BWC Reports $7.6 Billion in Net Assets

The Ohio Bureau of Workers’ Compensation (BWC) reported total assets at the end of 2020 of just under $25 billion, with liabilities of $17.3 billion for a net position of $7.6 billion, according to Gongwer News Service.

Meanwhile, BWC Interim Administrator/CEO John Logue told the BWC board last week that the bureau began a new contract with its managed care organizations (MCOs) at the start of the year, effective through 2024. The contract includes a major change, according to Gongwer. No longer will the bureau establish a pool of money to pay MCOs on a pro rata basis. Instead, payments will be based on claims — “with some stabilizers designed to keep the rates from having dramatic swings each month.” 2/1/2021