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GuilfordPare Press Room.GuilfordPare Launches New Construction Divison to Reduce Industry's Insurance Exposures
BALTIMORE - May 8, 2003 - GuilfordPare, the nation's premier risk management consulting firm specializing in workers' compensation and injury management, announced today the creation of a new corporate division dedicated exclusively to handling the evolving needs of construction industry clients. The construction division is comprised of some of the nation's leading risk managers, as well as the first-ever free risk management assessment, termed the "Fight Back Audit." "We recognized the need for a comprehensive risk management practice designed specifically for the construction industry," commented Marcia DeWitt, president and CEO of GuilfordPare. "GuilfordPare has a highly qualified, seasoned team in place to address the many challenges contractors now face in a post-9/11 marketplace. Combined with our unique 'Fight Back Audit,' contractors can realize substantial cost-savings in the face of seemingly uncontrollable insurance costs." Due to the high-risk nature of construction work, claims incurred on a construction job site have been reported to result in greater losses and higher exposures for contractors than other industries. In fact, the construction industry reports 300 percent higher workers' compensation costs than the national average, according to results from a casualty risk study released by Marsh Inc. in February of 2003. The study found that for every $1,000 in revenue, contractors spend $4.54 on workers' compensation in comparison to the national average of $1.52 per $1,000 in revenue. "There are proactive steps that a construction firm can take to make sure health care providers, insurance carriers and in-house safety programs all interrelate in a coordinated effort to reduce claims and accidents," stated Liz Hancock, President of Baltimore-based Hancock & Albanese, Inc Construction Contractors. "Workers' compensation costs can never be totally controlled, but the process can be aggressively managed." In response to the overwhelming financial burden facing contractors, GuilfordPare has introduced the "Fight Back Audit," a complimentary audit now offered nationwide to contractors and construction companies who have a minimum of 25 open workers' compensation claims. The "Fight Back Audit" utilizes the firm's team of construction risk management specialists to closely examine a company's case files, or if preferred, an isolated "worst case." The subsequent audit then provides advice on how the company can most effectively close and contain existing workers' compensation cases, and implement preemptive measures to prevent the proliferation of open claims. According to GuilfordPare, the value of this counsel is estimated at $5,000 per audit and is implemented free of charge. Interested parties can email fightback@guilfordpare.com for more information. GuilfordPare's non-traditional approach resolves all aspects of workers' compensation and risk management issues for employers. Through expert guidance and industry-specific training, GuilfordPare develops new protocols for internal injury management requiring vertical involvement from the employer to the construction workers. The result is an injury management program based on a medical provider network that guarantees quality and timely medical care to injured workers. GuilforePare-appointed medical specialists partner with the employer to rapidly return employees to health and productive employment, saving clients thousands in lost-time expenditures. GuilfordPare offers a full range of workers' compensation and injury management consulting services under its one-of-a-kind "Management Contract," an integrated system to manage injuries, close open workers' compensation cases, access more effective medical and legal networks, develop return-to-work plans and improve workplace safety. The services offered under the "Management Contract" include: Management Action Plan, a step-by-step program that generates a company-wide picture of workers' compensation issues by conducting employee and management interviews and analyzing loss information and insurance costs; Quick ClosureSM, a service that swiftly resolves outstanding liability cases on the client's books; Enhanced Safety ProgramSM, a proactive accident-prevention program that addresses rising workers' compensation costs by making the workplace safer; and Au Pare, which instructs clients on how to prevent and manage workplace accidents after they occur, paring millions from medical and lost-time costs. About GuilfordPare (www.guilfordpare.com) GuilfordPare (formerly The Guilford Group) is a national leader in workers' compensation consulting and disability management. The firm's mission is to significantly improve the workers' compensation results for public & private employers, insurance companies and reinsurance companies. Since its inception in 1990, GuilfordPare has dramatically reduced costs associated with workers' compensation claims for more than a dozen Fortune 500 companies. The company is based in Baltimore, MD. Risk and benefit managers searching for new ways to decrease workers' compensation costs might start by acknowledging the current practice of employers paying employees not to work. When companies start digging through their workers' comp payouts trying to fathom why their costs are so high, the answers are often startling. Workers' comp costs can be divided into two categories: medical and indemnity. It seems reasonable that 45 cents of every workers' comp dollar spent goes to providing care to injured workers. Unfortunately, the lion's share of the dollar, 55 cents, goes to indemnity costs – in other words, toward paying employees not to work. |
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