It is an unfortunate fact that injuries to healthcare workers constitute one of the costliest risks for the healthcare industry. Although the severity of the average assisted living worker’s compensation claim does not equal that of most professional liability claims, the total annual cost often exceeds annual aggregate liability costs for the majority of healthcare organizations.
Owners and workers at most senior living facilities can work towards reducing workers’ compensation costs and this can make a critical difference, especially because not only can such claims require large medical bills, they can also impact the workforce. Implementing more safety training is one way to help your organization reduce these costs, as well as working with your clinical staff to prevent claims from occurring, and managing the claims that do occur will help to promote faster return to work advantages for employee and employer alike.
Designing an improved risk proﬁle to achieve better results in the insurance marketplace is another sound risk management solution. This can result in, not only a lower total cost of risk, but also a safer work environment, a more productive workforce and the ability to make better risk decisions.
Examining your current risk profile
Start the process by getting an understanding of your healthcare organization’s business, current risk proﬁle and risk appetite. After analyzing past losses you may then be able to determine which risk management techniques will be most effective in controlling claims. For example, the mere presence of surgical and medical instruments, bio-hazardous materials and medical waste creates risks. The storing and disposing of such items can only improve the health standards of the facility.
Senior living facilities may or may not face the same medical risks as hospitals do with hazards that include infectious diseases, and airborne and blood-borne pathogens, but, in addition to numerous residential risks, such as slips and falls, and injuries from severe back strains, assisted living workers compensation insurance will always be a required coverage.