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Risk Management

//Risk Management
Risk Management 2018-01-27T22:37:04+00:00

Senior Living
Risk Management

Senior Consulting provides risk management services to long term care and senior living operators, employing our network of regional and national insurance brokers and consultants to establish your best “team.”  As your long term care risk management consultant, we not only provide both risk assessments addressing areas of concern, but we also provide our recommendations and a road map for your team to implement improvements that will lessen the risks of litigation and reduce insurance costs. We provide tools and options that will allow proper balancing of your coverage with your systematically identified risks.  Related services for skilled nursing and assisted living operators primarily include:

  • Risk Audits and Management – Senior Consulting conducts a review of and/or develops your Risk Management Policies and Procedures.  With this in hand, we can also provide risk identification, evaluation and control services. Our analysis is inclusive of control and safety programs, review of claims control procedures, analysis of claims experience, evaluation of personnel for these areas, and review of claims reserves as well as other areas.
  • Loss Exposure – We identify and control loss exposures created by the operations or services you provide, both with existing and with new proposed services.
  • Partnership or Entity Insurance – We can analyze usefulness of “continuity of business” insurance for your long term care facility.  They may be useful in both two member partnerships and two-plus member partnerships.  The entity plan is used by partnerships with more than two member partnerships.  Business continuity results should one partner die.  With a cross purchase plan, dual partners purchases life insurance on each other, listing themselves as beneficiary.  Proceeds enable the survivor to purchase the deceased partner’s share.  In an entity plan, the partnership as itself purchases insurance on partners.  As beneficiary, the partnership uses the payout to buy the deceased person's interest.
  • Insurance Procurement and Bidding – We will research, develop and complete a comprehensive Request for Proposal” RFP for skilled nursing facility manager or an assisted living operator.  Senior Consulting and its insurance proffesionals would assess a variety of options, including consideration of different deductibles and limits.  The proposal would then be submitted to several brokers and insurers from our customized insurer database.  We have researched and/or used these providers in the past but have no ongoing connections with them.  This process is performed by our experienced team and cuts costs while obtaining required coverage.  As further assurance, we can continue follow up through policy issuance.
  • Alternate Coverage Options: Analysis and FeasibilityLarge senior living operators and long term facility employers can consider options such as Self-Insurance, Captive Insurance Companies, Risk Retention Groups, Loss Sensitive Rating Plans and others.
  • Compliance –We identify noncompliance with applicable Federal and State statutes and regulations and provide recommendations to correct any potential shortcomings.  This is vital for operation of your facility.
  • Litigation Support – We provide support to your Counsel during any litigation, if needed, for alleged losses of senior living facilities.  This could include issues such as workers’ compensation, employment and general liability.
  • Individual Risk Management.  In addition to analysis of company liabilities and coverage, we will provide you with an analysis of the risks existing for your principals, directors and officers on an individual basis due to those risks.

Contact us for moreinformation.