CompSource is a Third Party Administrator (TPA) specializing in Ohio Workers’ Compensation by administering alternative rating programs for employers in Ohio. We offer world-class customer service at competitive prices. We are Workers’ Comp Experts!
CompSource TPA is privately held and is headquartered in Cincinnati, Ohio. With sales offices serving Cincinnati, Dayton, Columbus, Cleveland, Akron, Toledo, Mansfield and Portsmouth areas.
We serve both private and public employers with a BWC Policy in Ohio. We work with various industries but specialize in working with small to medium sized companies in: Agriculture, Commercial, Construction, Healthcare, Manufacturing, Office Work, Service, Transportation and Logistics, Social Services, Janitorial/Cleaning Services, as well as the Food Service industry.
At CompSource we are committed to delivering a customized plan utilizing our expertise and the BWC discount programs to maximize employer’s workers’ comp costs while addressing company specific needs. We strive to protect your organizations bottom line by helping you to protect your employees by focusing on safety, accident prevention and return-to-work opportunities. We want to help you strengthen and grow your business around the clock by offering expert advice, education, and customer support.
The Ohio’s Workers’ Compensation System
The State of Ohio maintains an exclusive state funded insurance system and Workers’ Compensation insurance is state mandated with two separate agencies administer Ohio’s workers’ compensation system. Ohio Bureau of Workers’ Compensation (BWC) Oversees and pays workers’ compensation claims. Industrial Commission of Ohio (IC) hears and Decides contested workers’ compensation claims and issues. Companies pay premiums to the Ohio BWC. However, the BWC has to be an objective party. They represent the interests of injured workers, medical providers, employers, and any other stakeholder that may be a part of the process. A TPA can advocate more appropriately for the employer.
Why Should Companies Doing Business In Ohio Use a TPA, Like CompSource?
TPA’s assist employers in evaluating discounts offered by the BWC, manage their risk program and provide assistance with unique challenges in their line of business. CompSource can perform feasibility studies that help employers determine what alternative rating programs work best for their clients.
Third Party Administrators, Like CompSource TPA, provide invaluable expertise for over 120,000 employers in Ohio, approximately 82% of Ohio’s state-funded employers with claims and approximately 90% of the state-funded claims.
TPA’s Save their Clients Time and Money
TPA’s are particularly helpful to the small to medium sized companies that may not have a full-time risk manager. Unfortunately, often times, at the employer, the person managing workers’ comp is wearing multiple hats. TPA’s can assist greatly by working on behalf of the employer to help manage their costs proactively.
The state-funded cost per claim average was $2,500 less when a TPA’s is involved. This translates into a savings of over $258 million in claims to the Ohio Bureaus of Workers’ Compensation. Also, the average indemnity claim is 39% less when a TPA is involved. (Statistics from BWC Public Information Request 2008)