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A "loss run" or "loss report " is a report outlining the details of a company's workers compensation claims and the cost paid during a set time period. The report can reflect the job-related accidents and claims of the most recent month, quarter, year, or a combination of years.
For most employers, the report is sent out in the first week of the month reflecting the data "as of" the end of the prior month. Loss runs are produced either by the insurance company or by the TPA handling the claims for the self-insured employer, and are part of the risk management information system (RMIS).
Loss runs can be very detailed or minimal, listing only the claim number and the amount paid for each claim. Reports can be customized to provide the employer with the level of information needed. A well-designed loss run can assist the employer to identify problem areas and to develop risk management goals. It should be noted, the more details requested, the longer the loss run becomes.
Basic information shown on a loss run includes:
- claim number *employee's name *date of loss * status of each claim: medical only, complex medical only * indemnity amount of money paid on medical benefits *amount of money paid on indemnity benefits, *amount of money paid on claim handling expenses *amount of unpaid reserves for medical, indemnity, and expense on each claim.
If the current loss run does not provide the information needed, the employer needs to talk to the broker, TPA, or insurer to restructure it.
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