During our time at NWCDC 2014, we had Workers’ Comp industry stakeholders participate in WorkCompWire’s “3 For NWCDC” series, focused on this year’s developments and on improving the system! Here’s what Todd DeStefano & Rob Gelb of York Risk Services Group had to say:
1. Looking back on 2014, what do you believe was the most significant development for the Workers’ Comp industry?
Consolidation. The continued consolidation in all sections of our market (carrier, TPA, managed care, pharmacy) has increased performance expectations and pricing expectations. Companies must continue to innovate to develop new products and services to meet these expectations and deliver superior outcomes.
2. If you could wave your magic wand, and instantly change one thing about 1) Workers’ Comp and 2) your business, what would you change?
1) Enabling more strategic approaches to decision making by buyers. Many companies don’t have the infrastructure or systems to look at the ways their various claims and risk management strategies and vendors can work together. For example, some companies select different vendors/partners for claims management, risk management and managed care. That approach can make it hard to truly understand what is going on with their claims — and makes it hard to leverage all the available information to truly drive down the total cost of risk. Bill review and utilization review data, for example, are critical to understanding what is happening with claims and claims costs. Claim information can inform loss control efforts. When the goal is to understand, manage and reduce the total cost of risk the total is definitely bigger and more powerful than the sum of the parts.
2) Training. Providing more adjuster training is vital not only to York but to the entire claims industry. Studies show that adjusters who receive training save money by avoiding E&O claims and penalties and are happier and more loyal employees as they see training as an investment in their career development.
At York, we have a training program that includes formal classroom training and a strong mentoring and coaching program. Since many of the participants are younger, we include training in how to communicate with claimants from a different generation or background to ensure the best possible claim experience for people. We also have mentors and coaches drawn from the ranks of senior York adjusters and claims operations leadership. This accelerates the learning curve for younger adjusters or adjusters who are new to York.
3. What is one thing you’d like to promote?
York’s use of predictive analytics, which drive measurable improvements in outcomes, and reporting them in our Quarterly Business Reviews.
While traditional reporting of data gives a summary of what has already happened and it is important to know where we have been it is more valuable to our client to understand where they are going and why the data is trending in one direction or another? That’s something York does very well. Our advanced analytics allow us to identify claims that can go off th rails before they do and make sure that we apply the most effective claims and managed care strategies to drive claims to the best outcome. For example, we build sophisticated analytics into our workers comp claim management process and we have seen some impressive results for our clients: reducing average lost time days from 115.5 to 51.5, reducing average total paid from $27,325 to $13,296 or reducing average total medical from $17, 234 to $8,250.
The objective of York’s Quarterly Business reporting is to transform standard reporting of data into a qualitative review that indicates whether the numbers are good, bad or otherwise and provides clear understanding of the data provided. We also provide actionable information. The QBR becomes an informative dialog with our clients where we share solutions and recommendations on improvements that will drive down the total cost of claims and deliver better client outcomes.
About Todd DeStefano
Todd DeStefano is President of York’s Risk Management Practices division. Mr. DeStefano joined York in 2007 with 20 years of experience in the insurance industry, primarily working for large carriers including AIG, Zurich and Allstate, where he held senior positions in underwriting, claims, marketing and sales.
Additionally, Mr. DeStefano was President and CEO of his own TPA and independent adjusting firm for nine years before selling to a private equity firm. He holds a Bachelor of Arts degree from Seton Hall University. Mr. DeStefano also sits on the boards of several industry-related associations, including the American Society of Workers Comp Professionals, Inc. (AMCOMP), the National Workers’ Compensation Coalition Association (NWCCA), and Kids Chance of Virginia.
About Rob Gelb
Rob Gelb is Managing Vice President of Sales for York Risk Services Group with oversight for sales efforts for York’s Risk Management division.
Prior to joining York in 2104, Mr. Gelb was Senior Vice President for Coventry Workers’ Compensation Services and has held a variety of executive sales management positions in the insurance and healthcare industries. He earned a Bachelor of Business Administration in Accounting degree from Hofstra University, is a CPA and completed his Certified Workers’ Compensation Professional designation at Michigan State University.
York RSG/WellComp is a WorkCompWire Ad Partner.
This is not a paid placement.