average cost per claim

average cost per claim

The total cost of administrative and/or medical services divided by the number of units of exposure (e.g., costs divided by number of admissions, cost divided by number of outpatient claims, etc.).
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Also, analysis of 2014 incident and workers' comp loss data found that slip & fall incidents were the second-highest injury frequency type (12% of all work-related injury claims and 18% of total incurred cost, with an average cost per claim of $16,326).
And the average cost per claim for injuries inflicted by man's best friend was $37,214 in 2015, up 16% from the prior year, according to the Insurance Information Institute and State Farm.
A plethora of benchmarks is not indicated, but three or four measuring tools such as average length of time a claim is open, average cost per claim, accuracy of reserving (loss development) and response time to new claims are indicated.
2 percent in 2015, the average cost per claim for the year was up 16 percent.
The Insurance Information Institute (III) said insurers paid out $412 million for dog-bite claims in 2010, and the average cost per claim has steadily increased.
The rise in occurrences, as well as the increased average cost per claim, has affected Commercial Travelers' claims experience, AM Best added.
4 Average cost per claim $2,646 $3,084 $3,446 $5,321 Percent change, 2008 2009 2004-2008 Number of paid claims 246,200 185,789 -33.
The average cost per claim, however, has plummeted, from $37,283 in 2000, to $9,549 in 2001, to $8,746 in 2002, to $4,236 in 2003 and a stunning $2,088 last year.
And the average cost per claim for Advantage90 utilization has consistently remained below the cost of mail utilization.
Halifax Insurance says that it received more than 60,000 claims last year relating to work done by rogue traders and other DIY-related disasters, with the average cost per claim consistently exceeding pounds 300.
With the average cost per claim for processing ranging from 45 cents to 60 cents for employer groups and 20 cents to 45 cents for managed care organizations, pharmacy claims present an area with tremendous opportunity for cost savings--and one that few managed care organizations have taken advantage of.