Workers’ Compensation Audit & Recovery Services
For more than four decades, employers nationwide have relied on SMP Consulting Group’s Workers’ Compensation Audit and Recovery Services to identify and correct premium overcharges. Our approach combines deep industry expertise with a disciplined audit methodology designed to uncover errors that can significantly impact Workers’ Compensation costs.
SMP Consulting Group’s Workers’ Compensation audits are powered by CompWize®, our proprietary analysis software and algorithm developed to evaluate payroll data, employee classifications, Experience Modification Rates (MODs), and carrier audit calculations. By pairing advanced analytics with experienced auditors and attorneys, we are able to identify inaccuracies that traditional reviews often overlook.
Workers’ Compensation Audit Program
Through trained and licensed specialists, SMP Consulting Group analyzes Workers’ Compensation premium overpayments resulting from misclassified employees, incorrect experience modification factors, payroll audit discrepancies, and other rating inaccuracies. These issues frequently stem from human error and are often carried forward from one policy year to the next without correction.
CompWize® enhances our audit process by systematically analyzing payroll classifications, job functions, historical MOD calculations, and carrier data to surface potential inconsistencies and overcharges. Our consultants then apply regulatory expertise and industry knowledge to properly challenge incorrect determinations in accordance with state regulations and rating bureau guidelines.
SMP Consulting Group has delivered successful outcomes across a broad range of industries, including education, non-profits, healthcare, manufacturing, construction, wholesale and distribution, and trucking. We typically work with employers carrying annual Workers’ Compensation premiums in excess of $35,000, with premium reductions that often extend into multiple future policy years.
PEO Audit Program
Are you confident your Professional Employer Organization (PEO) is accurately pricing your Workers’ Compensation coverage and related benefits? SMP Consulting Group conducts independent PEO audits designed to identify billing errors, misstatements, and improper allocations that can lead to excessive costs.
Our trained specialists analyze Workers’ Compensation pricing, payroll treatment, experience factors, and related charges within the PEO structure. When errors are identified, we work to correct them, helping reduce both current expenses and long-term future costs.
Subrogation Audit Program
Medical expenses are often paid without regard to fault at the time of injury. Subrogation recovery focuses on identifying situations where medical payments should have been covered by a Workers’ Compensation carrier or reimbursed by a responsible third party.
SMP Consulting Group provides highly trained recovery consultants who evaluate claims, identify recovery opportunities, and pursue reimbursement when a third party or Workers’ Compensation carrier should have assumed responsibility. Recoveries may be obtained from the at-fault party, their insurance company, or another responsible entity, in accordance with applicable laws and regulations.
Why Errors Persist in Workers’ Compensation Insurance
Hidden overcharges in Workers’ Compensation insurance are far more common than many employers realize and are frequently repeated year after year, even when insurance carriers or agents change.
Experience Modification Factor errors are often overlooked due to the complexity of the calculation process. Underwriters, auditors, and agents may lack detailed training in the rules governing experience mod calculations, while rating bureaus often rely on data submitted by insurance carriers without independently verifying its accuracy. SMP Consulting Group’s expertise and analytical approach are designed to identify and correct these issues before they continue to inflate premiums.
