Chicago, IL – With unpredictable disruption predicted at greater frequency in the future, the workers’ compensation industry is no exception to finding itself in a highly uncertain business environment, despite our risk models and mitigation efforts. Past performance will no longer predict future success in workers’ compensation. Organizational resiliency will play a vital role.
Now, with the release of its eighth Workers’ Compensation Benchmarking Study Report, this national research program continues to break new ground by investigating organizational resiliency in two (2) key ways.
The 2020 study is the first time claims leaders had the opportunity to respond directly to the perspectives of more than 1,200 frontline claims professionals who participated in the 2019 survey. By identifying how claims leaders are responding to the needs and views of frontline staff, we gain better insight into organizational resiliency in our industry. Not only is acting on employee feedback from employee surveys directly related to organizational resiliency, according to business management research, but also how claims leaders are recruiting, retaining, and responding to the shortfall of next generation talent remains one of the greatest crises facing the workers’ compensation industry today.
The second attribute of resiliency examined by the 2020 survey of claims leaders is what high performing claims organizations are doing that lower performers are not – including their response to the COVID-19 pandemic. Outperforming peers during, and after, turbulent times is a central characteristic of the resilient organization as proven by widespread research.
“In this new era of uncertainty and disruption, resiliency is no longer an imperative for the successful recoveries of injured workers, it’s an imperative for the success of workers’ compensation organizations themselves,” says Rachel Fikes, chief experience officer and program study director at Rising Medical Solutions. “The 2020 Study Report is a timely investigation of what claims payers are doing to future-proof their organizations.”
From the study’s new lines of inquiry, 2020 survey responses quantify an expanded set of differentiators distinguishing higher performing organizations from their peers. They include:
- Advancing an advocacy-based, employee-centric claims model as a core operational strategy
- Connecting core competencies with performance measures
- Addressing the biggest obstacles to achieving desired claim outcomes
- Offering career paths with growth opportunities for claims professionals
- Incentivizing frontline claims professionals with bonuses/profit sharing
- Addressing training needs identified by frontline claims professionals
- Reducing compliance and administrative burden on frontline staff
- Using analytics to improve claims resource efficiency
- Integrating claims and medical management resources
- Connecting return-to-work/patient functional outcomes to provider quality
As in prior years, the 2020 Report will be available to all industry stakeholders without cost or obligation as a contribution to the workers’ compensation industry.
Request a copy here: 2020 Workers’ Compensation Benchmarking Study Report