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Four Opportunities for Long-Term Care Providers to Improve Their Risk Position In A Transitioning Insurance Market
It’s an evolving challenge to be a long-term care provider
Costs are high. Medicare/Medicaid reimbursements are constantly in flux and competition for skilled related services is on the rise. Finding staff that’s both competent and caring is an ongoing challenge. Depending on the type of facility, within two years, on average, the resident will pass away.
A large component of these facilities’ operating costs is insurance, largely professional liability, general liability and workers’ compensation. Against a backdrop of loss ratios that one study shows are rising by 6 percent annually even as claim severity grows by 4 percent, many insurers are exiting the market completely. CONTINUE READING