Bob Phelan describes successful workers’ compensation programs in terms of a three sided triangle, with a focus on rehabilitating injured workers and returning them back to work:
- Injury Management
- PerformanceBased Insurance™
Last year, Phelan recommended that a regional chain of nursing home facilities depart from a traditional subsidized insurance program (guaranteed cost insurance) and adopt a Performance Based Insurance program. The health care company client offered this statement after moving to the new Performance Based Insurance plan, “To date this new program is meeting our expectations and we hope to reduce our net cost by $1 million-plus for the first year.”
The success is based in part on a more practical and current approach to insurance. The nursing home chain hired a nurse case management company to triage medical treatment (the front end of the claim process), and helped claims staff coordinate medical treatment and return-to-work practices. They provided training to supervisors regarding transitional duty, for a comprehensive approach to mitigating costs and improving services. Many companies spending at least $125,000 on their insurance can expect to save 25% to 50% on their insurance premiums using Performance Based Insurance plans. Company executives can call Bob Phelan at 860-761-7201 for a rapid one to one evaluation to determine if they qualify for a Performance Based Insurance plan.