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October 14, 2008
4 Tips for Lowering Workers' Comp Costs
Dr. Russell Dunnum, president and CEO of occupational medicine provider WorkMed, says reducing costly workers' compensation costs isn't rocket science, and he has developed simple, effective steps.

"At a time when most businesses cannot afford to put gas in their tanks, they are getting hit hard with higher workers' compensation costs," he notes.

Dunnum says more than half of his clients in Southern California overpaid for their comp packages last year. Dunnum outlines four steps to help navigate the "workers' compensation maze" and save money:

  1. Close open-ended claims, which, left unattended, can result in a huge increase in premiums.
  2. Get injured employees back to work quickly. Treating workers who are spending excessive time away from the job can be costly.
  3. Develop modified/return-to-work programs. He quotes the U.S. DOL, which says injured workers off the job for 6 months have only a 50 percent chance of ever returning to full employment.
  4. Make sure claims are legitimate and fall under the correct legal guidelines. Protection from illegitimate claims can save significant expense.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!
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