Upcoming Important Workers Comp Dates Part 2 - Workers Comp ...

Part I of this article is located here. This article is separated into self-insureds and employers in the voluntary Workers Comp market.

Self Insureds

For most self-insureds (especially governmental entities), the renewal date for your TPA contracts is July 1st. Some governmental entities have converted the contracts to January 1 renewal dates.

There is much debate concerning the extensions of TPA contracts in place. Should a self-insured employer:

• Just renew the contract with the same TPA by an extension every year
• Place the TPA contract out for bidding on a yearly basis
• Place the contract out for bidding every three years?

The first two are great ways to lose the TPA's adjusters that are working on your files. If you company or entity is large enough to have a Workers Comp adjuster working solely on your claims 1/3 time, they will very likely want some stability in their job.

The first two options will likely cause the TPA's adjuster to not really be sure if they will have a job from year to year. This instability is why we recommend to bid out the claims services every three years with no extensions.

If your company or organization just keeps renewing your WC claims handling with the same company year after year, you could easily be overpaying for services or not receiving the proper level of service.

If a TPA thinks they will have your business year after year, you may want to shake things up a bit by placing your TPA work out for bid.

Voluntary Market (Non self insured)

If your policy renews in June or July, you may want to start organizing your financials for the premium auditor. If you close out your year on July 1, I recommend examining your premium auditor's letter from last year and gather the same information for this year. This article covers preparing for your Workers Comp premium audit.

As you go through your records for closing out your fiscal year, you will have your hands on the exact data the premium auditor will request.

Making a copy of all the records (paper or electronic) as you come across them will save you double work and will cut down on the stress of closing your year out and the premium audit process.

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