At the 2023 WCRI Annual Conference, Dr. Olesya Formenko from WCRI talked about how medical inflation impacts workers’ compensation. Growth in the Consumer Price Index from 2020 to 2022 was much higher than in previous years, averaging 6.4%. The average growth in the eight years prior to that was 1.6%. The price increases seen in housing, food, and energy were even higher. On the medical side, the CPI for medical and healthcare services was lower than the overall inflation in the last three years. This is a reversal of the prior eight years, where medical inflation was higher than overall
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At the 2023 WCRI Annual Conference, internationally recognized MIT Economist David Autor opened the event talking about globalization and automation and their impact on jobs, the nature of work, and state workers’ compensation systems. Where will the future of work come from? 1. Insatiability People always want more “stuff.” The more people earn, the more they spend. This drives them to want to earn more so they can buy more. 2. Augmentation Better tools allow people to do their job better with less effort and more focus on their expertise. 3. The Invention of New Work In the 1800s, 55%
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At the 2022 SAWCA All Committee Conference, a panel shared information and insight on the current status and changes of Centers for Medicare and Medicaid Services (CMS) Medicare Set-Asides (MSA) and their impact on injured workers, employers, and state workers’ compensation systems. Speakers included: Moderator: James Forrester – Maryland Commissioner Steve Peacock – Director Client Engagement, Safety National Paul Sighinolfi – Senior Managing Director, Ametros Sid Wong – Vice President of Policy, Casualty Solutions, Verisk Professionally-Administered MSAs Roughly 10% of MSAs are professionally administered. The professional administrator ensures the funds are spent in accordance with CMS guidelines and that all
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At the 2022 Sothern Association of Workers’ Compensation Administrators (SAWCA) All-Committee Conference, a panel of industry regulators discussed some of the challenges they are facing. Represented states included: Colorado Delaware Georgia Kentucky Louisiana Maryland Mississippi New Mexico South Carolina Tennessee Texas Virginia Wisconsin Maximum Indemnity Benefits There are concerns from state regulators that low wage workers are significantly harmed when they are only receiving two-thirds of their standard wages in workers’ compensation benefits. Employees receiving little pay prior to their injury cannot survive on even less financially. Most states index their maximum workers’ compensation rates to the state average weekly
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At the 2022 IRMI Construction Risk Conference, the President and CEO of FMI Corporation, Chris Daum, presented the opening session, providing insight into the construction economic outlook, trends that may impact the risks contractors face in their day-to-day operations, and some short- and long-term challenges and opportunities for the industry. Economic Headwinds Currently, we are operating in a “less for more economy” with high inflation driving prices for almost everything. In all previous U.S. recessions, the price of crude oil has increased by over 50%, which has happened twice in the last two years. In the construction industry, nonresidential costs have
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At the 2022 APCIA Annual Meeting in Dallas, TX, a panel discussed the current state of the property and casualty reinsurance marketplace. The panel included: Moderator: Dana Perino – Author and Host, Fox & Friends Speakers: Paul Anderson – Senior Managing Director, AON Will Garland –  President, Centers of Excellence, Guy Carpenter Kerri Hamm – Head of Business Development, Munich Re US What are your biggest concerns regarding the reinsurance marketplace right now? The continued impact of inflation on claims cost. The costs of goods and labor continues to escalate, which is increasing repair and replacement costs significantly in property
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At the 2022 Washington Self-Insurers Association Annual Conference, Liz Fischer, Vice President, Senior Claims Consultant at Marsh discussed Evidence-Based Disability Guidelines and Best Practices. What Are Disability Guidelines? Evidence-based guidelines for medical management and disability duration include nationally-recognized treatments and return-to-work guidelines used to evaluate the necessity and/or effectiveness of medical care. While there are different evidence-based guideline tools available, all rely on extensive data collection and analysis to benchmark disability, treatment and claim costs outcomes. Some of the most frequently used guidelines include the Official Disability Guidelines (ODG), American College of Occupational and Environmental Medicine (ACOEM) and state-specific guidelines,
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Ergonomic principles can help your employees not only work safely and productively, but it also encourages health in their lives as well. The goal of ergonomics is to optimize how we work by designing a workspace that is conducive to better productivity and employee well-being.  At the 2022 WCR Conference, two experts discussed ergonomic risk management around remote work. Speakers included: Lisa Orr – Senior Human Factors Consultant, Sedgwick Dawn Watkins – Director, Integrated Disability Management, Los Angeles Unified School District The Importance of Ergonomics There are many benefits of emphasizing ergonomics in the workplace, including: Increasing comfort at work.
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What are the major reputational risk facing employers in today’s environment? At the 2022 WCR Conference, a group of expert panelists discussed the interplay of managing OSHA compliance risk and workers’ compensation. The speakers included: Jordan Hetherington – ARM – Workers’ Compensation Manager, Tesla Roy Park – Park | Guenthart Amir Sharifi – Sr. Manager, Workplace Risk, Tesla Claims Investigation A prompt and thorough investigation after a workplace accident is a necessity in developing a better outcome for the claim. Engaging with the employee and their supervisor throughout a review can build a clearer understanding of the accident’s cause and how it
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What is the smartest way to improve the claims process? At the 2022 WCR Conference, a panel of experts provided 60 practical tips and strategies in 60 minutes that can be used to ensure your workers’ compensation claims stay on the right track. Speakers included: Moderator, Stuart D. Colburn, Esq. Downs Standford P.C. Panelists: Edward Canavan, Hudson Claims Consulting Hon. Clint Feddersen Rafael Gozalez, Esq. Jeff Adelson, Esq. Heidi Bastien, Jacuzzi Sheri Lawrence, SoCalGas 60 Tips to Ensure Your Workers’ Compensation Claims Stay on Track Query the claims file to find out if the injured worker is a current Medicare
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