KMRD’s Workers Compensation Claims Advocacy Program Improves Balance Sheet
A publicly held company experienced difficulty managing claims. KMRD’s Claims Advocacy Program improved their balance sheet.
Workflows Generate Results
Our reporting workflow manages claims in a more efficient and effective manner.
Improved Collaboration
KMRD XChange, enabled access to claims reporting, accident investigation, and return to work programs from anywhere in the world.
Reduced Costs
Claims were minimized and administrative burdens improved.
The Issue
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.
Our Response
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 ensuring the client received the claims and coverage related services they deserved.
The Results
KMRD’s involvement yielded the following in just 4 months:
Reserve Reductions Impacted by KMRD
| 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 |
KMRD’s efficiency expertise and claim advocacy program improved their balance sheet by reducing reserve liabilities significantly. That’s the KMRD difference.