Top Three Strategies for Reducing Costs in Your
Workers’ Compensation Processes

Reducing the Costs of Workers' Compensation

Accidents happen – even in the most safety-conscious workplaces. From repetitive strain injury to more serious ailments, workplace injuries must always be taken seriously. And as a business owner, you have to be prepared for these situations. Your workers’ compensation process can determine the fate of your business.

If you operate in the manufacturing, hospitals, or human services industry, you know for a fact how expensive worker’s compensation insurance is in these fields. It’s often one of the biggest expenses facing small businesses. Each incident affects future premiums, which makes workers’ compensation processes increasingly volatile.

Is there anything you can do to reduce your worker’s compensations costs? Yes, absolutely.

How to Reduce Workers’ Compensation Costs

In addition to your workers’ compensation insurance premiums, safety incidents also result in indirect costs which you might not have considered. For instance, you’ll need to repair damaged equipment, adjust work schedules, close certain sections for investigation, implement corrective measures, and hire and train replacement personnel.

Conversely, your productivity might take a hit as you deal with lower employee morale. Workers’ compensation can seriously set your company back if you don’t have the right processes and procedures in place.

If you’re looking for ways to reduce costs associated with your workers’ compensation processes, here are some strategies to get you started.

1. Set Up a Safety Program

First step: Always be prepared. Don’t let a safety incident find you off-guard. When things go wrong, you don’t have time to weigh the options. You must respond and respond fast. If you don’t have one already, develop a well-crafted safety management policy.

Better workplace safety policies result in fewer incidents. Couple your safety control policy with a disciplinary program to hold employees accountable for breaking safety procedures and a reward program for following the rules.

Not to mention, safety programs have quite the ROI, with businesses saving $2 to $6 down the line for every dollar invested in injury prevention.

2. Build a Return-to-Work Program

Even with the most comprehensive safety programs and procedures in place, rogue accidents are inevitable. A return-to-work (RTW) program establishes the protocols that determine how an injured/unwell employee can return to work.

For instance, employees can return in a temporary or light duty capacity at first as they get well enough to resume normal duties. Also, an RTW program establishes the guidelines for employees disabled on-the-job to return to work in a modified capacity.

An RTW program has direct cost benefits to your workers’ compensation claim. Getting injured employees back to work in some capacity lowers the risk of litigated claims which can increase costs and extend the workers’ compensation process. Keep in mind that the longer the compensation claim stays open, the more expensive it will be.

An active RTW program also carries various indirect cost benefits. It improves employee morale as your people know that you’ve got their back if something were to happen. As a result, a return-to-work program increases productivity and reduces turnover.

3. Automate Your Workflows

Finally, the biggest secret of them all. Digitally following an employee through the workers’ compensation system lifecycle can significantly reduce the cost of claims. For instance, Emidence XD is a cloud platform that can help you manage your workforce health, safety, and medical care programs in addition to compliance management. It’s a complete employee health and safety (EHS) solution that provides you with all the functionality you need to manage and control workplace health and safety. You can now unify workforce health, employee safety, medical care, insurance, and worker’s comp claims, with embedded regulatory compliance management on a single cloud platform.

What are the benefits of going digital?

  • With digital management of claims, you get an easier look at how a claim advances towards either approval or denial. It provides you with a trustworthy, centralized information system that can help detect fraud and reduce the lifecycle of claims.
  • Going digital also helps you stay in close contact with the injured employee. With open communication lines, you can resolve claims much faster and get the employee back to work as soon as they feel ready.
  • Support injured employees and reduce costs with case management, from the initial incident report to claim closure and return-to-work initiatives.
  • Comprehensive reporting on employee incidents with a centralized database.

 

An insurance claim can quickly become a headache if handled inadequately. Going digital enables you to keep track of your safety programs and manage every aspect of your workers’ compensation processes.

Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on twitter
Twitter

Go Digital with Emidence XD

Workplace injuries can significantly impact business operations. They can reduce productivity and strain your bottom line. It is critical to have a plan in place to handle the workers’ compensation process and help your injured employees recover in the least amount of time. Reduce injuries, reduce costs, and improve your employee health and safety programs today.

Build your strategy with Emidence XD! Book a Demo.

Xybion XDP Preconfigured Apps

Ready to learn more? Book a free demo.

Heidi Krueger

Head of Quality Assurance

Heidi leads Xybion’s Quality Assurance practice. She has over 20 years’ experience in designing and implementing quality assurance policies. Since joining Xybion in 2000, Heidi worked with several clients to design quality policies and ensure compliance. She is responsible to hosting Xybion customer audits. Heidi has a BA degree in Biology from The King’s College.

James Castonguay

Product Technology Lead

James provides leadership to Xybion quality management systems including product design, development and client delivery. James started working with Xybion in 2002 in its Canadian division. He is now managing product delivery from the United States. James has a master’s degree in mathematics and minor in informatics from the University of Sherbrook, Quebec, Canada.

Dave Chiaramonte

Enterprise Assets and HSE Leader
Dave brings diverse and deep expertise to his leadership role as the leader of Enterprise Asset Management (EAM) and Employee Health & Safety line of business. Dave has over twenty years of experience within the Information Technology industry including development, implementation and integration of complex Enterprise Systems in large corporate environments. He is a highly regarded technology leader in IBM’s Maximo Asset Management Product implementation. Dave worked with BMS and Dupont pharmaceuticals before joining Xybion in 2004.

