Related to Care on Location providing affordable access to care from small businesses throughout the state of Colorado, a recent survey suggests that Workers' Compensation professionals also foresee and increased role of telemedicine in containing the rising cost of medical care for employers.
The Centers for Disease Control has suggested in prior publications that each employer loses about $1600 per employee per year due to absenteeism. This does not take into account decreased productivity while at work due to what is called "presenteeism" where the employee shows up but is distracted due to medical, behavioral or social issues. We believe that telemedicine can help both decrease the cost of care for the Workers' Comp industry as well as decrease the cost of absenteeism and presenteeism by providing convenient access to medical providers at a cost that is significantly decreased compared to the standard methods of seeking care.
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Mitchell Survey Reveals More Than 45% of Industry Professionals Believe Telemedicine Will Have the Biggest Impact on the Workers’ Compensation Industry in the Future
By far, the key factor influencing the adoption of advanced technologies according to the survey results is their potential to increase the effectiveness of cost containment efforts (54 percent). Over the last decade, the workers’ compensation industry has faced rising costs while seeking ways to improve service to both injured workers and their employers. In 2016, the National Council on Compensation Insurance (NCCI) reported that medical benefits on lost time per claim had risen from $9,000 in 2003 to $28,500 in 2015.
Source: Mitchell Survey Reveals More Than 45% of Industry Professionals Believe Telemedicine Will Have the Biggest Impact on the Workers’ Compensation Industry in the Future > www.mitchell.com