Emerging trends in pharmaceutical design and drug manufacturing are shifting toward presenting the market with new ways to develop medications. Specialty medications continue to be a major area of pharmaceutical development and have become widely discussed in workers’ comp due to their significant costs. Although they represent approximately 1% of drug utilization, they account for nearly 7% of prescription drug costs and represent the fastest-growing segment of the U.S. pharmaceutical market. While specialty drug products are often associated with a hefty price tag, some can offer clinical advantages when deployed for the right patient at the right time, making careful oversight and patient selection imperative to achieving desired outcomes in this space. Watch the video blog to learn more.
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The Impact of Tariffs on the Automotive Claims Industry
There has been a significant amount of press coverage surrounding the potential imposition of a 25 percent tariffs on automobiles and auto parts imported to the United States from countries that have previously received “most favored nation” status, incurring tariffs of only 2.5 percent. The proposed tariff increase emerged as a response from the Trump administration to increasing globalization of the auto industry.
KPI Spotlight: Percentage of Repair for Individual Part Types
In our recent article, “Mitchell Collision Repair Industry Data: Q2 2018”, we discussed the importance of monitoring the overall percentage of parts repaired. While this is an important step to help ensure the correct decision-making behaviors are being put into practice by appraisers in the field, it is the first of many. The next step to improving performance in regards to overall percentage of parts repaired is to look at repair percentages for individual major component parts.
A New Era of Performance Management
As McKinsey and Company stated in their 2017 study on performance management, “What gets measured, gets done.”1 Performance management is a critical aspect of success in any field of business, and this is especially true in the world of auto physical damage claims. Success comes in many forms in the claims industry, from managing costs to producing proper and safe repairs.
StateWatch: Fall 2018
Keep current with new legislation and its potential effect on your organization. This regulatory update is for informational purposes only, and provides some key highlights on state initiatives that may impact the services Genex provides.
Press Release - Coventry and Paradigm Outcomes Join Together
Risk & Insurance: When Faced With Workers' Comp Chaos, This Risk Manager Restructured the Way Claims Were Handled
For a staffing company with claims out of control, Kathleen Peck tore the program down and built it back up to achieve success, which earned