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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

[Event] Top Takeaways from LTC 100

By Prime Care Tech Marketing on Mon, May 07, 2018 @ 07:42 AM

Our executives returned from this year's LTC 100 event with 10 top takeaways for post-acute care leaders and immediately saw three ways we can help.

#1: Managed Care Will Become Your Best Payer

This means it's critical for you to streamline contract and case management right now. Bring contract data, plus best practice processes online with Managed Care MASTER to keep case and contract management quick and easy for staff.

#2 Make Staffing a Strategic Priority

Healthcare staffing remains a challenge, but bringing recruiting online with primeFORCE Job Center can help you hire qualified candidates faster. We've channeled primeFORCE partnerships with top insurance agencies into affordable employee benefits plans that will help you attract and retain staff in this highly competitive environment.

#3: Aim to Become a Post-Acute Care Management Company

Your residents shouldn't have to leave your facility to pursue other types of care. Build a network of care partners that are willing to deliver care to your facility.

Our affordable employee benefits plans also work for residents, enabling you to deliver telemedicine, prescription savings and life insurance right to their door.

Survival in this emerging post-acute environment requires extreme efficiency – and our technology and partnerships can help. If you'd like to hear more about this, get in touch.

 LET'S CONNECT

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Topics: leadership of change, long term care, Long-Term Post-Acute Care, value-based care, Managed Care MASTER, primeFORCE Insurance Services, employee benefits, Telemedicine, primeFORCE Job Center

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