Never under the rigid rules of managed care, workers comp keeps setting a faster pace for the growth in medical care costs. Can it ever be brought into line?
By Russ Banham|February 01, 2003 at 07:00 PM
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Steven Fanaroff was baffled. As CFO of privately held Magruder Holdings Inc., a well-known grocery store chain in Virginia, Maryland and Washington, D.C., he had watched the premiums on the company’s workers compensation insurance jump in each year for the last several by 25%. The company had been maintaining a payroll of about 600, and it wasn’t as if there were significantly more claims. The problem Fanaroff found was that the average medical bill for each claim seemed to be rising dramatically. “We discovered a cut finger costs more to treat if it occurs at work than if it occurred at home,” says Fanaroff from his Rockville, Md., corporate headquarters.
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