Benchmarking studies reflect strong performance for injured employees, employers
Relying on the largest claims database for Texas injury benefit programs, PartnerSource performs biennial benchmarking studies within the healthcare, manufacturing, retail, trucking & distribution, restaurant, and hospitality industries. More than 100 large employers headquartered across the U.S. have recently participated in these studies, representing over 600,000 covered Texas employees, tens of thousands of claims, and thousands of Texas business locations. Many of these programs have been in operation for over two decades.
Our most recent report is the “2019 Hospitality Industry Benchmark Study for Texas Nonsubscriber Option”, released to participating PartnerSource clients earlier this month. Here’s a snapshot.
Information used in this particular study includes:
- Loss data over a five-year period, valued as of June 30, 2019
- 3,157 claims with value
- $9.1M in incurred claim costs (claims capped at $150,000)
- 2 defined Hospitality sub-categories: Hotels and Property Management
Customized reports are prepared for each participating employer, with comparisons to their industry peers on –
- Various claim frequency and cost metrics
- Lost and restricted days
- Injury benefit plan terms, such as injury reporting requirements and benefit coverage percentage, dollar and duration limits
- Medical management models
- Insurance coverages, and
- Large losses.
Sample findings from this latest hospitality industry study include:
- Average cost per claim (including benefits, legal liability and allocated loss adjustment expenses) is $2,896
- Average lost time claim is $12,255
- Average medical only claim is $1,340
- 2% of claims with lost time days, and 15.8 average days of disability
- Injury benefit plan updates since the 2017 PartnerSource hospitality industry study include:
- Majority of employer participants have increased benefit duration by 5%,
- 75% of participants (compared to 44% in 2017) provide wage replacement at 90% or higher, and
- Removing unnecessary exclusions and limitations on coverage.
Click here for other examples of recent Texas injury benefit program updates focused on fairness, coordination of benefits and fiduciary responsibility. Click here for additional information on program design and the various forms of benefit and liability compensation available under these programs.
For more information on PartnerSource benchmarking studies, contact your PartnerSource Team Leader or Jennifer Hurless at email@example.com or 214-239-4586.