Five Trends Impacting Senior Living Facilities | Hilb Group

Five Trends Impacting Senior Living Facilities

Five Trends Impacting Senior Living Facilities

Five Trends Impacting Senior Living Facilities 1200 800 Hilb Group

a doctor reviewing the importance of having insurance for her senior living facility

With the last two years of the pandemic dramatically impacting Senior Living facilities, there are new challenges, affecting how to best provide for their residents – and to protect themselves.

That’s why the right coverage is crucial. Senior Living insurance specialists understand facilities and the unique risk challenges faced within the broad spectrum of aging services. With the current market challenges, access to specialized insurance programs, and in-depth understanding of the industry makes the Hilb Group uniquely qualified to help and advise, contributing to success for our clients in this complex field. Our expertise includes nursing homes, assisted living facilities, independent living facilities, memory care, senior housing, and continuing care retirement communities, as well as hospice, home healthcare, and rehabilitation organizations.

Today’s healthcare industry faces several emerging issues, in many cases related to healthcare reform. Here are five trends to be aware of:

  1. Shift from fee-for-service to outcomes-based compensation – results matter, and the ability to track and demonstrate optimal care is important and beneficial to everyone involved.
  2. Industry consolidation – facility ownership is moving toward bigger healthcare systems.
  3. Changing payer and provider relationships – in some cases, the payers are more directly connected to the providers and the facilities, as insurers diversify into care.
  4. Data matters, but so do people – there is a rise in the use of electronic medical records. At the same time, the management of people (and finding the right personnel) has made human capital more important than ever, including in the Senior Living facility industry.
  5. Remember the traditional risks. Amid current trends and rising challenges, organizations must also manage traditional risks including professional liability claims, workers’ compensation costs, property exposures, and many other diverse liabilities — all while in a very competitive environment with reduced reimbursement.

In addition to these trends, there are many unknowns regarding the full magnitude of the COVID-19 pandemic’s economic impact and the lasting effect it will have on the Senior Living market.

As we consider all of these developments, healthcare facilities need new ways to manage risks that combine innovative solutions with a deep understanding of the industry’s issues and requirements. Therefore, it is critical that you work with a broker who specializes in the industry and who has the knowledge to help mitigate any conceivable future changes.

Contact a Hilb Group agent today. For more information about senior living insurance products, contact us.