What’s Trending in Workers’ Comp?
May 20, 2013| By Diane Brown |
The Workers’ Compensation environment is a real worry for everyone involved right now. Carriers’ combined ratios for the class are trending over 110, rate increases are rarely adequate for the covered risks, and medical severity continues to rise.
Even in states with medical fee schedules, caps on physician dispensing, and repackaged drugs, medical inflation keeps on growing, adding to pressure.
Injured workers, buffeted by often contradictory medical, legal and social pressures, invariably pay the price. Yet it remains the Workers’ Comp carrier’s primary goal to return injured workers to the workplace whenever possible.
From the point of view of businesses trying to sustain growth through the slow economic recovery, it makes solid business sense more than ever to help injured employees return to the workplace as soon as possible.
That’s why we asked Dr. Peter Abaci, the co-founder and Medical Director of the Bay Area Pain and Wellness Center, to write an article on how to transform pain treatment. His stimulating article gives an update on pain management, highlights the danger posed to society by misuse of opioids and suggests alternative programs.
Other contributors exploring important Workers’ Comp-related challenges for our annual WC edition of Insurance Issues include Dan Hair, Chief Risk Officer at the Utah Workers Compensation Fund, discussing the potential risks posed by nano materials, and Lauren Hilan, from one of our subsidiary companies, Genesis, on what our Workers’ Comp Claims Toolbox can offer to clients. Gen Re’s Charlie Kingdollar also discusses nanotechnology, as well as WC and the impact of obesity.