Buyers of TPA services should understand the value nurses bring to managing workers compensation claims – and how to maximize that impact – in order to better measure how well a claims management vendor effectively controls total workers compensation costs.
This is so important today because workers compensation medical costs are growing. In fact, medical costs will likely account for two-thirds of total workers compensation claim costs by 2019, up from about 60 percent today, according to the Insurance Information Institute.
This growth will be driven by increasing rates of diabetes, obesity and other co-morbid conditions; medical inflation outpacing the Consumer Price Index; and cost shifting to the workers compensation system as a result of group medical's higher deductibles and reduced reimbursements.
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