Continuing care retirement communities (CCRCs), with the expected increase in residency due to the fact that people are living longer, face a unique set of challenges and issues as they strive to provide a comfortable living situation for elders, some of whom can no longer care for themselves in any capacity. Some facilities, faced with low employee retention, have a hard time remaining fully staffed. This increases the likelihood of accidents because staff may become stressed and exhausted due to being overworked.
CCRC liability insurance comes into play when accidents occur and litigation results. Families could be quick to sue if they feel there loved ones aren’t being properly cared for, or the level care is far below expectations. It is therefore important for these centers to examine the way in which they provide healthcare. Larger CCRCs are responsible for maintaining high numbers of occupied units and beds, increasing their risks and exposures. Competition in this industry is at a high, and centers must routinely monitor competitors in the market, and actively recruit new residents.
This industry constantly faces difficult challenges
They must be prepared for economic downturns, which occur from time to time, and be prepared for higher-than-expected health care utilization, as well as shortages of nursing and health care professionals, which is often the case. They need insurers that have experience with CCRCs and can address all the risk management issues that arise from operating long-term care facilities.
Each CCRC is unique, and the strongest CCRC organizations have earned a respected brand within their primary markets, one that is generally supported by their local communities. They possess strong management teams along with boards and owners that promote efficient operations, along with quality care and services. The one thing that all successful CCRCs have is the ability to attract and retain qualified and committed staff.
Organizations, many of who are struggling, are taking steps to meet census and occupancy challenges by offering new marketing incentives in hopes of attracting more prospects into the community. Incentives may include such things as traditional discounts, moving assistance, space planning, and other strategic responses. Once they introduce new residents into the system they must maintain the highest level of care in order to satisfy the families needs. Having adequate CCRC liability insurance is something that shouldn’t be overlooked in the process.