SUMMARY OF SERVICES
| Safety Management |
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| Workers' Compensation Claims Management | |
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| Human Resources |
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| Professional Liability Risk Management | |
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| Education |
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| Web Design |
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The Long Term Care Industry
As consumers, the baby boomer generation is now dealing with the many issues associated with long-term care as they struggle to find placement for aging parents. In the past few years, the industry has seen the result of this group demanding higher quality of care and environment and more monitoring of the day-to-day activities in the care centers. Unfortunately, significant litigation, high awards and bad publicity have primarily brought about these changes.
As baby boomers themselves age, it is anticipated that there will be over 26 million in some form of long-term care by the year 2050. For those currently 65 or older, there is a 45% likelihood that some form of long-term care will be needed at least once during their lifetimes. Currently there is an increase of individuals younger than 65 with rehab/nursing home short-term stays after surgical joint replacements or for post stroke therapy. As patients, this demographic group has significant expectations for independence, dignity, choice and comfort. They are also very comfortable with technology and require access to it.
Many nursing homes currently operate in the traditional manner, which is a group-based delivery of services. This is directly in opposition to the new group of residents or "guests" they will be competing to serve. There are also the added operating stressors of the current economic climate. Direct and indirect costs seem to be rising at accelerating rates. Successful nursing homes will have to operate on a higher level to retain their customer base. Yet, there will likely be less money available to step up these efforts.
Many of the indirect costs can be mitigated by good risk management practices. Some of these costs are increased employee turnover, workers' compensation claims, employment practices errors, professional liability litigation, and dilution of the quality of care and the quality of life, to name a few. While these costs may not make it to the profit and loss statements, they can significantly impact the profitability of a company.
A full time risk manager may be cost prohibitive for many small to medium sized companies. However, having access to risk management expertise in targeted areas (such as the indirect costs mentioned), can be a very an effective way to improve profits by essentially changing the workplace culture and the customer service dynamic for residents, families, visitors and staff.
Studies have shown that customer loyalty is more linked to employee commitment to the vision of the local leadership of a company, than to brand identity or, surprisingly, to an exceptional quality of the product. In these challenging times, delivering high caliber services and products will need to be done by individuals who have take ownership and responsibilities for the outcomes. Focused risk management efforts can achieve significant success with impressive return on investment results.