Restoring Financial Balances: An ROI Spotlight
Key industry leader in the Construction & Manufacturing sector
Ability Management Services
Over the span of a year, Acclaim Ability Management forged a strategic alliance with a manufacturing company, embarking on a mission to evaluate and highlight the Return on Investment (ROI) achieved through the integration of Acclaim's services.
The client, operating within the manufacturing industry with over 40 locations in Ontario, Canada, faced several challenges. A transition from a traditional Short Term Disability (insured) program to a self-insured Short Term Absence program required streamlining processes across a decentralized corporate structure. The primary challenge was to reduce overall program costs and establish consistent claims adjudication procedures.
Acclaim undertook a proactive strategic initiative to effectively tackle the challenge at hand. This multifaceted approach encompassed detailed preparations for the program's launch, the creation of streamlined communication protocols, and the facilitation of comprehensive training sessions for both managers and HR personnel. The primary objective was to ensure a seamless transition and the efficient management of the program, ultimately benefiting the organization and its employees.
As a key component of this strategy, Acclaim established a standardized process for the consistent adjudication of claims. This process not only improved the overall efficiency of claim handling but also ensured fairness and consistency in addressing employee needs. By implementing these measures, Acclaim aimed to create a supportive and responsive environment, enhancing the company's ability to address employee concerns and promote successful outcomes.
In Year 1, following the implementation of Acclaim's services, remarkable outcomes were achieved. Key metrics comparing the insured program to Acclaim's services showcased significant improvements:
- Generated a noteworthy 12% decrease in the frequency of claims.
- Delivered a substantial 48% decrease in total lost days.
- An impressive 45% reduction in average days lost per claim.
- Impactful cost reduction of $1.6 million in claims paid.
- A 61% decrease in administrative expenses.
- The program's total cost reduction of $2.9 million, reflecting a commendable 30% decrease in overall expenses.