Benchmark Study Finds Decrease in Claim Closure, More Tracking of Provider Performance

Workers’ comp insurers and third-party administrators are having a harder time closing claims than they did three years ago, as more than half who participated in a recent survey reported a closure ratio of less than 100%. A ratio below 100% means those companies have new claims coming in faster than they are closing old claims, so their inventory of claims is growing. And the 58% of companies that reported a closure ratio of less than 100% was a sharp increase from the 37% whose ratio was under 100% in 2014. The data are part of a Workers' Compensation Benchmarking Study published...