Self-insured businesses not currently using workers compensation software to manage their risk and claims cost may be doing themselves and their employees a disservice. This is especially true for companies in areas such as construction, energy, and mining that have typically higher risks for on-the-job injuries.
For these companies, software designed to manage workers compensation claims can greatly reduce the negative impact to the bottom line that can arise from employee injuries. On the flip side, using workers comp software can increase productivity, efficiency, analytical capabilities and overall morale.
Using workers compensation software can be beneficial to businesses in specific ways that make it worthwhile to consider.
Increased accuracy with ease of use
Workers comp software programs are usually user-friendly. Most programs can be easily integrated with existing HR software to help streamline the process.
Data entry is commonly only needed regarding information pertaining to the accident itself such as the date of the accident, the circumstances involved and a description of the injury or injuries.
Businesses can retrieve reports that may help them to identify and eliminate common risk factors that previously would not have been recognized.
Records are organized and easy to retrieve
Because the information is stored electronically, pertinent information can be sorted, filtered and retrieved as needed. Records can be reviewed based on a variety of factors including location, type of accident, seasonal factors and many more.
Existing records can be updated to ensure that all information is always current.
While the automated claims submission through workers compensation software makes the process of claims submission faster and more accurate, it can also help to assure a company is compliant with regulatory authorities such as OSHA. By using a workers compensation program, files are stored electronically for easy access as opposed to having to sift through bulky files for information.
While keeping records easily accessible for OSHA compliance is important, it is also advantageous for company management. The software allows for reports to be generated according to parameters specified for a given set of criteria. These reports can help company management to identify areas of concern so that corrective action can be taken.
Tracking potential for fraud
While the majority of a company’s employees are hard-working and honest, there are unfortunately some who look for ways to exploit the system for personal gain. Workers comp software gives the employer the capability to compare records for any employee and easily identify excessive or repetitive injury claims.
While many businesses do not self-insure for employee injuries, those that do owe it to themselves to seek out and use an effective software solution for managing workers compensation risk related issues.