Texas Follows NCCI Guidelines, Cuts Rates by Average of 11.5%

• The Texas Department of Insurance on Friday announced it has accepted the National Council on Compensation Insurance’s loss costs for employers, lowering workers compensation insurance by an average of 11.5%.
• In setting rates, insurance companies must use their own independent, insurer-specific classification relativities or the NCCI loss costs, according to a bulletin.
• The NCCI loss costs will go into effect for new and renewing policies as of July 1.
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Cadence Rx Earns URAC Accreditation

• Cadence Rx said on Friday that it has earned URAC accreditation for Workers’ Compensation and Property and Casualty Pharmacy Benefit Management 2.3.
• URAC says its stringent standards help accredited PBMs focus formulary decisions on two criteria: the safety, efficacy and therapeutic need for drugs, as well as associated cost, according to the organization’s website.
• Pharmacy benefit management companies, health plans and other healthcare organizations typically seek the accreditation.
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Forbes Council Contributor Calls WC a Construction ‘Strategic Imperative’

• Construction industry leaders need “an intentional approach to workers’ compensation” to gain a competitive edge, according to Forbes Council Contributor Joel Katsma.
• In a March 31 Development Council post, Katsma wrote that “an intentional approach to workers’ compensation can optimize cash flow, improve profitability, enhance workforce stability.”
• “Incorporating workers’ compensation into an insurance strategy can produce higher employee retention, enhance your overall business stability and even boost your company’s reputation as one that cares about people and demonstrates a long-term safety record,” the Council contributor said.
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