Innovations in Workers’ Compensation: Insights from Carisk Partners’ Joseph Berardo Jr.

In a recent discussion with Risk & Insurance editor Dan Reynolds, Joseph Berardo Jr., CEO of Carisk Partners, delved into the latest innovations and challenges in the workers’ compensation industry. They explored the evolving management of catastrophic and complex injuries, emphasizing the importance of addressing behavioral health aspects. Berardo highlighted that over 90% of catastrophic injuries include behavioral health challenges such as depression, anxiety, and PTSD, which significantly impact recovery times and claim costs.

Berardo also discussed the impact of provider consolidation on healthcare delivery. While intended to create more cost-effective systems, consolidation has often led to increased costs, particularly in workers’ compensation, where medical inflation is a growing concern. He stressed the need for the industry to adopt more aggressive reimbursement models based on a "Medicare plus" approach to control costs.

Advancements in artificial intelligence (AI) and technology were another key topic. Berardo emphasized AI’s potential in predicting clinical outcomes and improving patient care. Carisk Partners has been developing AI models to analyze medical claims and predict delayed recovery risks. Additionally, robotic surgery systems are revolutionizing surgical practices, providing real-time data and insights to enhance precision and outcomes.

Looking ahead, Berardo is encouraged by the industry’s growing focus on integrating behavioral health and value-based care. He believes that adopting evidence-based medicine and data analysis will be crucial for improving patient outcomes and controlling costs in workers’ compensation.