CHICAGO, Nov. 13, 2014 /PRNewswire/ -- Earlier this year, workers' compensation claims leaders once again participated in a nationwide survey about some of their most pressing operational challenges. Up 57 percent in survey participation from 2013, the confidential results – with insights from over 400 manager, director, and executive-level claims leaders – have now been published in the 2014 Workers' Compensation Benchmarking Study Report.
Top issues confronting claims organizations involve addressing the rapidly shrinking talent pool, grappling with emerging technology trends, and operationalizing performance measures...all while improving productivity and reducing costs.
Strikingly similar to the 2013 Study findings, the 2014 Study reflects an industry facing critical hurdles, many of which are not getting better. Based on 70-plus data points, the 2014 results further quantify how claims organizations focus resources to address these substantial hurdles. Key findings reveal:
- Challenges measuring best practices within top ranked core competencies
- Declining investment in current and future talent development
- Low adoption of disruptive technologies, such as predictive analytics
- Continued obstacles with claims system integrations
- Limited use of outcome measures and risk/reward strategies to propel top performance from internal staff, vendor partners and medical providers
- Observed impact of the Affordable Care Act on claims
"With so many priorities and complex industry requirements, how do claims leaders identify the initiatives that will generate the greatest ROI and drive the most value," asks principal study researcher, Denise Zoe Algire, Director, Managed Care & Disability, Corporate Risk Management for Safeway, Inc.
Says Jason Beans, CEO of Rising Medical Solutions, the founder and publisher of the study, "Every day we see the competing demands placed on claims organizations. Together, with the industry's considerable involvement, we're building benchmark data to support these organizations as they make strategic resource allocation decisions in a tough environment."
Among the key industry supporters and advisors are the nearly 20 workers' compensation executives on the Study's Council, including:
- Gale Vogler, Director, Managed Care | Acuity Insurance
- Raymond Jacobsen, Managing Director | AON Benfield
- Leann Farlander, Cost Containment Director | Athens Administrators
- Fred Boothe, VP of Claims Services | BrickStreet Insurance
- Rich Cangiolosi, VP, Western Region | CCMSI
- Cathy Vines, Director, Healthcare Cost Containment Strategy | CopperPoint Mutual Insurance
- Kelly Kuri, Sr Director, Workers' Compensation | Lumbermen's Underwriting Alliance
- James Masingill, VP, Claim Operations | Markel FirstComp Insurance
- Barbara Spain, Sr Counsel - Workforce Management Practice Group | McDonald's Corporation
- Tom McCauley, Owner & Consultant | Networks by Design
- Laura Crowe, Risk Management Director | Presbyterian Healthcare Services
- Mark Walls, VP, Communications & Strategic Analysis | Safety National
- John Smolk | Principal Manager, Workers' Compensation | Southern California Edison
- Joe McLaughlin, SVP, Sales & Marketing | TRISTAR Insurance Group
- Kyle Cato, Regional Claims Manager | Whole Foods Market
- Tim Mondon, SVP, Bill Review | Zenith Insurance
- Peter McCarron, SVP, Workers' Compensation Claims | Zurich North America
To request a copy of the new 2014 Study Report, industry professionals may submit their inquiry to Rising Medical Solutions here.
Additionally, a panel of study architects will be presenting at the National Workers' Compensation and Disability conference next week. The session, entitled "Strategies for Overcoming Operational Challenges & Benchmarking Program Performance," will include interpretations and insights about the latest results. It will be held on Wednesday, November 19th at the Las Vegas Mandalay Bay Resort & Casino in the Islander A&F Conference Room from 11:00 a.m. until 12:15 p.m. PST.
About the Workers' Compensation Benchmarking Study
The Worker's Compensation Benchmarking Study, conceived and published by Rising Medical Solutions, is an operational assessment tool for claims organizations to evaluate priorities, hurdles and strategies amongst their peers. The Study provides actionable data from confidential survey results submitted by workers' compensation leaders nationwide. The ongoing Study program is a collaboration of industry executives representing diverse organizational perspectives.
About Rising Medical Solutions
Rising Medical Solutions is a national medical-financial solutions firm that provides medical cost containment and medical care management services to the workers' compensation, auto, liability and group health markets.
Rachel Fikes, VP & Study Program Director: [email protected] / 312.224.5893
SOURCE Rising Medical Solutions