2013 WORKERS’ COMPENSATION BENCHMARKING STUDY RELEASES RESULTS
October 3, 2013 – Chicago, IL – Earlier this year, claims leaders participated in a nationwide survey about some of their most pressing daily operational challenges. Their confidential survey results – with perspectives from manager, director and executive-level claims professionals – have now been published in the 2013 Workers’ Compensation Benchmarking Study Report.
Results indicate that claims leaders face critical challenges that are impacting their technology potential, talent pool, and performance abilities, including:
- Technology obstacles with claims system integrations, workflow automation and predictive analytics to drive best practices
- Investment constraints for staff training and development
- Limited use of risk/reward strategies to propel top performance from internal staff, vendor partners and medical providers
“The findings were incredibly revealing,” says Raymond Jacobsen, a study Advisory Council Member and Managing Director at Aon Benfield. “Some were unexpected and others validated pain points we knew existed, but didn’t know the real depth of the issues.”
These findings are the result of surveying more than 250 claims leaders about their everyday priorities and hurdles in these four areas:
- Prioritizing Core Competencies
- Talent Development and Retention
- Impact of Technology and Data
- Medical Performance Management
Study organizer and publisher, Rising Medical Solutions (Rising), spearheaded the initiative after identifying a gap in available research focusing on how claims peers address daily operational challenges, priorities, skills gaps and budget allocations. “The aim was not just to provide benchmark information to the industry, but to start a conversation within the community that would benefit everyone,” says Rising’s CEO Jason Beans.
Recognizing the need for unbiased research, the study has been guided by independent Principal Researcher, Denise Algire of Risk Navigation Group, and more than a dozen industry executives on the study’s Advisory Council, including:
- Gale Vogler, Director, Managed Care, Acuity Insurance
- Raymond Jacobsen, Managing Director, Aon Benfield
- Fred Boothe, Vice President of Insurance Services, BrickStreet Insurance
- James Masingill, Vice President, Claim Operations, Markel FirstComp Insurance
- Tom McCauley, Owner & Consultant, Networks by Design
- Laura Crowe, Risk Management Director, Presbyterian Healthcare Services
- Cathy Vines, Director, Healthcare Cost Containment Strategy, SCF Arizona
- Tim Gallagher, Director, Managed Care Services, Tower Group Companies
- Joe McLaughlin, Senior Vice President, Sales & Marketing, TRISTAR Insurance Group
- Tim Mondon, Senior Vice President, Bill Review, Zenith Insurance
“The research is robust and rich with detail,” says Algire who authored the study report. “It provides organizations with information to evaluate strategic aspects of their claims operations alongside industry peers.”
Industry professionals may request a copy of this new released study report by submitting their inquiry to Rising Medical Solutions here.
About the Workers’ Compensation Benchmarking Study
The Workers’ Compensation Benchmarking Study is an operational assessment tool to support claims executives with meaningful data for their leadership role. The Study Report is generated from confidential survey results from workers’ compensation leaders nationwide. The Study creation stems from a joint effort on the part of industry executives from more than a dozen organizations.
About Rising Medical Solutions
Rising Medical Solutions is a national medical-financial solutions firm that provides medical cost containment and medical care management services to the workers’ compensation, auto, liability and group health markets.