about restricting worker’s compensation. One of the best things they can do is put more effort into common claims and give the people who are filing claims peace of mind.
Know How to Deal With Claims Adjusters
Worker’s compensation are a necessary part of the claims process. However, there are some issues when it comes to meeting with claims adjusters, and you should avoid those issues whenever possible. One of the biggest issues is when a claim strays from the basic facts of the story. If something is not related to the worker’s claim story, it does not need to be mentioned. Once a claim starts straying from the story, things can get muddled, and the adjuster will have to be more stringent and thorough.
Working with worker’s compensation clients can be difficult, especially with all of the things that have to be taken into consideration, but it is worth it. Keep this article in mind, and never stop working on getting your clients the most comprehensive and affordable worker’s compensation possible.