A co-operative injury management program is a long-term employer benefit.
The cost of workers’ compensation injuries is for many companies and industries the largest ‘add-on’ to the cost of labour. A well managed workers’ compensation process and strategy can therefore provide companies with a significant competitive advantage. The achievement of such a successful process requires the complex interaction of industrial relations, workplace safety, injury management and financial management.
The development of a safe workplace involves both thoughtful workplace design with due consideration of hazards, as well as the development of productive work practices and attitudes aimed at maintaining the overall health and well being of the workforce. Workplace injuries are, however, inevitable. The cost of workers’ compensation for injuries can be contained by early intervention with appropriate support and referral to medical advice. For longer-term injuries, both the cost of the injury and the workplace morale will benefit from a co-operative injury management program, including staged return-to-work and medical intervention according to evidence-based best practice.
The overall financial management of workers’ compensation must consider the preferred funding vehicle, whether it be direct insurance, self insurance or a negotiated arrangement which combines the benefits of both. Once the funding decision has been made, the overall workplace injury performance should be monitored taking into account all of the aspects of:
- Frequency of injury
- Frequency of a workers’ compensation claim for medical expenses
- Lost time injuries
- Benefits paid
- Extent of medical intervention
- Return to work.
Key specialist: John Walsh
 | Relevant experience:
- General insurance, workers’ compensation and health insurance specialist
- Expertise in the relationship between injury management, disability management and the cost of service provision and benefits
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