Tom Klapmuts

Digital Lab Solution Leader

Tom provides leadership in design, delivery and revenue growth of Xybion digital lab solutions. He is an experienced client solutions manager with a demonstrated history of working with many clients globally to solve their business problems. Tom has training in U.S. Food and Drug Administration (FDA), Good Laboratory Practice (GLP), Life Sciences, CRO Management, and Clinical Development. Before joining Xybion, Tom worked for pharmaceutical companies such as Merck and Schering Plough. Tom is a Purdue university alumnus.

Priya Rajesh

Head of Sales: APAC & EMEA

Priya is responsible for Xybion business growth in APAC and EMEA region. She brings over 18 years of experience in Business Consulting and Operations Management. Her deep expertise in diversified areas, including strategic alliance and partnership management, diversity and inclusivity initiatives and employee development, will amplify Xybion’s global strategic relationships and will strengthen the company’s executive leadership in India. In her last role at Conduent, she served as Director-Marketing & Bid Management. Prior to this, Priya has worked with Infosys and Covansys (now CSC). Priya holds degrees in microbiology & health management.

Raji Bijur

Head of Quality Control & CSV

Raji leads Xybion Quality Control function. She has over 22 years of experience in software quality management, CSV, SQA, software process & KPI development and industry benchmarking. She has strong process implementation knowledge including ISO, CMMI, Agile, Scrum, Six Sigma, Lean. Certified CSQA, CSV, GCP, and GAMP. Raji has led implementation of QC processes in Robotic Process Automation (RPA) projects. Before coming to Xybion in 2019, she worked with IQVIA (Former Quintiles), Infosys, Aris Global, Mphasis and serving clients across different market segments. Raji has a bachelor’s degree in information science & technology and MBA from Indian Institute of Management, Ahmedabad.

Bob Friedman

Chief Solution Architect

Bob Friedman has over 25 years of experience in Preclinical information systems at Xybion Corporation as a developer, development manager and Chief Solution Architect. He has been an active member of the CDISC SEND standards consortium for five years as well as the PhUSE / FDA Industry Collaboration. Bob has previously worked for Synthes Orthopedics, NYU Medical Center and the New York State Department of Health. He has a master’s degree in Biomedical Engineering from Rensselaer Polytechnic Institute.

Gokul Panda

Head of Platform and Product Development

Gokul is the Head of Platform and Product Development, responsible for developing new and critical platforms and products. He has over 20 years of enterprise software development in the life sciences industry and related fields. Gokul holds both a Bachelor’s Degree and Master’s Degree in Engineering from the Indian Institute of Engineering, Science, and Technology. Gokul’s unrivaled expertise in enterprise software architecture and solutions provides Xybion’s clients with leading product functionality, innovation, and platform stability.

Anu Roy

Chief Solutions Delivery Officer

Anu manages project delivery and relationship. She has over 18 years of Life Sciences industry and IT services experience. Anu has a strong track record of designing and developing digital solutions, management consulting, quality & compliance Management, CLM, process & key metrics design, program execution & improvement and account management. Anu is a recipient of the STEM WOC ‘Technology Rising Star ‘by US Women’s magazine in 2014. She has received several other awards including Infosys Consulting Architect Award for outstanding achievement in 2011, RCL Crown Golden Brain Award in 2013. Anu is a guest columnist at Pharmaceutical Compliance Monitor and published in several international business magazines. Anu has a bachelor’s degree in Biochemistry and MBA in marketing.

Keith Dempsey

Chief Information Officer

Keith Dempsey has joined Xybion as our global CIO. He brings 20+ years of progressive Information Technology experience from Merck, AIG, Barclays and PriceWaterhouse. Focusing his career on building global strategies that capitalize on progressive technologies that scale in accordance to realized business growth. His experiences range from introducing new technologies that facilitated a competitive advantage for Merck, introduced new and scalable technologies for AIG Investments, and created progressive global organizational improvements for Barclay’s Capital. Keith has a degree in Chemical Engineering from Clarkson University and an MBA from William Paterson University.

Steve Porfano

Executive Vice President & Chief Financial Officer

Steve manages Xybion corporate function which includes Finance, HR, Legal and QA. Steve joined Xybion in 1989 as Corporate Controller and was promoted to Chief Financial Officer in 1991. As Chief Financial Officer, Steve is responsible for the establishment, enhancement, coordination and administration of the Company’s financial systems, internal controls, and related areas. Additionally, he is the corporate liaison to the Company’s bank, independent certified public accounting firm and governmental compliance and financial auditors.

Kamal Biswas

President & Chief Operating Officer

Kamal joined Xybion as its President and Chief Operating Officer in 2018. He is an acknowledged leader in the life sciences industry and has over 20 years’ experience in management consulting and pharmaceutical business. Very recently, Kamal was a Partner and leader of the global Life Sciences practice at Infosys Consulting. Before that, he spent several years working with pharma companies including Novartis Pharma and Ciba Geigy to manage manufacturing and late-stage R&D functions.

Pradip K. Banerjee, Ph.D., MBA

Chairman of the Board & Chief Executive Officer

Dr. Banerjee is an entrepreneurial senior executive with 30+ years of in-depth experience in the global Life Sciences, Healthcare and Services industry in global operations, strategic management, business development, investments and new ventures creation, M&A and Buy-outs. Prior to acquiring Xybion in 2008, Pradip served as President and CEO of Science Center in Philadelphia focused on creating, incubating, managing and investing in science based new companies. He was the Partner-in-Charge of the pharmaceutical Research & Development unit of Accenture where he created the R&D consulting unit and had grown it to become $100+ million worldwide business. Dr. Banerjee holds a Ph.D. in Pharmaceutical Sciences from University of Wisconsin-Madison and an MBA from the Wharton Business School of University of Pennsylvania.

Employee Name

Job Title

Job Description