Benefits of Workers’ Compensation Software for High Risk Businesses
A high risk business environment should address safety and health concerns of the people working in it. Industries such as construction and mining are considered as high risk businesses, as their workplaces are highly prone to accidents. Hence, these businesses are highly susceptible to face compensation claims by the employees, making employers spend huge amounts on worker’s compensation claims.
In such cases, workers’ compensation claims management software is highly helpful. This easy to use software program is designed to capture all the relevant claims’ information, to incorporate all the reports and to maintain transaction records for multiple claims/clients. It enables the user to easily locate the reports of claims whenever needed and hence saves time and effort, besides providing accurate reports on each case.
Listed below are few other benefits of using workers’ compensation software which explain you the importance of using such software to manage claims in your company.
Quick and accurate accident reporting
Workers’ compensation software enables the employers to get the detailed, structured and processed reports of claims within no time just by entering the details related to the accident, type of injury, details of the injurer, etc. With automatically processed reports, employers can generate quick and accurate accident reporting to the insurance company, which not only speeds up the claim process but avoids fraudulent claims.
Automated record keeping
The software records the details of the claims in an organized manner for easy data retrieval. Immediately after entering the details, the software automatically sorts out the data as per the claimant, kind of injury or illness, number of incidents, amount of compensation, comparison reports of present incidents and previous ones, status of the claim, etc., and saves them in the form of records. This feature makes it easy to handle multiple claim processes with increased efficiency.
Further, one can update the latest developments of a claim to the already existing record in real time and hence can make it a living document. This helps the users in tracking the progress of claims easily.
Maintaining such kind of automated records continuously for a particular period (say 5 years – an OSHA requirement), will help the employers to easily track the accidents and the related compensation costs. These analyzed reports generated by the software enables the organization to recognize the pattern of accidents, easily evaluate and assess the safety conditions of their facility and take steps to create a risk or accident-free workplace, and thereby effectively reduce the workers’ compensation costs.
Prevents fraudulent claims
Fraudulent claims occur when an employee purposefully provides some false information to receive the benefits of the claim. Workers’ compensation software enables the employer to maintain a database of all the previous accidents and their related claims. Hence, in case of a claim filed by an employee, the organization checks and compares the previous records so as to identify the repetitive and excessive claims. This helps them to spot any kind of fraudulent claims at the early stages of the process and hence helps them save time and reduce costs on all such fallacious claims.
Saves time and money
Empowering claims managers with functional and user-friendly software like the workers’ compensation software helps them work more effectively. Fully automated and electronic software significantly reduces the time taken to prepare the reports and also accelerates the claim submission procedures. Reduced work pressure on the employees makes them more productive. Also the requirement for the manpower to work on claim processes decreases and hence saves labor costs for the employer.
For most of the high risk businesses, work related injuries and compensation claims are often challenging. Hence, claims management software acts as an efficient and effective solution for addressing these challenges.