Are You Meeting All of Your Workers Comp Requirements? Read This to Find Out
Are you sure you’re up-to-date on workers comp requirements?
As doctors in Michigan found out recently, workers comp requirements aren’t set in stone. Regulations there changed to include stringent reporting for opioid treatments that hope to cut down not only on the misuse, abuse and trafficking of serious painkillers but also to lower costs for employers as well. Unfortunately, for those clinics that aren’t paying attention, failing to file the appropriate paperwork will mean loss of income and possible fines.
How do you stay up-to-date on your comp filing requirements?
Industry magazines and newsletters are an important source for regulation changes, but these stories aren’t always front-and-center. If reporting changes are small enough, they may be packaged in with other topics. For instance, if you were a doctor who rarely prescribed serious painkillers, you might skip an article on opioid insurance reporting, completing missing the fact that workers comp was affected. Likewise, if you were the owner of a retail shop, a sidebar on painkillers may completely fly under your radar.
If you’re going to the expense of having a compliance officer on staff, you may be expecting him or her to be on top of the latest laws in effect. How often does this person undergo training? What ongoing education are you investing in? Someone who was knowledgeable on last year’s policies isn’t magically going to know what’s valid this year. It’s imperative any professionals you rely on for meeting regulations are attending conferences, networking with peers and attending formal classes each and every year.
The latest software solutions do include reminders about important filing dates, deadlines for payments and similar notifications to help you stay on top of your workers comp requirements. Unfortunately, certain elements of compliance can’t be preloaded. For instance, if a worker mentions an injury without filing an official incident report, you may still be liable for filing a notice. You can’t possibly rely on software to help you manage all of your obligations. In addition, software quickly becomes outdated. How do you know your program’s current?
The Company Handbook
The method for handling accidents and injuries is likely outlined in the company handbook. However, unless it’s updated regularly, you could be reading bad advice. The same is true for state-provided business resources. Before you trust print or online resources, be sure to look for the date of the copyright.
Outsourcing to Experts
One of the latest “best methods” for ensuring workers comp compliance is hiring a specialist through a PEO service. Companies like Einstein HR use the latest tools, stay abreast of the newest resources and engage in regular training so you don’t have to. It’s also a very convenient way of managing compliance issues. You can hand your filing responsibilities off to someone you can trust to do the job right and go back to the money-earning activities you know you’re good at.
If you need help with workers comp requirements, don’t waste time in getting it. The smallest mistake can result in big fines. Call 770-962-1700 to speak with our specialists.