When your employees get hurt on the job, a workers’ compensation case gets created. If you’re a CFO, then you want your company’s claims to close quickly—especially if you’re a self-insured business, and you pay for your own workers’ compensation insurance.
Unfortunately, workers’ compensation cases travel slowly, as you probably know if you’ve ever had a worker get injured on the job.
An injured worker’s case isn’t closed until a doctor files an accurate Permanent and Stationary report (PR-4 report). Seems simple enough, right?
It’s not. 98% of California’s Permanent and Stationary reports (PR-4 reports) and California impairment ratings are inaccurate. If a doctor submits an inaccurate report, then your employee can’t return to work, even if they’re capable of doing so. Another doctor called a QME will have to come and write yet another report, delaying the process even further.
This causes dispute between doctors, insurance companies, and businesses, which drags out the amount of time between when an injured worker’s claim opens and when it closes.
The longer a claim takes to get resolved, the longer your company needs to wait in PR-4 report purgatory. In between scheduling, busy offices, and the time it takes to complete paperwork, a single injured worker might cost you thousands of dollars.
You want to treat your injured worker well. But you also want to know if you need to find a replacement for their position, or if they’re going to be able to return to work—and you want to know soon. Inaccurate PR-4 reports causes delay that prevent businesses from moving forward.
But when you use an impairment rating calculator, such as RateFast, that expedites the process of worker’s comp cases, you could save millions of dollars over the long run.
RateFast’s mission is to solve the problems that the current workers’ compensation system causes for doctors, for insurance companies, and for self-insured businesses. Our impairment rating calculator gives accurate impairment ratings based on the 5th edition of the A.M.A. guides. RateFast also automates the process of writing, formatting, and submitting the report, which means that you can quickly welcome back your injured worker, or begin searching for a replacement. The accuracy of the reports is guaranteed to be in the top two percent of all PR-4 reports submitted in California.
Injuries hurt, but they don’t need to hurt your business. Make sure that your workers’ are examined by doctors who use RateFast.