Workers’ Compensation Software
Workers’ Compensation Simplified
Accidents happen on the job. When they do, it’s up to your team to manage any claims that qualify for workers’ compensation – a long and complicated process that needs to be meticulously managed.
Many companies turn to workers’ compensation software to simplify the process and enable their teams to more easily and accurately navigate this landscape. Axiom Human Resource Solutions offers a robust suite of payroll solutions powered by UKG Ready that includes software to manage workers’ compensation claims from first reporting to final resolution.
Contact us today and discover how you can enhance your company’s efficiency, accuracy, and compliance when it comes to workers’ compensation management.
What is Workers’ Compensation and How Does it Impact Payroll?
Workers’ compensation is a form of insurance that provides wage replacement and medical benefits to employees who suffer work-related injuries or illnesses. It is a legally mandated program designed to protect both employees and employers by providing financial support and mitigating the risk of costly lawsuits.
Workers’ compensation typically covers a range of work-related injuries and illnesses, including accidents, repetitive stress injuries, occupational diseases, and psychological conditions resulting from work activities. It may also provide benefits for rehabilitation, vocational training, and disability accommodations.
Most states require employers to carry workers’ compensation insurance, regardless of the size or nature of the business. It falls onto HR and payroll professionals to ensure their organization complies with these legal requirements and administer their workers’ comp programs properly in the following ways.
Payroll Deductions
Because workers’ compensation premiums are often withheld from employees’ paychecks as part of their overall payroll deductions, it’s critical to accurately calculate these deductions and ensure that they are withheld in compliance with applicable laws and regulations.
Part of this is working closely with insurance providers to confirm employee classifications are accurate and up to date, as well as accurately reporting employee wages and hours. This ensures premiums are properly calculated and team members get the appropriate benefits in the event of a work-related injury or illness.
Return-to-Work Programs
When employees are injured and unable to work, payroll may need to coordinate with HR and insurance providers to facilitate return-to-work programs, adjust employee pay based on disability status, and ensure compliance with legal requirements regarding wage replacement benefits.
Cost Management
Managing workers’ compensation costs is a key aspect of HR and payroll team roles. This may involve implementing cost-saving measures, such as safety initiatives to prevent workplace injuries, negotiating insurance premiums, and accurately tracking and reporting payroll data to insurance providers to get fair and equitable pricing.
Audits and Compliance
Insurance providers or regulatory agencies may choose to audit your business to confirm it is complying with workers’ compensation laws and regulations. Maintaining accurate records and documentation of payroll data is crucial for demonstrating that you are being compliant and avoiding penalties or fines.
What is Workers’ Compensation Software?
Worker’s compensation software is designed to streamline the complex and often time-consuming process of managing claims. These claims can involve multiple parties, including employees, employers, insurers, doctors, and lawyers, and often have strict regulatory requirements.
Axiom provides workers’ compensation software solutions powered by UKG Ready for businesses large and small throughout a variety of industries. Our clients turn to us for comprehensive software that helps them more easily take on the rigors of:
Claims Management
Workers’ compensation software helps take out the manual work of submitting, tracking, and managing claims. Automations simplify collecting and storing incident details, as well as claim information, routing claims to the appropriate adjuster, and managing communication with all involved parties.
You can easily access reports on various metrics, such as claim volume, costs, types of injuries, and return-to-work rates – all of which help identify trends and areas for improvement, and foster better outcomes.
Medical Management
More effectively manage medical bills and ensure proper treatment for injured workers with Axiom’s workers’ comp software. You can review medical bills for accuracy and compliance, manage medical provider networks, and easily locate and communicate with approved healthcare providers for injured employees – all in one platform. This helps streamline your medical management process, as it can manage scheduling and keep track of treatment, while also ensuring proper billing.
Document Management
Worker’s comp claims can generate a lot of paperwork. However, the right claims management system can store all claim-related documents like reports, medical records, communication logs, and correspondence electronically, eliminating the need for physical files.
Having all records in one place also helps maintain continuity and makes sharing information with those involved in the claim process easier, improving collaboration and communication.
Compliance and Risk Management
Axiom’s workers’ comp software can help your business with compliance and risk management through automated processes, adherence to regulatory requirements, and an array of specialized tools designed to identify and mitigate risks. Lean on our solution when you need:
- Automated form and report generation for submission to regulatory agencies.
