icare have released insights on how the scheme is performing based on actuarial data. Data identifies noticeable increases in both psychological & medical related claim costs increases.
Psychological & Medical Payments Rise – Key insights from icare’s data show the average medical costs per claim have increased from $3,000 (four years ago) to $5,000. This is predominantly being driven by the costs of private hospitals.
Also on the increase is claims for psychological injuries which has increased by a massive 28% which is consistent with other jurisdictions across Australia. The increase was driven by social assistance and healthcare industries where claims increased by 65% as well as increases in the financial and insurance sectors.
There has been a decrease in the number of claims that started receiving weekly benefits which is reflective of the increased focus on early return to work outcomes.
Further data will be available next quarter.
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