Cost Containment Solutions For Employers - 1042 Words

Cost Containment Solutions for Employers in the Workers’ Compensation Market (this was the one on the sheet) Transforming Your Workers’ Compensation Program for Outstanding Results Top 10 Ways to Reduce Workers’ Compensation Costs (although right now there are 14) Category: Workers’ Compensation Claims and Costs Keywords: workers compensation, cost containment, †¦ As a result of healthcare reform initiatives organizations are emphasizing outcomes-based programs in order to reduce costs and litigation while increasing access to quality care for injured workers within the workers’ compensation system. Although organizations spend substantial amounts of money on Workers Compensation insurance, there are fundamentals organizations can consider where appropriate to drive down Workers Compensation costs while improving employee health and safety. Consider these Aspects: 1. Claim duration. Too many claims and claims that last too long. Focus on strategies that will deliver value-based care, superior patient outcomes at a lower cost. The need among workers’ compensation professionals to shift their focus toward getting injured workers to the best doctors available, as opposed to being primarily focused on discounts and network penetration. 2. Return to work and transitional duties. Return disabled employees to work as quickly as possible. If an employee is unable to work full time, he or she may be able to work part time, or in a limited capacity performing a light duty job orShow MoreRelatedSecurity Threats That Affect Small Medium Enterprises ( Smes ) Essay1747 Words   |  7 Pagessecurity issues, notably Denial of Service Attacks and malware, furthermore, malicious insider attacks which can be considered an internal and external issue. These cyber-dependent crimes, when combined, attributed 49% of the cost of security related issues per organisation in 2015 (Cost of Cyber Crime Study, Page 4, 2015). As these threats have been proven to be the most costly, they present themselves as the main concern of SMEs. Another large concern is that of Crypto-Ransomware, which is a rapidlyRead MoreThe Patient Protection and Affordable Care Act (PPACA)1660 Words   |  7 Pagespropose a threat for this reform. The first factor is it costs too much. Many decades ago, healthcare spending was at a minimum and not the focal point of American citizens. The statics show during 1970, national health expenditures were $1,300 per person and consumed 7 cents out of every national dollar, 7% of the GDP. Since the 1970, the spending per person has grown 2% more each year than income per captia. Therefore, healthcare costs have been increasing at such a high rate and will continueRead MoreHealthcare Reimbursement : The Future Of Healthcare1472 Words   |  6 Pagesto reduce reimbursements if overall physician spending exceeded the growth in the economy† (Wilensky, 8). Physicians and PAs are having a hard time with health-care reimbursement. It is causing many problems and Congress needs to come up with a solution.  ¨This article states several promising models, including patient-centered medical homes, accountable care organizations, and various payment bundling pilots, that could offer lessons for a larger reform of physician payment ¨ (Wilensky, 8). AccordingRead MoreHcs 440 Economics: the Financing of Healthcare1633 Words   |  7 PagesThe purpose of this paper is to review and discuss the current level of national healthcare expenditures and to determine if we as Americans are spending too much on healthcare. The author of this paper will provide examples and solutions where we as a nation should add or cut from the healthcare expenditures. This paper will also detail how the general publics healthcare needs are being paid for, the biggest economic healthcare challenge, why the challenge should be addressed, and how this challengeRead MoreBenefits Plans for Employees661 Words   |  3 Pagesemployees and employers. Reliance Home amp; Office Security Solutions refers to a local entrant into the security services industry. It provides a variety of products tailor-made to the specific needs of different clients including homes, banks, factories, offices and many others. The company strives to come up with lucrative employee compensation programs to attract the best professionals in the industry. The company’s benefit plan outlay takes shape as follows: Benefit | Cost outlay (per annum)Read MoreA Report On The Healthcare Industry739 Words   |  3 PagesIn years past, the healthcare industry focused on payment from patient volume; however, recent modifications have changed that focus to payment from value-based care. For this reason, hospitals need to engage physicians in cost containment measures. To balance service line operations and move toward greater profitability, physician engagement is essential. Once accomplished, improvement in overall operating margins will follow. The world of the Accountable Care Organization (ACO) continues to expandRead MoreEmployee Safety And Morale Are Important1363 Words   |  6 Pagesunion from within†, including management of dues obtained; secondly, â€Å"Unions monitor the interests of the workers, represent workers when disagreements with employers arise, and ensure that workers receive fair pay for their services† (Davoren, n.d.). Therefore, unions function for the benefit of the worker, as well as the employer. The employer may not know exactly what the grievances are in which the employees’ are upset about; however, the union representatives will speak for the entire group,Read MoreEducation and Training1356 Words   |  6 Pagesexperiencing now, the first instinct is to start slashing the operating budget and managers and employees are asked to do more with fewer resources. The economic outlook for the foreseeable future in our country shows businesses will continue to cut costs and make tough choices in order to survive and stay competitive. While the belt tightening continues, so too will the temptation to cut training budgets or eliminate them all together. It s been my experience that one of the areas hit hardest byRead MoreManaged Care Programs Defined By Merriam Webster.com Essay1540 Words   |  7 Pagesby Merriam-Webster.com is â€Å"a system of providing health  care  (as by an HMO  or a PPO) that is designed to control costs through  managed  programs in which the physician accepts constraints on the amount charged for  medical care and the patient is limited in the choice of a physician.† While the definition is appropriate for health plans, physicians and government entities focused on cost control and utilization reduction; it does not include the patient’s expectation of increasing quality of care.Read MoreHealthcare in the United States Essay1475 Words   |  6 Pagesthat only 10% of those readmissions are planned. (Jencks, Williams, Coleman, 2009) Patients can receive better continuation of care if their doctors coordinated better, if there was better discharge planning and incentives for pro viders to control costs after the patient has been discharged. A patient centered medical home (PCMH) could integrate patient care. A patient centered medial home is a team of healthcare providers coming together to improve the health of a specific population. A PCMH