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WC Mastery Training Course
HOW The experIENCE MODification factor affects workers' comp costs
Available On Demand
The experience modification factor is a snapshot assessment of risk for an insurance carrier. In guaranteed cost programs it is a primary factor in the pricing of workers' comp premiums, and this formula is key to understanding how injury management best practices result in lower costs. For high deductible and self-insured employers, the experience mod offers a simple benchmark which can be leveraged for greater program insight.
What is More Important to Your Workers' Comp Program? Signage? Band-Aids?... Or Reducing Costs 20-50% and Improving Injured Worker Outcomes?
The question above is rhetorical.
Of course, the answer is "reducing costs and improving injured worker outcomes."
But they don't have to be mutually exclusive. You can have comprehensive safety signage and on-site medical facilities AND LOWER WC COST AND IMPROVED INJURY OUTCOMES.
Just ask any of the hundreds of risk managers, business owners, and brokers who improved their skills with our training―and then improved their bottom lines and their injured worker outcomes.
Clearly, they've all learned the secrets of the experience modification factor and have leveraged these tools to create a best-in-class Workers' Compensation program.
In fact, by implementing the strategies and tactics taught in the Amaxx WC Training Center―based on 30+ years of top-level risk management experience―our students are able to minimize WC expenses and maximize employee safety, health, and productivity.
And we'll show you in this foundational workshop exactly how they've done it and how you can do the same for your business.
Here's What You'll Learn to Do...
The experience modification factor is a snapshot assessment of risk for an insurance carrier. In guaranteed cost programs it is a primary factor in the pricing of workers' comp premiums, and this formula is key to understanding how injury management best practices result in lower costs. For high deductible and self-insured employers, the experience mod offers a simple benchmark which can be leveraged for greater program insight.
Course Preview
Introduction
The experience modification factor is a concept used by insurance companies to determine if an employer’s loss history is better or worse than average for similar companies in an industry. However, while the function of the experience modification factor can be simple to understand, the elements of the formula and its greater impact are complicated
Section 2: The Mod
Formula & Relationship of the Numbers
While the experience mod formula can be confusing and complicated, understanding the equation is not nearly as important as comprehending the relationship of the numbers.
Section 1: Foundational Definitions
The total cost of workers’ compensation includes the cost of premium plus claim costs (in a loss sensitive plan.) Improvements in injury management affect claim costs, as well as your organization’s perceived risk by the insurance carrier and state rating bureau.
Section 3: Leverage the
Experience Mod to Lower Work Comp Costs
The largest benefit of understanding the experience modification factor formula for employers and service providers is knowing how to leverage the numbers to lower workers’ comp costs. The experience modification factor formula creates a multiplier effect on workers’ comp premium (not considering discretionary rating adjustments per the carrier.)
Your Instructor
Michael Stack is the Principal of Amaxx Risk Solutions. He is an expert in employer communication systems and helps employers reduce their workers comp costs by 20% to 50%. He resides in the Boston area and works as a Qualified Loss Management Program provider working with high experience modification factor companies in the Massachusetts State Risk Pool.
As the senior editor of Amaxx’s publishing division, Michael is on the cutting edge of innovation and thought leadership in workers compensation cost containment. He stays in tune with the latest industry challenges, and pursues partnerships with industry leaders to provide the go-to resource for best practices.
In almost every problem, Michael believes some facet of the cause is communication. In the case of Workers Compensation, poor communication is not only causing emotional strains on the employee and employer, but also unnecessary strain on the employer’s bottom line. He believes the root of a good Workers Comp Cost Reduction system must be Win-Win to be successful.
Michael brings a unique CPA background to the workers compensation space, and is highly in-tune with the impact of workers' compensation cost containment on a company's bottom line. He is dedicated to writing, speaking, and masterminding with others for the purpose of continuous improvement in an area so vitally important to companies and individuals.
FREQUENTLY ASKED QUESTIONS
How do I access the course?
This is an on-demand training class you can access anytime.
Once your payment is submitted, you will receive an email with your login details for this flagship product, How to Measure Workers' Comp Success with 5 Critical Metrics. where you'll be able to access the training curriculum. It's a go-at-your-own-pace class, so you don't have to worry about missing anything.
Who is the course for?
This course is for workers' compensation professionals who need to demonstrate ROI for workers' comp management. This includes employers, insurance brokers, account executives, and service providers.
Why the experience mod and why now?
Knowing which information to look at and how to properly formulate, analyze, and respond to the data you collect is really the only way to efficiently implement change in a complex regulated process that needs to facilitate and coordinate many internal and external stakeholders. Given the current climate in the business world, it's critical to immediately do all you can to reign in the exorbitant cost of an improperly managed WC program. This class provides a blueprint to understanding the impact of WC costs on your bottom line and how to go about building a more cost-efficient system.
How long does it take to complete this class?
Each master class is approximately one hour. The classes are broken into chunks of 5-15 minute sections and are separated with three short quizzes to improve your ability to apply the knowledge learned.