COMP NEWS – A new Workers’ Compensation Benchmarking Study has been released, highlighting the way processing workers’ compensation claims have impacted operational transformation at claims organizations.

As modern workplaces continue to evolve in light of the COVID-19 pandemic, so too must workers’ compensation claims organizations in order to achieve optimal outcomes. Yet, standing in the way are deeply entrenched challenges that more than 3,300 claims leaders and frontline professionals have brought to the forefront in previous Workers’ Compensation Benchmarking Study research.

“Eight years of data shows—to succeed in the face of core claims challenges—organizations need to transform legacy processes, mindsets, semantics, and ingrained cultural practices. Specifically, our data shows that those claims organizations with superior outcomes are also those who are further along in this transformation process,” said Rachel Fikes, chief experience officer and study program director at Rising Medical Solutions. “With this in mind, our latest research brought together claims leaders from diverse organizations to dig deeper into exactly how they are evolving to outpace their peers.”

The study is the ninth in as many years, using focus group research to examine the strategies organizations are using to achieve “claims management mastery.” Following the examination of data from a wide background of clinical and medical management perspectives, the study offers a list of recommendations for successful claims management practices.

The ninth annual study draws upon first-person, focus group research for its latest report, with over 30 industry executives gathering this past December to examine real-world strategies organizations are using to overcome the foremost barriers to claims management mastery. Participant companies represented a national cross-section of self-insured employers, regional and national carriers, state funds, and third party administrators.

With claims, clinical, and medical management perspectives, the research exercise generated expert guidance payers can use to drive success by: (1) surmounting the repeatedly ranked top obstacles to achieving desired claims outcomes, (2) moving from tactical to strategic, cultural change in the execution of employee-centric claims models, and (3) operationalizing social determinants of health (SDOH) best practices.

To read more about the ninth annual Workers’ Compensation Benchmarking Study, click here.

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