Opportunity cost in Workers' Compensation
Unfortunately, most in Workers’ Compensation neglect to integrate and monitor their verdant data to identify cost drivers and opportunities to mobilize action early to thwart or limit potentially high risk and costly situations affecting claims. Integrating and concurrently monitoring the data from the disparate sources, can identify conditions and events that portend risk and cost—not dissimilar to monitoring storms and inventory in the food industry.
Analysis of current, integrated data can be programmed to automatically create alerts to appropriate persons who take action, thereby making analytics actionable.
Karen Wolfe is founder and President/CEO of MedMetrics®, LLC, an Internet-based Workers’ Compensation analytics company. MedMetrics provides the apps to make analytics actionable.