Investing in Risk Management for CCRCs

Owners of a continuing care facility for retired individuals face numerous liability risks on a daily basis. Continuing Care Retirement Communities (CCRCs) offer a variety of services within one community, including guaranteed lifetime housing for seniors, along with social activities and can provide increased levels of care as a person’s needs change.

Risk management for CCRCs is important because it only takes one expensive lawsuit to cause serious damage to both the financial stability and the reputation of this type of vital and useful business. Primary risks and concerns include issues and factors such as incorrect medical treatment or failure to provide the correct medication to a resident, violating their rights, or causing (or failing to prevent) slip and fall and other debilitating accidents. Elderly people are much more susceptible to injuries and need to be in a safe environment at all times.

Managing risk will provide a higher level of safety

Though accidents are never completely preventable, there are steps that both you and your staff can take to potentially reduce liability risks at work. This is best accomplished by having your facility take a proactive approach to identifying the various hazards that may exist and prevent losses before they occur. This includes conducting an ongoing analysis of actual hazards that have occurred, as well as any potential hazards in known areas of exposure. The procedures set forth should help to prevent situations that could give rise to an adverse event, which is any occurrence that could result in an insurance claim.

Establishing and implementing procedures for training your staff is a good way to start your risk management for CCRCs. Make sure that new hires, as well as seasoned staff, are informed of all updated information on how to reduce risks, thereby controlling loss in your facility. They should be taught how to recognize potential risks, notify managers, and implement their own best practices to mitigate those retirement community liability concerns.

Another important factor in reducing liability risks is to establish procedures to allow for the family or guardian of the nursing home resident to be informed as soon as possible in the event of any injury or accident. Doing this, and having documentation of the event, can help immensely in gaining the family’s trust, and could potentially prevent the family from making a claim against your facility.