- Built-in compliance checks that ensure all necessary information is collected and documented properly.
- Up-to-date regulatory changes and automatically updated system features and workflows.
- Tracking for claim status, deadlines, and key milestones to make sure claims are handled promptly and follow regulatory requirements.
- Security measures to protect sensitive information and ensure compliance with data privacy regulations.
- Seamless integration with other risk management systems or tools, which gives you a holistic view of organizational risk to facilitate coordinated mitigation efforts.
- Customizable reports on key metrics such as claim frequency, severity, and costs. This allows teams to pinpoint areas of concern and take proactive measures to address them.
All of these features can be of particular value if your company does not have a dedicated compliance team.
Reporting and Analytics
Axiom’s workers’ comp software’s reporting and analytics features can provide a variety of customizable reports to suit just about any metric you need, including claim frequency and severity, costs, average claim costs, time to resolution, and return-to-work rates.
These kinds of features such as these enable your businesses to better and more easily analyze claim data to identify trends and patterns. Additional capabilities include:
- Benchmarking: Compare your performance against industry benchmarks or peer organizations.
- Predictive analytics: By analyzing historical data and identifying patterns, predictive analytics provide actionable insights that can help you anticipate future risks and proactively implement measures to mitigate them.
- Compliance reporting: Our software can help you more easily meet regulatory reporting requirements by generating standard compliance reports.
- Real-time dashboards: You can monitor claim status, costs, and trends in real-time, which enables quick decision-making and proactive intervention when necessary.
- Data visualization: Our charts, graphs, and heatmaps can make it easier for your team to understand complex data and identify trends at a glance.
- Ad hoc data analysis: Interactively explore data, drill down into specific data points, and generate custom reports on the fly to gain deeper insights and more informed decision-making.
What Axiom’s Workers’ Compensation Software Can Do For You
Axiom’s suite of payroll solutions is powered by UKG Ready, one of the leading human capital management software companies in the industry. Together, we provide custom workers’ compensation solutions that can fit your company’s needs to a tee.
Our team will work hand-in-hand with you to determine your needs, budget, and the solutions that are best suited to take on your unique challenges.
Our goal is always your success. That’s why our solutions are designed to save you time and resources, improve accuracy in claims processing, and help you foster a safer work environment. Here’s what you can expect from choosing workers’ comp software solutions from Axiom:
More Streamlined Processes
- Automated Workflows: Automate repetitive tasks like submitting claims, routing them to adjusters, and managing deadlines to free up your teams to focus on more important things.
- Centralized Data Management: Electronically store all claim information, documents, and communication in one place. You’ll eliminate the need to search through paper files and make sure everyone involved has the latest information.
- Improved Communication: Be more transparent and resolve issues faster through streamlined communication that includes all parties involved in a claim.
Better Cost Management and Preparedness
- Early Intervention: Process claims faster so your workers get earlier intervention and treatment. This can potentially reduce the severity and duration of injuries and lower medical costs.
- Reduced Legal Costs: When your claims processing is efficient and you have clear documentation throughout the process, you minimize the risk of disputes and costly legal challenges.
- Improved Safety Programs: Analyze claim data to identify high-risk areas or types of injuries. then work with your team to improve safety programs and implement preventative measures to reduce future accidents.
Improved Employee Relations
- Faster Claim Resolution: Streamlined processes ensure claims are handled quickly and get injured workers the benefits they deserve sooner.
- Enhanced Communication with Employees: Your employees can access claim information and updates through self-service portals, giving them a sense of more transparency and better communication.
- Return-to-Work Support: Improve morale and reduce overall claim costs by tracking return-to-work programs. Then you can identify resources needed to facilitate an employee’s safe and timely return to work.
Partner with Axiom Human Resources Solutions Today
As a leading provider of human capital management solutions, Axiom is here to help with all your workers’ compensation needs. Our platform is designed for seamless integration with your existing software and can be customized to adapt as your business grows.
Let us help you take your greatest workers’ comp challenges and turn them into opportunities to make your organization more productive and efficient. Contact us today to get started.
Worker’s compensation software is just one product in our suite of payroll solutions that can help your business run smoother. Check out our other solutions, each crafted by our team of specialists to simplify and optimize all aspects of your payroll processes.
