Insight, analysis & opinion from Joe Paduda

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Apr
6

Quick catch up

Watching our granddaughter this morning which precludes lengthy opining or research.

MedRisk is expanding

The leading physical management company in work comp added two well-respected and quite talented execs.  Sri Sridharan will join MedRisk’s C-Suite as Chief Client Officer. I’ve known Sri for more than a decade; he has one of the sharpest minds I’ve ever come across.  As Chief Client Officer he will head up account management and analytics. functions that fit him quite well

Daad McGovern will join MedRisk in the newly created position of Senior Vice President of International Operations…the company is expanding internationally and Daad will lead those efforts.

Employment is booming.

As in growing by more than 400,000 a month for the last year (well, 11 months to be totally precise).

From NYTimes

The economy has recovered more than 90 percent of the 22 million jobs lost at the peak of the pandemic’s lockdowns in the spring of 2020…

the share of adults who were working or actively looking for work rose to 62.4 percent, just a percentage point below the level on the eve of the pandemic. Among people in their prime working years, those ages 25 to 54, the return has been even stronger. [emphasis added]

That being reality, why are Americans so grumpy?

There’s concern about inflation – although wage increases are almost keeping up with those costs.

Then there’s the complaining about gas prices…which, btw, are due almost entirely to the economy recovering from COVID and Putin’s war on Ukraine.

C’mon people, we can all pay more for gas to keep tightening the screws on that genocidal murdering bastard. Think of it as our contribution to the Ukrainians…

Construction workers are among the most vulnerable to economic problems – with wage theft a major driver.

39 percent of all construction worker families rely on at least one public assistance to make ends me compared to 31 percent of all working families.  The cost to federal and state taxpayers is $28 billion.  The authors of the report attributed this high degree of reliance on low wages, wage theft and other abusive and illegal employment practices in the construction industry.

This results in taxpayers – me and you – paying more to help these people because they aren’t paid a living wage.

RTW

Solid piece from NCCI on return to work…based on interviews with several “insurance professionals”. Not surprisingly, the key factor was employer buy-in and support.  That means real, persistent commitment – which might be a big help in these days of labor shortages.

Ivermectin

Well, the final word is in – Ivermectin isn’t useful for helping patients with COVID.

For anyone who’s been following the issue, that comes as a stunning non-surprise. The study results published in JAMA are incontrovertible:

Treatment with ivermectin did not result in a lower incidence of medical admission to a hospital due to progression of Covid-19 or of prolonged emergency department observation among outpatients with an early diagnosis of Covid-19. [emphasis added]

What does this all mean for you?

Higher wages and more employment = higher work comp premiums

Science always wins.


5 thoughts on “Quick catch up”

  1. What Joe? You can’t do your job at 100% while watching a young child?? (Can you tell I still have PTSD from COVID daycare closures?) Worth noting that the 37.6% of adults not looking for work includes women who “can’t afford to work” because of childcare. This is a problem for women and for employers losing female employees who have “too many” kids to afford working if their paycheck can’t cover daycare! It’s definitely not a new problem, just exacerbated by COVID/great resignation/wage inflation and will have lasting implications for our workforce, economic growth, population decline, and as always- women’s equality at work. Unfortunately I don’t see any problem solving efforts directed in that area, so it looks like we get to live with the consequences as a nation!

    1. Hey Erin
      Heck I have trouble doing my job at 100% when I’m NOT on childcare duty.

      Biden’s Build Back Better plan comprehensively addressed the childcare mess – and was shit down by the GOP.

      As you correctly note childcare is the biggest obstacle to improving our economy and the lives of parents and kids.

      Vote.

      Be well Joe

  2. What is wage theft, Joe? Sounds like a new “hot” term — which I’ve missed. (My guess is that is the practice of employers to pay inadequate wages so that the taxpayers end up holding the bag — paying private labor costs.

    1. Hey Jen
      Wage theft is widespread in construction, it’s rampant in Florida California and many other states. The national carpenters union has been the leading voice attempting to bring the issue to the forefront.

      Work comp insurers have been notably silent – and that is a shame indeed.

      Be well Joe

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Joe Paduda is the principal of Health Strategy Associates

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