Workers compensation is vital to the employment landscape. It provides a safety net for employees who suffer from work-related injuries or illnesses. While work comp has been considered the most stable property and casualty insurance line for several years, there are still important trends to monitor. These trends impact claims costs and benefit eligibility in 2023. Here are some of the trends we’re seeing:
Increased Focus on Mental Health
Mental health has become a significant concern in the workplace. It is expected to receive increased attention in 2023. Employers are starting to recognize the importance of addressing mental health issues in the workplace, and many are now offering mental health benefits as part of their benefit packages.
Rise of Telemedicine
With the rapid growth of telemedicine, it is expected that more workers will be able to receive medical treatment from the comfort of their own homes. This is especially true for workers living in remote areas or with mobility issues. Telemedicine will also allow employees to receive treatment faster and more efficiently, helping to reduce the overall cost of work comp claims.
Emphasis on Early Intervention
Preventing workplace injuries and illnesses is always more cost-effective than treating them after they occur. As a result, employers are increasingly focusing on early intervention strategies to help reduce the risk of work-related injuries and illnesses. This includes providing training and resources to employees, implementing safety measures and promoting a culture of safety in the workplace.
Increased Transparency
To improve the claims process and reduce the risk of fraud, many work comp programs are becoming more transparent. This includes:
- Implementing electronic claims management systems
- Providing real-time data on claims
- Ensuring that all parties involved in the claims process have access to the same information
Emphasis on Return-to-Work Programs
Return-to-work programs have proven effective in helping injured employees return as soon as possible. This benefits the employee. Further, it helps to reduce the cost of claims and helps to keep the workplace running smoothly. In 2023, more employers are expected to implement return-to-work programs.
Often, employers want to offer modified duty but don’t have the correct positions available. MEM has a dedicated return-to-work coordinator who will work with you to create a plan that works for your business. Through a partnership with Paradigm, we can provide modified duty with nonprofit organizations for injured workers.
The work comp landscape continues to evolve in 2023, focusing on mental health, telemedicine, early intervention, increased transparency, and return-to-work programs. These trends are likely to benefit both employers and employees, helping to improve the overall quality of life for workers while reducing the cost of work comp claims.