The King of Claim Triage

In this episode of The Comp Effect podcast, host Todd Thams interviews Mike McDonough, the Work Comp Risk Advisor at Workers Comp Renegade and the President of McDonough Insurance Services. Mike talks about the importance of understanding and forward-thinking with workers’ compensation and discusses the books he’s written on the subject.

Episode Highlights:

  • Todd mentions how he met Mike McDonough. (1:41)
  • Mike shares his background. (7:55)
  • How does Mike educate his employees and clients on what to do when they have a compensation claim? (12:48)
  • Mike shares the reason why he prefers using an independent triage firm rather than going through the carriers. (17:57)
  • Mike mentions one of the huge steps when they onboard new clients. (26:54)
  • What are the things that can be done to mitigate or reduce some of the costs? (33:29)
  • Mike mentions what they did to identify the biggest problem in communication. (35:42)
  • Mike shares an impactful story, based on his own experience. (36:49)
  • Mike explains the significance of culture. (52:21)
  • Mike shares a little background about his books. (1:01:43)

Key Quotes:

  • “You can make a great living in this industry and be successful, as long as you stick with whatever you’re doing. Some like personal lines, commercial, professional liability, or some like malpractice. But I happen to like workers’ comp.” – Mike McDonough
  • “What you want is you want it to be a system that works, whether you’re there or not, and it’s looking out for the best interest of your employees in the company and so forth. So triage is, is key. And so I just think from a liability standpoint, from reducing claims costs, and not getting too far into the weeds.” – Mike McDonough
  • “If you want to do workers’ comp and you want to be an impact in your clients’ lives, either you or somebody in your organization reach out to a professional that knows worker’s comp. Even if they know more than you and interview that person, and see what kind of arrangement you can work out, and bring them on to assist you, where you’re offering more value to your clients. At the end of the day, everybody’s winning, injured workers’ are winning, employers reducing their costs, and you look better as a work comp advisor.” – Mike McDonough

Resources Mentioned:

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