Matt Wolfe joined the Optum Workers’ Comp and Auto No-Fault team in July and already sees the groundwork laid for a great path ahead.
The workers’ compensation industry in the United States is over a hundred years old. Decade after decade, it has put safeguards in place to protect injured workers and empower organizations to know their employees are covered should an accident occur on the job.
Through innovations and growth, the industry continues to flourish and bring about new technologies and solutions for all stakeholders. Sometimes, it brings on a fresh perspective to dive in and bolster success for the future.
The new Optum Workers’ Comp and Auto No-Fault CEO, Matt Wolfe, is ready to continue that growth and innovation in workers’ comp. With just a few months under his belt, Wolfe already sees opportunity for the company, as well as the places Optum has proven its expertise time and again.
“It’s been a great experience so far. Starting a new role is always exciting, and I’m enjoying the opportunity to dive in and learn about the company and the work we do here,” he said.
“Optum has a strong reputation in the industry, and I’m impressed by the dedication and expertise of my colleagues. While it’s still in the early days, I’m looking forward to contributing to the team and making a positive impact.”
Below, Wolfe shares what he’s excited about for the future, some of the key initiatives Optum is prioritizing, and how he plans to continue to bring customers the quality care and service for which Optum is known.
Meet, Learn, Observe
Matt Wolfe, CEO, Optum Workers’ Comp and Auto No-Fault
Stepping into any role can be challenging. Good leaders know, though, that the best way to gain perspective is to meet the people, learn about the goals and initiatives, and observe how things are done.
Wolfe said this approach has taught him a lot of good things about Optum already. “There’s much to learn stepping into this significant role, and I want to gather all the facts before rushing into any change,” he shared. “Luckily, we have some great work in progress that I need to ensure we deliver on.”
One of Wolfe’s specific areas of focus is the Optum technology. It’s a space that the workers’ comp and auto no-fault company has been dedicating time and resources to, and one where Wolfe sees more opportunity for growth.
“Like many in the industry, we see the shift toward modernized technology as crucial to providing great quality care without any barriers, and to apply advancements like AI and machine learning,” he said. “By modernizing and evolving the way we partner with Optum Technology, we will deliver new value to our clients and improve experiences for injured workers and claimants.”
Another area Wolfe is focusing on as he enters this role is looking at the processes and offerings in place with a fresh eye: “We are currently in a period of evaluation, assessing what’s going well and where we need to make investments and business decisions to ensure the long-term health and growth of the company,” he said.
“We want to make sure that what we offer to the market, we can execute flawlessly to drive differentiated value. This continued focus will ensure we can all give 100% to the initiatives that matter the most in fulfilling our mission.”
Tech as a Priority
Looking at emerging technology and technology modernization as initiatives for the company and its clients, Optum has identified two areas that build upon its existing processes, said Wolfe, and they have the potential to speed up solutions without sacrificing quality.
“We see automation and other tech modernization as a way of eliminating some administration so that we can focus on innovation and other areas that need attention. We look for opportunities around manual processes of highly repetitive events, like clinical decisioning, where technology can provide guidance,” said Wolfe.
It’s here Optum aims to optimize its business to be competitive, affordable and able to offer the innovation and insights made possible by today’s technology.
Wolfe also made it clear that a commitment to technology does not mean a transition to full reliance on AI: Critical tasks, like prior authorization, will still have a human touch. The goal is to have the right information faster.
“Everyone sees technology as an innovator or differentiator,” he said. “Certain aspects, like the ability to adjudicate a claim, are becoming commoditized, so it’s partly about ensuring that we offer what our clients need and demand, and partly about anticipating potential barriers to the service we’ve committed to provide to drive value for all stakeholders.”
Overcoming Challenges with a Great Team
Beyond technology, Optum is also looking ahead to tackle some of the other challenges faced by workers’ comp at large.
For one, attracting and retaining top talent is always top of mind. “I’ve inherited a strong and experienced team at Optum, which has invested in building a capable and knowledgeable workforce,” Wolfe said.
His goal is to continue this trend, especially because talent attraction and retention is so important in workers’ comp. Wolfe’s plan to continue to excel in hiring smart and talented employees starts with culture.
“We must continue to foster our culture where employees feel safe to innovate, fail and learn. This means finding out what people are passionate about and helping them get there,” he said. Technology modernization could come in handy here, Wolfe said, because it could allow experts to move into more strategic roles that match their passions.
“As a leadership team, we must be accountable for making space for this growth as well,” said Wolfe.
“Because Optum is an acquisition-based business, there are opportunities for deeper integration to ensure the team doesn’t feel cut off from the broader Optum organization and that they’re getting the benefits our clients receive from the wider enterprise.”
Another challenge facing workers’ comp is the rise in the cost of care — something that anyone in the industry can understand due to the current state and trajectory of prescription drug costs.
Coupled with that, there’s a shortage of providers, nurses and prescribers, which adds another layer of pressure to the system.
“These pressures make it increasingly competitive in the market, with margins getting even tighter. It’s tough, because these factors can hinder innovative modernization efforts,” shared Wolfe.
But he’s confident that Optum has positioned itself to address such challenges head-on, with a team that looks at what’s happening and what’s likely to come up in the future.
Growth on the Horizon
With a commitment to technology modernization and hiring top talent, Wolfe said, Optum is well on its way to continue providing the best solutions possible for its clients.
“The broader enterprise’s focus on strengthening our operating controls in support of the workers’ comp and auto no-fault sector is impressive. I am excited about their planned initiatives and the impact they will have on driving value to our clients and enabling positive experiences and outcomes for injured parties,” he said.
He added that because of the investment placed in its talent, Optum can only get better in ensuring top-quality services from employees who feel recognized, well-trained and supported.
All this is to say, growth is very much on the horizon for Optum. As he settles into his position as CEO, Wolfe had one final thought to share: “It’s clear that Optum has invested in building a capable and knowledgeable workforce. I’m excited to work alongside such a skilled group of professionals and leverage their expertise to drive our initiatives forward and deliver unmatched value to injured workers, claimants and our clients.”
To learn more, visit: https://workcompauto.optum.com/.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Optum Workers’ Comp and Auto No-Fault. The editorial staff of Risk & Insurance had no role in its preparation.
The Optum workers’ compensation and auto no-fault division works to collaborate with our clients to deliver value beyond transactional savings while helping ensure injured parties receive safe and effective clinical care throughout the life of their claim. Our innovative and comprehensive cost management programs include pharmacy care services, ancillary benefit management, medical services, and settlement solutions.
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