Nursing Home Insurance Costs and Risk Management

Your clients that own and operate nursing homes need to implement good risk management planning to help stabilize or reduce nursing home insurance costs. Their strategy should be to prevent any type of situation that may pose a threat to the health and well being of residents, as well as the workers and visitors to the facility.

Such risks include not only physical injuries but mental health and the threat of financial loss as well. It is the duty of the staff, management and supervisors to take the steps necessary to accomplish these goals. Nursing home risk management will only succeed if everyone contributes by understanding and implementing safety procedures.

Identifying risk

Workers should diligently report any concerns or issues they witness or are made aware of. Reporting such incidents is one way in which to help prevent serious problems from developing. Once risks are identified and preventive measures put into place, the facility will run smoother and more efficiently. This is a great way to keep those same risks from occurring again in the future.

Eliminating a risk, or “risk avoidance” is the only sure way to avoid an identified risk. Risk treatment should include purchasing liability insurance, (including a professional liability policy) which will generally cover the workers and health care providers of the facility.

Risk evaluation requires reviewing any and all prior steps taken in the previous risk management process to determine if any progress has been made toward mitigating these issues. When possible, making positive changes will help to further meet the objectives identified by staff and management.

Risk management is usually accomplished by implementing a department that works closely with managers to ensure that all necessary steps have been taken and are being properly followed with the desired results being achieved. The roles of everyone involved in a nursing home risk management program are essential to its success. By monitoring and evaluating patient care, everyone, from the nurses to the managers to other essential workers, can work together towards the goal of quality patient care that will benefit the facility as a whole.

Incident and occurrence reports should be utilized as a means to correcting nursing care that does not meet the patient’s needs and that could result in a serious injury, or worse, the possible death of a patient. By maintaining quality patient care, nursing home insurance costs can be kept manageable.


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