The Problem
A publicly held company with offices throughout the United States accumulated over $10 Million in workers compensation claims over 3 years. $3 Million of reserves were a burden on their balance sheet and earnings. Their claims reporting processes and management systems were not efficient enough to keep on top of the situation.
Solution
KMRD was hired to:
- Re-design their claims reporting and management process.
- Implement the process and train their 48 offices throughout the country. Each office had access to the company's claims reporting, accident investigation, and return to work program forms and instruction via the internet utilizing KMRD Xchange.
- Analyze all open claims and provide guidance and direction for the third party claims administrator.
- Implement a vendor accountability program that ensured that the client received the claims and coverage related services they deserved.
Results
KMRD's involvement yielded the following in just 4 months!:
Reserve Reduction that were
Impacted by KMRD's Involvement
| First 2 Months |
$486,476 |
Month 3
|
$394,390 |
| Month 4 |
$124,199 |
Total |
$1,005,065 |
| KMRD's Cost |
$80,000 |
| Return on Investment |
1,156% |
Number of Claims
Pushed to Closure
| First 2 Months |
126 |
Month 3
|
82 |
| Month 4 |
71 |
Total |
279 |
If you would like to be part of another success story, email us at contactus@kmrdpartners.com
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