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[Media] - LTC operators could see increases of up to 30% in liability insurance

By Prime Care Tech Marketing on Tue, Nov 27, 2018 @ 09:31 AM

A recent McKnight’s article reported on increases to commercial liability insurance policies for LTC providers – as much as 30 percent.

Experts with Willis Towers Watson made that prediction last week, noting that the eldercare space is difficult for payers. Their data points to the following factors that create emerging risk in senior care:

  • Class-action lawsuits focused on anti-consumer, staffing, marketing and ADA violations could be coming in more states.
  • Expanded litigation beyond urban areas is affecting results in suburban and exurban venues more dramatically.
  • Natural disasters, including wildfires, catastrophic storms and flooding, are drawing underwriter attention to disaster preparedness.
  • Although occupancy challenges have dampened M&A in the sector, significant activity persists and a focus on due diligence, vetting policies and procedures, and mitigating turnover is critical to making sure the combinations will succeed. Underwriters will still focus on pre-acquisition loss history on assets that are in play.

“Here at primeFORCE, our enterprise risk management services are positioned to help LTC operators better evaluate risk across the operational spectrum,” said Joe Stone, EVP, primeFORCE. “Due to our deep experience in the LTC marketplace and our alliance with Willis Towers Watson, we can provide clients and prospective customers with a no-cost risk audit designed to help mitigate these increases in operating insurance costs.”

Read the McKnight’s article.

Read more from Willis Towers Watson on Insurance Marketplace Realities in 2019 for Long-Term Care.

Schedule your insurance audit from primeFORCE Services.

Topics: LTC liability insurance, enterprise risk management, Willis Towers Watson, primeFORCE Insurance Services

[PR] Prime Care Technologies Announces Insurance Services Through primeFORCE and Willis Towers Watson

By Prime Care Tech Marketing on Tue, Jun 12, 2018 @ 11:22 AM

 

June 12, 2018, Duluth, Ga. – Prime Care Technologies, Inc., today announced its intent to offer insurance services to the post-acute care market through its affiliate primeFORCE and leading global advisory, broking and solutions company, Willis Towers Watson. Services include individual benefits and enterprise risk management plans.

Since 2014, primeFORCE has offered an online app for the end-to-end management of HR tasks such as recruiting, hiring and payroll/benefits integration. PrimeFORCE has grown this offering with insurance analysis, cost-saving strategies and access to a wide-range of plans through Willis Towers Watson that address individual needs such as disability and life, as well as enterprise risk management plans, such as property and casualty, liability and workers comp, and cybersecurity.

Said Prime Care Technologies CEO, Jim Hoey, “Having leveraged our deep expertise in application development and primeFORCE relationship to offer their app to post-acute care, we look forward to adding the value of risk management plans, as well as cost-effective insurance solutions for post-acute care employees, and even facility residents.”

“We look forward to helping Prime Care’s clients achieve their desired results by focusing on key quantitative measures, as well as any gaps and misalignments,” said John Hanson, Consultant, Willis Towers Watson. “Our goal is to improve the effectiveness and productivity of their organizations through the management of human capital and enterprise risk.”

About Prime Care Technologies
Since 2003, Prime Care Technologies has equipped long-term care providers with flexible hosting, managed services and cloud software that evolve with industry demand. Based in Atlanta with 150 employees and 200+ healthcare/IT partnerships, its technology-driven solutions are installed in 6,500+ facilities. With deep multi-vendor interoperability expertise, including the integration of 70+ healthcare applications and 3,500+ EDI payers, Prime Care Technologies offers the leading data warehouse and claims clearinghouse in post-acute care. www.primecaretech.com.

About primeFORCE
PrimeFORCE operates in affiliation with Prime Care Technologies. Its solution portfolio includes the primeFORCE app, an online tool for end-to-end HR management, as well as primeFORCE insurance services, which extends expert insurance analysis, cost-saving strategies and a full-range of individual benefits and enterprise risk management plans based on partnerships with leaders in the insurance industry. Individual benefit plans include telemedicine with pharmaceutical savings, disability and life, special voluntary and retiree conversion; enterprise risk management plans include property and casualty, liability and workers comp, cybersecurity and captives. www.primecaretech.com/primeforce

About Willis Towers Watson
Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. www.willistowerswatson.com.


CONTACT
Prime Care Technologies
marketing@primecaretech.com
866-871-2888

Topics: risk analysis, employee benefits, enterprise risk management, insurance services, post-acute insurance audit

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