The global disruption caused by COVID-19 the world over has created a great impact on almost anything and everything from personal lifestyles to professional practices and traditions, including workers compensation.
Let’s face it, the Coronavirus crisis has completely changed people’s perspectives and nowhere is it more pronounced than in work environments and its impacts on emerging trends and cultures- both good and bad.
Challenges affecting worker’s compensation in the Coronavirus era
Don’t be surprised to find when you see an increase in consulting a workers compensation attorney because the challenges and changes in the workplace have given rise to uncertainties with sustainability and livelihood.
People are afraid of losing their jobs which is a predictable outcome and has been responsible for raising the competitiveness of the workers’ compensation market, especially among casualty insurers.
COVID-19 has generally shifted the public’s mindset that drove drastic changes and uncertainty across every population and industry.
Worker’s compensation trends and statistics
Insurance industry observers have noted that the pandemic has seen premium volume drop by 10% to 20% last year and expects the same level of performance this year.
One of the major reasons behind this is increasing commercial liability pricing and excess capacity, a factor related to pandemic conditions such as a high market surplus, higher frequency and severity of claims, etc.
The raised market concerns as newer varieties of potential casualty exposures are coming to light with the Coronavirus health threats and impacts on workplaces.
While two of the reasons for the slowdown in claims are those who have lost their jobs during the height of the crisis and people working from home have less exposure to health risks at the traditional workplace, only time will tell how new and unique workers’ compensation claims will start to pour in.
Another layer of processes is brought by COVID-19 which has a great likelihood for fraud practices in filing and determining cases for workers’ compensation claims.
The World Health Organization (WHO) rolled out a new emergency reporting process for COVID-19 testing cases labeled as “unlisted lab tests” raising red flags for anyone to use this ICD-10 code for fraudulent claims not directly related to COVID-19.
The rising trend of telemedicine
A survey conducted by international think-tank Health Strategy Associates revealed that telemedicine is playing a crucial role in workers compensation and is expected to continue to be relevant even after the pandemic when the workplace begins to transition into the new normal.
It promises a wide range of benefits that are attuned to the conditions of the workplace in the state of a pandemic. The question is, how quickly can the workforce adapt to this new working condition.
Dropping number of overall claims
The new normal expects to see a drop in overall claims, as industries focus on stringent preventive measures to ensure the safety and overall welfare of personal injury or worker’s compensation claims.
However, these conditions do not provide perfect conditions that will eradicate the need to file for workers compensation claims, especially when there are new conditions that can cast confusion over compensation coverage and qualifications.
These unique conditions and challenges will justify asking yourself in finding the best workers comp attorney near me to help me shed light on these new issues.