DE HB373

Establishes a Workers' Compensation Oversight Panel with 24 members (replacing the Health Care Advisory Panel) to oversee workers' compensation system, including representatives from insurance carriers, employers, employees, providers, and the public, with the Secretary of Labor and Insurance Commissioner serving ex officio.

Requires the Oversight Panel to develop a fee schedule by October 1, 2014 based on Medicare's Resource Based Relative Value Scale (RBRVS) or equivalent, targeting medical cost reductions of 20% by January 31, 2015, an additional 5% by January 31, 2016, and an additional 8% by January 31, 2017.

Caps individual procedure reimbursements at 200% of federal Medicare rates (250% for radiology, 300% for surgery) beginning January 31, 2017, with annual adjustments permitted after 2018 based on Consumer Price Index-Urban increases.

Designates the Workers' Compensation Oversight Panel to collect and analyze workers' compensation data quarterly from the Insurance Commissioner and directly from healthcare providers to identify cost drivers, ensure compliance with medical cost controls, and report findings to the Governor and General Assembly.

Requires workers' compensation advisory organizations to file prospective loss cost applications that explicitly account for statutory changes in this Act within 90 days of enactment, with Department of Insurance orders to reflect all enumerated impacts.