Aged Care Services NSW – 33% Reduction Within Weeks.
Industry: Aged Care Services NSW.
Issue of Concern: This organisation had experienced increasing premium costs associated with rising costs of claims. The increasing claims cost had previously negatively impacted the premium and the premium looked like it would track even higher.
The client was looking at future growth and expansion of the organization and was seeking a cost effective mechanism to ensure that their employees had access to support; from reporting of injuries, their care and return to work.
Timing: WCD management of claims commenced approximately four weeks before renewal.
Agreed Resolution: The client decided to fully outsource their workers’ compensation management to WCD. A project team was identified and put in place by WCD to support the requirements.
Outcomes: WCD identified changes that could be made that would better reflect the business whilst remaining compliant. WCD assisted in the collection of the data which delivered both immediate and ongoing savings to the client.
WCD was able to immediately reduce the premium payable both for the adjustment and the deposit, through a change in the industry classifications and the professional management of the claims portfolio.
Claims costs were reduced through collaboration with all parties. Claimants and management experienced higher communication levels with positive feedback to the WCD team.
There was a significant saving on adjustment premium alone, almost a full third (33%) of their premium reduced in a few weeks.
Current Position Post Resolution:
The organization’s deposit and adjustment premium has reduced significantly.
The client is continuing to work closely with WCD .
The client has successfully improved early notification timeframes and reporting, facilitating early care for injured workers, effective injury management and identification of suitable duties. This organisation now continues to strive for overall improvement in Work Health and Safety and preventative strategies and they now have the money to invest in this for further improvement.