Control Workers Compensation Costs
You Can Control Workers Compensation Costs by Managing Claim Reserves that are charged in the premium through the Experience Modification Factor.
Examine Past Claims and Reserves
Analyze Frequency & Severity Of Claims For Accuracy & Impact On Your Experience Modification
Submit Any Errors In The Insured's Favor For Revision To The Rating Bureau
Recalculate Premium Audits Based On Experience Modification Revisions
Obtain on The Client's Behalf Any Outstanding Return Premiums As A Result Of The Revisions
Earned Premium Audit Charges Including but not limited to Second Injury Fund Charges, Discounts, Deviations, and Scheduled Credits.
Review Each Claim And Expedite Settlement
Negotiate Reserves With Your Insurance Carrier
Investigate Fraudulent Claims
Control Workers Compensation Cost through RETROSPECTIVE RATING ADJUSTMENTS
Self-Insurance (Large Deductible) and Loss-Rated Plan Reviews
Audit Reserves For Accuracy Including Mandated Statutory Credits and Reserve Calculations.
Audit Premium/Loss Rate Loads, Adjustment and Tax Multiplier Charges
Audit Claims Adjustment Charges
Audit Allocated Loss Adjustment Expenses
Control Workers Compensation Cost by Challenging Loss Development, Premium Loads, Tax Multipliers
Recalculate Adjustments And Obtain Return Premiums Where Applicable
Review and Evaluate Insurance and Collateral Contracts
Check State Filings Against Contracts and Annual Adjustments, Claims Fee Charges, Excess Insurance Charges, Taxes, Letter of Credit Review.
Control Workers Compensation Cost by a TPA Claim File Review
Third Party Administrator charges are carefully reviewed against the actual work product to determine level and value of the services.
Benefits of Claim Auditing & Reserve Reviews Control Workers Compensation Costs by Reducing Reserves
Demonstrates an improved loss history and improves underwriting alternative programs.
Produces higher dividends and lower retrospective rated premiums.
Results in lower earned premium audit bills.
Control Workers Compensation Costs by Verifing Claim Files Handled, Adjusted and Maintained by:
Third Party Administrators
State Insurance Funds
In-House Administration of Self-Insurers
Claims Verification Management Reduces the Cost of:
Purchasing Groups that underwrite and adjust Large Deductible Plans (Self-Insured Plans)
Retrospective Rated Plans
Scheduled Dividend Plans
Loss-Sensitive Dividend Plans
Reserve reviews for:
The Oracle Consulting Group Members and Affiliates, Consultants, Accountants, Attorneys and other Industry Professionals
Additional Verification Applications:
Premium Adjustment Reviews
Due Diligence for Merger/Acquisitions
Claims Auditing Documentation Verification
We Invite You to review our website, Blog, White Papers and Video presentation to learn more about The Oracle Consulting Group's Cash Flow & Revenue Recovery Consultancy Service Offerings.