The True Cost of a Workers’ Compensation Claim
What are your legal fees up to besides $500 per hour lately?
How many (IME’s) Independent medical exams or additional physician reports have been obtained and required?
When looking at the total administrative costs of claims, the Carriers, TPA’s and Employers need to stop turning a blind eye to the total cost of risk per claim. You must take into account the legal fees incurred, IME exams or additional physician reports just to begin.
How many times have you heard your defense counsel state a claim is not “ripe” for settlement? Yet, month after month or possibly a full year passes since asking this question only to have your defense counsel continue to bill you during this time over and over again. Don’t overlook those legal expenses.
Most defense counsels become Hippocrates in this area for after the time has passed having billed out an additional year of fees may now suggest the case is ready to settle, yet at times will offer to pay a premium to the claimant for full and final release when possible. This is the right concept to mitigate future risk for clients but why not begin with early intervention prior to an additional year of mounting legal bills? Defense counsels have had a great run within the workers’ compensation area for decades but the times are changing with the system itself calling for a more cost effective approach.
Most claims can be settled with early intervention and prior to the exacerbation of administrative costs at a fraction of what is spent on legal fees alone. Utilizing a less adversarial approach with unique private mediation provides many benefits for all parties. The Carrier, TPA or Employer experience up to tens of thousands of dollars in savings per claim while the claimant is able to move forward with their life and out of this system.
Utilizing unique private mediation can settle claims in only one day and one meeting. Shall an amicable resolution not be reached within one meeting, the Carrier, TPA or Employer can simply return to the same old archaic process with no costs incurred or changes to their existing process when electing our contingency agreement model.
Pay for Results Not Promises.
Contact us to learn more on Unique Private Mediation and how we can reduce your administrative costs.
Paul Gold
Founder & CEO
PG Resolutions Group