Workers’ Comp Reform Bill Would Put $62 Million Back Into Florida’s Economy

February 09, 2012 | News Releases Print

FOR IMMEDIATE RELEASE
CONTACT: Edie Ousley, 850-521-1231
eousley@flchamber.com

TALLAHASSEE (February 9, 2012) - A Florida Chamber of Commerce-backed workers’ compensation bill reducing rising rates for businesses and establishing fairness with workers’ comp prescription drug reimbursement rates today passed the House Health and Human Services Committee.

HB 511, sponsored by Rep. Matt Hudson (R-Naples), will close the expensive repackaged drug loophole inherent in Florida’s current workers’ comp system, and allow Florida Insurance Commissioner Kevin McCarty to grant an immediate 2.5 percent rate reduction and thus pump an estimated $62 million savings back into Florida’s economy.

“Closing the repackaged drug loophole will immediately eliminate a key cost driver in rising workers’ compensation rates while also ensuring that workers receive important medication as well as medical care,” said Teye Reeves, Florida Chamber of Commerce Policy Director.

Workers’ comp reform is a priority issue for the Florida Chamber and identified in the Florida Chamber’s 2012 agenda for jobs – Where We Stand.

HB 511 will:

• Establish fairness with workers’ comp prescription drug reimbursement rates,
• Reduce the rising workers’ comp rates that Florida businesses are being forced to pay, and
• Ensure workers’ comp patients receive premium medical treatment.

Currently, Florida’s mandatory workers’ comp system is being undermined and ignored by physicians who dispense repackaged drugs and are charging employers significantly higher prices that exceed the statutory reimbursement for pharmaceuticals. HB 511 will not prevent physician dispensing, however the rate of reimbursement will be limited to those currently identified in statute.

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Established in 1916 as Florida’s first statewide business advocacy organization, the Florida Chamber of Commerce is the state’s largest federation of employers, chambers of commerce and associations aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Florida Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.