Today’s issue of WorkCompRecap features the release of a new study from WCRI that found overall, there was no evidence of faster growth in workers’ compensation medical prices and payments in most states over the high inflation period of 2021-2022.
The new FlashReport identifies the main drivers of workers’ comp medical cost growth and focuses on the price components associated with major provider types. Key findings included that while consumer inflation was substantial in 2021-2022, price increases in the medical sector were not a main driver. The major contributor to price increases in the general health care system was the growth in hospital payments, and similar patterns were found in workers’ comp. WCRI also noted that it found evidence that workers’ comp fee schedules are effective tools to temper medical inflation for professional prices to levels similar or below those in the general health care system.