Ohio's Worker's Compensation system is unique in that it provides for a method to completely settle out an allowed claim.
If your claim has been allowed, Ohio is one a a few states where the law allows all employees the opportunity to settle these claims for a "Lump Sum Settlement" (LSS) amount, if agreed to by the employee, employer, and Ohio Bureau of Workers Compensation.
If all three parties agree to such a settlement, the employee will receive a lump sum cash settlement in exchange for giving up any future claims to benefits for this injury.
Such benefits would include all medical bills, lost wages, or any other type of payment.
Once a settlement agreement has been negotiated, settlement form will be submitted to the Bureau of Workers Compensation which is required by law to review and approve any such agreement.
Ohio's Industrial Commission also has the authority to approve these agreements within a 30 day period.
The settlement document will lay out the exact terms of the agreement in writing.
In order to settle your claim, the agreement must set forth certain information which is peculiar to the Ohio system.
At a minimum, the agreement should contain the following information:

• Agreement and Settlement Date - This will generally be that date that the Bureau has approved of the negotiated settlement.
  The employee is not entitled to receive any additional benefits for the claim after the settlement date.
  Again, this would cover benefits such as medical bills, lost wages, or disability payments.
  This also applies, even if services were performed prior to the settlement date, but billed after the agreement was signed off on.
  
• Any and all Lump Sum Settlements are subject to any family support orders issued by the court, such as child support.
  
• The BWC is also entitled to reduce the LSS in order recover any overpayments made in the past on the claim being settled.
  
• Additionally the Bureau, does not waive it's subrogation rights under the claim.
  For example, if the BWC is entitled to recover money from a third party, it may still claim these sums even after a settlement has been reached.
  
• Finally, if the Bureau determines that there has been any fraudulent activity, they have the right to rescind the agreement and recover any sums paid out as a result of such activity.
  

Again it is important to point out that each state has it's own set of Compensation laws and regulations.
Therefore, because Ohio's is unique, you should be consulting with an Ohio attorney.