Your third-party administrator (TPA) helps you manage workers’ compensation claims and control costs. In addition to providing the cost containment solutions you need, a quality TPA should also have an excellent reputation and provide education and training opportunities that benefit your team. Not all administrators are created equally though, so knowing everything you can about your TPA is critical to making the right choice about your partner.
Does your TPA have a good reputation?
Working with a high-quality TPA is crucial. While any of them can claim to have an excellent reputation, your company can benefit from doing some due diligence to find the right partner.
In addition to information about the prospective administrator’s obtained settlements, handicap reimbursements, experience ratings obtained for clients, and refunds generated, your team should ask for a list of references from their past and current clients, preferably with varying employee counts. Also make sure that you speak other companies in your industry who can provide an idea of the kinds of rating programs you might qualify for.
Is your TPA full-service?
Full-service doesn’t mean the same thing for every company. Ensuring that you find a TPA that is truly full-service is critical to helping you get the most benefit from your partnership, including keeping your workers’ comp premiums in check.
In addition to claims management, cost containment solutions, rating services, administration of rating and premium discount programs, a full-service administrator should also provide Ohio Industrial Commission (IC) and Bureau of Workers’ Compensation (BWC) hearing representation. Check out What an Ohio TPA Can Do For Your Business to learn more about how your company can benefit from a partnership with a full-service TPA.
Does your TPA offer educational opportunities?
Staying on top of the latest changes in workers’ compensation legislation can be difficult for even your most seasoned in-house employees. Full-service TPAs should provide training and educational opportunities that can benefit your team.
The learning opportunities offered by your administrator should cover topics like claims management, return-to-work strategies, premium rate calculation, cost-savings programs, and industry-specific issues. Additionally, safety best practices and topics can help your team prevent accidents and be better prepared to deal with injuries when they occur. Read 5 Reasons You Need a TPA in Your Corner for more tips on how your company can benefit from working with a reputable TPA partner.
Advocating for you
While the Ohio BWC may not require your company to use a third party administrator, the cost-savings and expertise of these groups can lead to reduced risk and lower costs for your company. Partnering with a TPA is an investment in your business’s future that can create a safer workplace for your employees.
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