Consulting Methodology
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Problem Definition:
The Vision Risk Management Services process begins with expert consultation. We work with the client to clearly define the issues or problems they report in establishing a new program or maintaining an existing program. These issues may include concerns about program cost, workload or performance.
Triage:
Once client need is established, the VR Management Services Triage process is initiated. During this process, we collect and analyze key performance indicator data such as liability and workers compensation reserves, litigation inventory and potential offset losses to assess the risk.
Action:
Upon completing the triage step, VR Management Services partners with the client to develop strategies to implement a third party claim administration program, further analyze liability, workers compensation, litigation and offset program performance issues, conduct detailed claim audits or develop standard claims review and administration procedures to monitor and maintain program performance.
Reserve Reduction Analysis
Liability
Reserving is an art, combined with foresight and a vast amount of experience. Since the lifeline of a carrier or self–insurer is dependent on accurate reserving, it is an area that requires special attention. VR Management Services offers full reserve audits, to provide you with an objective assessment of your financial risk. In addition to assessing your reserves, we offer strategic resolutions to reduce them. This service can be combined with Litigation Profiling or it can stand alone.
Workers Compensation
Inattention to the impact of reserves on overall program performance is striking in regards to the management of workers’ compensation costs. Workers compensation’ costs progressively increase over the life of a claim, yet many administrators give permanency cases the least amount of attention. Many allow permanency cases to go on indefinitely, with little effort to settle. VR Management Services has demonstrated that an effort to settle, combined with aggressive pursuit of offsets has drastically reduced workers compensation reserves.
Litigation Management Profiles
In today’s hectic environment, claims professionals struggle to control litigation. While most companies have procedures for managing litigation, very few are actually able to strategize for aggressive and proactive results.
VR Management Services uses a non–traditional approach to litigation management. First, we understand the long–term economy and efficiency of settling cases that should be settled, thereby reducing defense costs. Second, we closely monitor and manage claims that go into litigation. Third, we understand that litigation management can be much more effective when the entire litigated population of claims are analyzed, as opposed to viewing on a claim by claim basis.
Reduction in staff, lack of training and hefty caseloads can increase risk of legal exposure. We assist our clients early during the adjustment stage, insuring that the cases that should be settled–-are settled–– and that those that should be tried are properly managed up until verdict.
Offset Analysis
As our industry continues to battle cost reductions, claims professionals are often burdened with extraordinary workloads. While they may have every intention of offset pursuit, they often do not have enough time to complete the leg work required to perfect recovery. Lack of training and experience can cause the claims professional to overlook recovery potential.
Unless a claims operation dedicates professionals solely to the task of capturing offsets, they will not recognize all the dollars available through recovery. The commitment of resources to capturing offsets can result in millions of dollars returned to an organization each year. VR Management Services identifies every offset opportunity, via third-party tort, second injury fund relief, loss transfer and others. Our thoroughness has yielded dramatic effects, and provides an excellent return on investment.
Claim Auditing
The audit process is an excellent tool for development and improvement of your overall claims administration process. While we recognize that no two organizations are exactly alike, the VR Management Services claim auditing process helps you benchmark your performance against peer organizations.
We take a team approach in designing a review structure that addresses our specific auditing objectives. This approach also enhances learning and can improve overall operational efficiency. The overall speed of the process and accessibility of the report is increased by the use of VR Management Services's automated information system.
Periodic Claim Reviews
So much can be gained through teamwork between the adjuster and the risk management division. A structured claim review process is an excellent way to establish true collaboration. Effective claims review, however, requires detailed planning, preparation and coordination. VR Management Services establishes claim review programs that offer risk managers and adjusters the opportunity to discuss, analyze and strategize the resolution of high profile losses–losses that require a more advanced review and resolution plan.
Claims Management Oversight
Our Claims Management Oversight services support client organizations that cannot commit staff to this activity. Attention can be directed to all claims or high exposure claims. VR Management Services can offer reserve guidance, investigative recommendations, settlement evaluations, defense attorney action plans, coverage analysis and overall resolution strategies.
Services can be delivered on-line or at the client’s site. VR Management Services also assists in developing the skills of in-house oversight staff and in determining the number of staff required for oversight.