Parsippany, NJ – Executives at York Risk Services Group recently touted the latest TeamComp data at the 2015 RIMS Conference in New Orleans. Much of the narrative at the 2015 RIMS Conference centered on the value of applying data to the management method of workers’ compensation claims.
“The insurance services industry is moving from a relationship-driven model to a value model,” Managing Vice-President of WellComp Rob Gelb said. “To move forward, insurance service providers need to show how their products are driving down total costs, rather than the traditional, more limited focus on upfront costs. TeamComp’s new data tells the story of how York is able to take a holistic approach to worker’s compensation claims and get workers back to work quicker.”
TeamComp is the name York has given to their approach to managing workers’ compensation claims. TeamComp combines sophisticated data analytics, clinical review and claim expertise, and adaptive technology to improve outcomes and lower costs.
As shown in York’s new whitepaper, the average medical paid decreased 29% from $7,923 to $5,631 using TeamComp. The average total paid decreased 33% from $14,301 to $9,605. Similar decreases were seen in the number of lost days and the duration of the claim. Lost days decreased 35% from 64 days to 42 days and the number of days from when the claim was opened to when it was closed decreased 35%, from 158 to 103.
“The 2015 RIMS Conference was a perfect platform to share our new and exciting TeamComp data,” President York Risk Management Practices Todd DeStefano said. “The data shows that TeamComp is accomplishing our clients’ goals of getting employees healthy and back to work, and significantly lowering the cost of back claims.”
The new TeamComp whitepaper can be found here (PDF).
Source: York RSG