Injury Cost Formula:
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Definition: This calculator estimates the total cost of a workplace injury based on medical expenses, lost wages, and rehabilitation costs.
Purpose: It helps employers and safety professionals understand the financial impact of workplace injuries and the importance of prevention.
The calculator uses the formula:
Where:
Explanation: The total cost is the sum of all direct and indirect costs associated with a workplace injury.
Details: Understanding injury costs helps justify safety investments, evaluate prevention programs, and make informed business decisions.
Tips: Enter all cost components in USD. Include all related expenses for accurate calculation.
Q1: What should be included in medical costs?
A: Include all treatment expenses - emergency care, hospital stays, medications, and follow-up visits.
Q2: How are lost wages calculated?
A: Multiply the employee's daily wage by the number of lost workdays, including modified duty time.
Q3: What rehabilitation costs should be considered?
A: Include physical therapy, vocational rehab, equipment modifications, and any job retraining.
Q4: Should indirect costs be included?
A: This calculator focuses on direct costs. For comprehensive analysis, consider adding indirect costs (training replacements, investigations, etc.).
Q5: How can I reduce these costs?
A: Implement strong safety programs, proper training, and early return-to-work programs to minimize injury frequency and severity.