wcPrism
Mastering data compliance reporting requirements for workers’ compensation
Workers’ compensation data compliance reporting is challenging; insurers must carefully format and submit detailed claim and policy data to state jurisdictions and data collection organizations. Verisk has solutions for all workers’ compensation compliance reporting needs that will help save time and improve reporting accuracy.
Take Workers’ Comp Data Reporting and Analysis to the Next Level
Verisk solutions streamlines workers’ comp data ingestion and reporting to improve compliance.
Simplify workers’ compensation reporting with the EDI Reporting Map
Simplify workers’ compensation reporting with the EDI Reporting Map
Managing numerous compliance reporting obligations can be overwhelming, especially when working through technical challenges in EDI states. If you struggle to keep up with each jurisdiction’s specifications, we have a tool that can help: the EDI Reporting Map.
Robust workers’ compensation solutions for reporting, capturing, and analyzing injury claim data
Robust workers’ compensation solutions for reporting, capturing, and analyzing injury claim data
For state regulators, managing the collection and review of vast amounts of claims data is an ongoing challenge. For both insurers and state regulators, deriving insights from workers’ comp data is a promising opportunity for improvement Learn how Verisk’s Workers’ Compensation Solutions provide accurate reporting, streamline data capture, and actionable analytics.
Insurers can handle workers’ compensation reporting with wcPrism
wcPrism is a complete suite of workers’ compensation data compliance reporting products for insurers. The component solutions include:
- Injury Reporter — Satisfies states’ Electronic Data Interchange (EDI) electronic compliance requirements for first and subsequent reports of injury (FROI/SROI) with accuracy and confidence
- Unit Statistical Reporter — Meets data collection organization (DCO) requirements for aggregation and valuation of policy and claim data for the submission of unit statistical reports (USRs)
- Detailed Claim Information (DCI) Reporter — Meets DCO requirements for reporting specific claims data elements for randomly sampled claims
- Policy Reporter — Meets DCO and state jurisdiction requirements for reporting policy information (WCPOLS) to individual DCOs and proof-of-coverage information (POC) to state jurisdictions to avoid noncompliance fines
- Medical Reporter — Consolidates medical bills into one data warehouse to manage submission of the medical data call to the DCOs
- Indemnity Data Call — Meets requirements for aggregation and valuation of indemnity claim data for the submission of the indemnity data call to the DCOs
wcAnalyzer™ is a workers’ compensation analytics dashboard that is used by insurers to evaluate their EDI FROI/SROI reporting and compliance performance state-by-state, identify areas of concern, and help avoid potential noncompliance fines.
Now supporting NCCI’s new call for indemnity data
Now supporting NCCI’s new call for indemnity data
Data reporters now need to report additional data elements for indemnity benefit payments. wcPrism meets requirements for aggregation and valuation of claim data for indemnity claims. Read more on our blog.
For more Verisk workers’ compensation solutions, check out:
Casualty Solutions helps insurers take control of claims, compliance, and costs
Casualty Solutions helps insurers take control of claims, compliance, and costs
We provide a wide range of claims compliance solutions—from extensive MSP services to efficient EDI reporting—as well as proven predictive analytics that improve workers’ compensation and liability claims management.
Getting more from EDI reporting
Getting more from EDI reporting
The Electronic Data Interchange (EDI) workers’ compensation reporting process entails the transmission of a vast amount of information, including detailed first reports of injury (FROI) and subsequent reports of injury (SROI) claims and medical billing data. Verisk has a solution that can help states and insurers get more from their compliance efforts.
Capturing workers’ compensation claims information with EDI
Capturing workers’ compensation claims information with EDI
Workers’ compensation data compliance reporting is challenging. Insurers must carefully format and submit detailed claim and policy data to state jurisdictions and data collection organizations. Verisk has solutions for all workers’ compensation compliance reporting needs that will save time and improve reporting accuracy.
Detect and manage high-severity workers’ comp claims through predictive analytics
Detect and manage high-severity workers’ comp claims through predictive analytics
Accurately determining workers’ compensation claim severity early is key to controlling claim costs. wcNavigator® uses predictive analytics to help adjusters and claims managers accurately identify claim severity as early as day one.
Achieve full compliance for future medical allocations while managing expenses
Achieve full compliance for future medical allocations while managing expenses
Complying with Medicare’s demands for future medical allocations requires deep knowledge of both medical and legal aspects of injury claims. We have a range of services to help you comply and expertly manage expenses.
Complex claims and compliance costs insurers
Complex claims and compliance costs insurers
Workers’ compensation insurers are challenged with managing complex claims, rising claim severity, and stringent reporting obligations. And with many experienced claims handlers nearing retirement, the challenges become even more daunting.