How We Reduce Costs

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Reducing the cost of claims, your premium renewal, and positively adjusted premium levels

Reducing the costs associated with a workplace injury has many levels or stages of action required to maximise your premium reduction. 

Firstly: The best and most effective way to reduce your premiums is to have effective OHSE strategies and relevant and implemented risk assessments that are delivered in Safe Work Method Statements. However there is often the inevitable cost of a workers compensation injury. Rehab Options Injury Management can support you in that area if needed, 

Secondly: If that incident occurs and an injury is reported then effective claims and injury management from the onset is required to prevent the LTI and immediately determine the accurate prognosis and diagnosis. Then undertake best actions and treatment to keep the worker engaged in the process and obtaining best possible outcome to full recovery, Reducing the LTI and the cost of claims with effective Injury and Claims Management by our engaged Return To Work Coordinator strategies will deliver the best possible outcome in real time and considerable save on the unfortunate costs associated with a workers compensation injury and claim, 

In addition: Ensure that accurate costs or estimates ( if they apply ) are applied to the cost of claims.

Depending on the State or territory your business operates various cost impact on the cost of claims They include but are not limited to Wages. Medical Expenses, Rehabilitation etc, 

Rehab Options will help you in taking control of some of those impacting expenses and otherwise interact and ensure that the appropriate actions are taken. Only relevant costs are applied and estimates are accurate to each individual claim. Also that your experience is recorded accurately by the insurers so you do not incur extra costs by administrative or other errors.

The graph simply provides a example that highlights the cost of claims both before and after the intervention of Rehab Options Injury Management. Prior to employing Rehab Options Injury Management, company X cost of claim was $310,142.00. As a direct result of our intervention the cost of claims was significantly lowered to $93,714.00.

The result of implementing an injury management program meant the renewal premium calculated prior to involvement could, after Rehab Options Injury Management attended and made submissions at the final claim review, be recalculated. Hence the premium was reduced from $377,258.00 to $190,248.00.

The adjustment premium for company X showed that due to a small reduction in gross wage they would have received a rebate of $61,927.00. However after Rehab Options intervened (due to the reduction in cost of claims) they received a rebate from their adjustment premium of $174,446.00.

In summary their renewal premium was reduced by $187,010.00. Their adjustment rebate increased by $112,519.00. Total saving $299,529.00.

*Rehab Options Injury Management services costs to the company was under $20,000.

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