Hey, there. Michael Stack here, CEO of AMAXX. We’re about a month out from the conclusion of the National Work Comp and Disability Conference, held again this year in Las Vegas, back at Mandalay Bay.
Take Away #5: Blending Oversight and Empowerment to Maximize TPA Results.
Now, my fifth takeaway comes from a blending of a couple of different presentations at the conference. It comes from the Teddy Award winning presentations, and the risk management that described their programs in order to win those awards, as well as another presentation given by Caryl Russo from Barnabas Health and Carrie Burhenne from the PMA Companies entitled Blending Oversight and Empowerment to Maximize TPA Results.
“Don’t Go At It Alone”
The takeaway here is very simple. It’s the sentiment of, “Don’t go at it alone.” Don’t go at it alone. Workers’ compensation at its core is very simple, but as you lay around various stakeholders, claims handlers, vendors, biopsychosocial elements, state law reforms, it becomes extremely complex. The idea of don’t go at it alone is the fact that you will not be successful unless you bring on these partners. You develop this claims handling partnership with your TPA or a carrier. You develop these working relationships with your medical providers, with your adjusters, with your risk managers, with your attorneys, and all other stakeholders involved in the idea of creating these better outcomes for your injured workers, thus driving down your workers’ compensation cost.
If the Teddy Award winning companies and risk managers references this idea, if Caryl Russo from Barnabas Health who also won a Teddy Award a couple years ago is referencing this idea of not going at it alone, and that’s displayed and implemented in this idea, which Caryl does very well, of weekly meetings. If all of these companies are doing this tactic, working together, developing these partnerships, having this played out in strategy in the form of a weekly meeting, and in this weekly meeting you’re talking about what has happened in the past, what is currently going on in the claim, and what’s the plan going forward. It’s no more complicated than that.
Study & Follow Tactics of Best WC Programs
Jim Rowan says, “If you want to be happy, study happiness. If you want to be wealthy, study wealth.” If you want to have a successful work comp program, study successful work comp programs, and if all the successful work comp programs are doing this tactic, that’s a tactic you should be doing as well. If you’re not at the point where you’re ready to look at every single claim every single week, that’s fine. That’s not where you start. If you’ve never done this tactic, take one of your claims, take two, take three, take five of your most expensive open claims and look at them on a weekly basis. Bring in your stakeholders. Bring in your medical providers. Bring in your nurse case managers. Bring in the parties that are relevant to those specific claims. Talk about what’s happened in the past, talk about where you are now, and discuss the plan, and share ideas, share perspectives, share expertise in order to create that better outcome.
Takeaway number five is, “Don’t go at it alone, and be very intentional about developing those work comp management partner relationships.”
Education Without Implementation is Entertainment
That covers my top five takeaways for the National Work Comp and Disability Conference this past year. It was another tremendous conference with very valuable content and contacts, but as I referenced at the beginning of this session today, it’s not the content or the contacts that you receive at the conference itself, it’s what you do with that content, it’s what you do with those contacts, those business cards that you receive, that makes the most difference. If we’re not going to take the information and implement it, if we’re not going to be following up with those contacts and developing those relationships, and taking advantage of those opportunities, then the time that we just spent in Las Vegas is simply entertainment, and there’s a lot better ways, there’s a lot better shows to go see in Las Vegas than going to listen about workers’ compensation.
I encourage you to go back to your notes, develop your own top five takeaways, develop the one or two points that you’re going to implement right away. If you don’t have your own notes, borrow mine, and start to realize and implement to see those results.
Thanks again for your attention. My name is Michael Stack, CEO of AMAXX, and remember your work today in workers’ compensation can have a dramatic impact on your company’s bottom line, but it will have a dramatic impact on someone’s life, so be great.
Author Michael Stack, CEO Amaxx LLC. He is an expert in workers’ compensation cost containment systems and helps employers reduce their workers’ comp costs by 20% to 50%. He works as a consultant to large and mid-market clients, is a co-author of Your Ultimate Guide To Mastering Workers Comp Costs, a comprehensive step-by-step manual of cost containment strategies based on hands-on field experience, and is founder & lead trainer of Amaxx Workers’ Comp Training Center .