Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its annual report on workers’ compensation losses and expenses for 2017.
Key findings included that medical losses paid in 2017 were $4.7 billion, or 56% of total loss payments, components of which included $1.3 billion paid for physician services, $1.3 billion paid directly and $0.2 billion were paid for pharmaceuticals. The total cost of medical cost containment programs in 2017 was $443 million compared to $468 million in 2016. The report also noted that total insurer combined losses and expenses incurred in 2017 were $16.2 billion, or 91% of calendar year premium, compared to $16.9 billion (or 94% of calendar year premium) in 2016.
Find out more (including a link to the free report!) by clicking here!