Dr. Raj Khanna, Co-Founder
Work-related injuries or accidents are unfortunately commonplace across industries such as manufacturing, construction, food deliverables, and staffing agencies. Employers have to shell out a hefty sum in premiums and claims costs. The current system has the insurance companies hire adjusters to manage the worker compensation claims. On the flip side, these adjusters, who are the current decision-makers in managing claims and approving treatments, lack medical knowledge and experience, which results in delayed claim closures and exorbitant claims costs. It was against this backdrop that Dr.Raj Khanna, M.D., a sports medicine specialist with more than two decades of experience laid the cornerstone of CompCorePro. With their medical expertise, the CompCorePro team assists employers in managing their workers’ compensation claims in a cost-effective manner while ensuring employees get the highest quality of medical care.
“Our technology uses medical algorithms that provide objective guidelines, which assist employers in monitoring and managing their claims costs effectively. This limits the overutilization of services such as physical therapy, reduces prolonged open claims for relatively minor injuries, and makes sure that the injured employee gets the most appropriate care,” states Dr. Raj Khanna, co-founder and medical director of CompCorePro.
As the first step, CompCorePro evaluates the loss run report of the last three years to gain a clear understanding of the number of claims and costs incurred by the employer. The medical reports of the injured employee sent from the clinic of their choice along with the work status report gets uploaded in CompCorePro’s system that populates the medical algorithms for that specific diagnosis code.
Dr. Khanna explains that in the case of an ankle sprain, for example, the algorithms will send automated alerts to the company’s contact stating, “Physical therapy is indicated for this condition; light duty is appropriate.” In the event of prolonged unnecessary treatment, the algorithms will even inform the employer that the suggested treatment is excessive based on the diagnosis code and they should consider an MRI or orthopedic consultation. “We limit prolonged unnecessary treatment, based on best practices and ODG guidelines as well as the sports medicine critical approach that I practiced for 25 years as a sports medicine specialist.”
The results speak for itself. CompCorePro’s clients with employee strength ranging from 100 to 5,000 have experienced an average reduction of 20-30 percent in their worker’s compensation costs and three clients have cut their claim costs in half within a year. Highlighting their value proposition further, Dr. Khanna mentions the predicament faced by a manufacturing client with 800 employees. By analyzing the loss run reports, CompCorePro noticed that the client was paying a huge sum as out-of-pocket costs, in addition to the annual premium of $500,000. According to the CompCorePro team, these high claim costs usually occur only in the case of major injuries like an amputation or spinal fusion. However, with the client’s past records it was noted that most of the claims were related to minor injuries. After CompCorePro came into the picture, the client experienced a substantial reduction (~50 percent) in their out-of-pocket costs. CompCorePro charges a $250 per claim for the life of the claim for using their software. “With our flat-rate system, this manufacturing company paid $6,250 and we saved them more than $350,000. That is an amazing ROI for anybody,” extols Dr. Khanna.
Since its inception in 2016, the company has been experiencing tremendous growth over the last three years with more than 47 companies across seven states in the U.S. reaping manifold benefits. On the anvil are plans to add services that include evaluations for management of short-term disability and FMLA programs. Amidst their stellar growth and continuous enhancement of their offerings, the CompCorePro team is resolute on providing the highest quality of care and customized service.