The Key to Lower Claim Costs is Rapid Reporting
When it comes to managing workers’ compensation claims, the simple act of reporting claims early on can reap significant savings. Why? Because an unreported claim is a ticking time bomb.
In fact, actual claims statistics show that when an employer doesn’t report a claim in a timely manner, the employee is much more likely to hire an attorney – and claims costs escalate. On the other hand, the sooner a claim is reported, the less it will cost. The injured employee knows immediately that he or she is being cared for and that you are concerned. And, the claim can be effectively managed.
Keep in mind, a reported claim is a managed claim. And claims management from FHM helps ensure you the utmost in savings by:
- Getting medical attention to the employee quickly. Proper medical treatment increases employee opportunity for recovery and speeds return to work.
- Reducing litigation. An employee who feels neglected and uncared for is much more likely to hire an attorney to protect his/her interests.
- Speeding up the claims management process. Fast response to and investigation of claims helps control medical and indemnity costs and discourages attorney involvement.
The bottom line: Rapid reporting is good for your employees and your company. Keep these simple tips in mind and you’ll soon be reaping the time and money-saving rewards rapid reporting has to offer:
- Take every claim seriously. Quick action can keep claims in check.
- If you suspect fraud or abuse, report the claim anyway. Acting promptly will help your case should you later have to fight the claim.
- Right away is the right way. It always pays to address workplace accidents immediately.
For questions about filing a claim, contact FHM’s Claims Unit