So often in the world of Ohio Workers’ Comp, employers feel that their inflated premiums are ‘just the cost of doing business’ and there is not much that can be done to help them. In actuality, the range of what an employer can pay in Ohio is vast. A holistic approach with a true partner who understands your business results in reduced premiums and a competitive edge. Hopefully your TPA is responding promptly to emails and phone calls; however, this isn’t enough. It is important to realize that a strategic partner does much more than being reactive.
In evaluating your current situation, ask yourself the following questions:
Does your TPA ever challenge the medical being approved by your MCO?
- Do you understand the amount ‘you’re allowed to spend’ over a four year period from the BWC surplus fund versus ‘what your company actually spent’?
- Are decisions being made on those two factors (with projections provided by your TPA) since this is how your premiums are determined?
- Does your TPA simply ask “what do you want to do” or do they offer opinions with evidence to support?
- If you are not group rated, has a plan been laid out for reducing premiums?
- If you have audited financials and over 300 employees, has your TPA provided a projection to show the possible savings of Self Insurance?
- Has a strategy been presented in an attempt to negate medical only reserves? Has your TPA provided a projection showing the impact of the 15k program?
- When you are dealing with your current TPA, is there one person there who understands all the nuances of the claims AND provides a big picture strategy?
- Does your TPA offer industry specific advice? Do they understand your industry?
- Do you currently utilize standard or workers’ comp background checks to avoid hiring a costly employee?
- Does your TPA offer additional services to facilitate reducing claims costs? (i.e. field case management, investigations, etc.)
If the answer to any of these questions is no, it may be time to take a closer look at the TPA you have selected. In Ohio, simply processing the claims paperwork results in inflated premiums and irritated employers. In this economy, most employees are wearing multiple hats and do not have time to micro-manage claims or stay current with all of the programs and changes. A good TPA will actually serve as an extension of your HR department…thus alleviating wasted dollars and energy. If you would like a custom assessment, please contact Brandi@matrixtpa.com.