Workers' compensation costs represent approximately 70 percent of every primary casualty dollar paid by employers. And workers' compensation medical losses represent more than half of all total losses. These staggering numbers have prompted 41 states to enact reforms to their workers compensation laws. These laws have not stemmed the rapidly rising costs driven in large part by year over year increases of 15% in medical expenses. The laws, however, have added to the challenges faced by companies involved in funding, delivering, and administrating workers compensation programs. Legacy technology and tighter operational budgets have increased the challenges for companies to keep up with regulatory changes.
The iSpace Risk Insurance practice provides the expertise and services required by third-party administrators, managed care organizations, cost containment companies and pharmacy benefit managers to improve operational process efficiency and achieve administrative savings. Our services revolve around Information Technology and Business Processes.
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