As regulatory, operational and legal risks abound for nursing home operators, strong relationships with commercial insurance carriers and brokers continue to be key in countering costs.
Operators facing higher insurance premiums and greater administrative burdens have turned to using strong commercial insurance risk management companies as well as data-driven solutions that factor in the new regulations.
And because one of the drivers of insurance costs is cybersecurity in the aftermath of the Change Healthcare attack, operators are also focusing on education and advocacy efforts to address the issue in the midst of inadequate funding for cybersecurity integration.
Mary Oliver, vice president of risk and regulatory compliance at Brickyard Healthcare in Indiana, said that commercial insurance has evolved significantly in response to increasing regulatory oversight, with more stringent risk assessments and higher premiums. Brickyard operates 23 facilities in the state.
“Insurers are employing more rigorous risk assessment models to comply with regulatory requirements, resulting in more detailed, data-driven underwriting processes,” Oliver said in an email….
