Configurability and Customization—two words you’ve no doubt come across when researching RMIS systems. More often than not, they’re used interchangeably. But do the two terms mean the same thing? If not, what’s the difference? Is one preferable?
Despite the fact that each term is often used in place of the other, there is a difference. If “This is going to be expensive.” is your first thought upon seeing or hearing the word custom (or a variation), you are correct. Customized vs. Configurable Software Solutions: Which Should You Choose? does an excellent job of breaking down why this is the case. … read more
Our recent post, “How to Tackle Total Cost of Risk (TCOR)”, discussed the roadblocks and best practices to consider when calculating TCOR. It takes cost allocation, however, to realize the benefits of a TCOR program at the unit level. Through a cost allocation model, each unit sees the direct effects of their individual strategies on TCOR at the same time that the overall success of the risk management program is evaluated.
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Public entity risk managers looking to further reduce the costs associated with workers’ compensation claims continue to recognize the value of a behavior-based risk and safety management model. According to Public Entity Risk Managers Speak Out: Results of the 2017 Public Entity Employee Safety & Loss Control Survey, “Now more than ever, the best strategy is to take a holistic approach to risk management to prevent claims from occurring in the first place with loss control strategies.”
The development and implementation of a pre-loss model that measurably drives accident reduction and workplace safety requires effective collaboration between risk management and safety teams. Transparency and the sharing of information is essential to success. Both can be severely restricted when using spreadsheets or outdated legacy software. … read more
A recently published, comprehensive workers’ compensation benchmarking study, found that claim costs make up around 80 percent of most claims organizations’ expenses. According to the study’s authors, budget reductions and heightened scrutiny of operational expenses that come as a result mean that claims organizations should “take a close look at what claim activities and best practices drive optimal outcomes.”
Ensuring that paper-intensive, inefficient, and error-prone processes are eliminated is critical. For many claims organizations, this means scrutinizing their workers’ compensation compliance and reporting processes. More specifically, it means finding a solution that reduces the amount of time adjusters spend:
- Tracking down the correct version of state forms
- Rekeying data previously entered in the claims management system into forms
- Correcting errors that result from manual entry of claim details
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Total Cost of Risk (TCOR) calculation is, for many organizations, a formidable task. Even agreeing on what the term means can be challenging. The Port of Houston Authority offered a concise yet effective definition in a 2016 presentation at Texas PRIMA, “A metric used to evaluate the success of your risk management process.” This definition underscores how critical TCOR is to understanding the effectiveness of risk management strategies across the entire organization.
The article “Total Cost of Risk (TCOR) – What Does It Mean to You?” notes that this valuable metric allows organizations to: … read more
While the work of planning and budgeting, analyzing requirements, and researching vendors are of critical importance, system demonstrations mark a significant milestone in the selection and purchase of RMIS software. As “Best Practices: How to Evaluate Software Demonstrations” points out, RMIS demos are “where you see the systems in action and learn what they can really do for you.”
Remember that this is your demo
Knowing what to expect as you enter this phase of the buying process ensures that you’ll get the most out of your RMIS demos. Each demo needs to show how proposed solutions can work to fix the specific challenges your organization faces both now and in the future. Be sure to find out not only what the system offers today, but also the rate of innovation, as well as your ability to take advantage of new functionality as it becomes available. How often are new features introduced? Are upgrades required to gain access? Do they cost extra?
Here are ways you can prepare for a RMIS demo that will help you assess how well both system and service will meet your risk management objectives, both now and in the years to come. … read more