When an employee has a potential medical issue at the workplace, early intervention helps ensure their well-being while mitigating the chance of workers’ compensation overcharges. At CompWize, we understand the health and safety of your employees are paramount.
MedWize, our new employee health benefits program, aims to protect your workers while simultaneously cutting your workers’ comp premiums.
The Correlation Between Early Intervention and Workers’ Comp Costs
Studies have proven that earlier medical intervention and claims reporting significantly reduce the risk of exacerbating health conditions. These same studies have also shown that early intervention can save an average of 30% per claim.
How Does Early Intervention Help?
By expediting the involvement of medical professionals, you decrease the time it takes to report a claim accurately. This is beneficial in several ways.
- Quicker Recovery – Early intervention leads to prompt medical attention and rehabilitation, facilitating a faster recovery for injured workers if necessary.
- Reduced Costs – Timely management of injuries can help prevent complications and reduce overall medical and disability costs associated with workers’ compensation claims.
- Enhanced Productivity – By facilitating a quicker return to work through modified duties or transitional programs, early intervention helps maintain productivity levels within the organization.
- Prevention of Chronic Issues – Addressing injuries promptly can prevent them from developing into chronic or more severe health issues, reducing the long-term impact on both the employee and the employer.
- Optimized Claims Process – Early intervention contributes to a more efficient claims management process, reducing administrative burdens and ensuring that claims are handled effectively.
- Minimized Litigation Risks – By promptly addressing issues and providing support, employers can reduce the likelihood of injured workers pursuing legal action, minimizing litigation risks.
- Enhanced Safety Culture – A commitment to early intervention reflects a strong safety culture within the organization, reinforcing the importance of preventing and addressing workplace injuries.
- Employee Retention – Providing support and assistance during challenging times can increase employee loyalty and retention.
- Proactive Risk Management – Identifying and addressing potential risks early contributes to an aggressive risk management strategy, preventing future incidents.
How Can MedWize Aid Early Intervention?
Powered by CirrusMD, MedWize allows your employees to get in touch with a healthcare professional within 60 seconds. This virtual healthcare platform facilitates secure conversations between employees and doctors, preventing potentially unnecessary emergency room trips, costly appointments, and other expenses.
MedWize – Additional Benefits
MedWize reduces out-of-pocket costs for employees, including copayments and deductibles. And if any of your employees do not have health insurance, MedWize serves as their direct line to licensed physicians, providing them with professional guidance at no charge.
CompWize + MedWize – Maximizing Productivity While Minimizing Costs
As discussed in previous posts, E-Mod rates are partially calculated based on the frequency and severity of workers’ compensation claims. MedWize decreases the likelihood of unnecessarily reporting non-serious episodes while preventing minor injuries from becoming more severe for documented claims.
CompWize can work in conjunction with MedWize to minimize workers’ comp premium costs. Our proprietary algorithm analyzes thousands of data points, providing the information necessary to lower your E-Mod score, subsequentially lowering your premiums.