Within the next month your Retro group will be distributing refund checks. Will yours be as large as it could be? A significant portion of your Retro check is based on your company’s performance—how your claim costs compare to the premium your company pays. Participants with few and inexpensive claims receive larger refunds than those with large claim losses. If your claim costs are high enough, it could even threaten your ability to continue participating in the group. Here are some basic strategies for lowering your claim costs and increasing your Retro check.
- Report all injuries to ERNwest right away. ERNwest’s claims team advocates on your behalf to make sure only valid claims are allowed and that medical treatment is only for the related injuries. To be effective in helping your company, they need to know about injuries even before a claim is filed. Report injuries at ernwest.com or by emailing claimsreporting@ernwest.com.
- Keep injured employees working. Time-loss dollars on claims reduce retro refunds 3 to 5 times faster than medical dollars. If an employee is unable to return to their normal work, return them immediately to light duty consistent with their work restriction(s).
- Pay their normal wages if light duty is not possible. Called Kept on Salary (KOS), continuing to pay an injured employee’s wages even when they are not at work can still be financially beneficial in protecting your refunds, and lowering the L&I premium you pay.
- Submit for Stay at Work (SAW) wage reimbursement. While this does not directly increase your retro refund check, it does help your bottom line. L&I will reimburse 50% of wages for employees working light duty. ERNwest will help you submit for reimbursement at no charge. Don’t let this be money left on the table.
Your ERNwest claims team is here to help with these strategies and more. Contact your ERNwest claim manager or visit www.ernwest.com today to make sure you’re getting the most out of your Retro participation.