Mitigating Risk: Tackling Memory Care Challenges
TL/DR –
The United States is experiencing an increased demand for senior living facilities, particularly memory care facilities, due to a rise in the aging population. However, these facilities face unique risks and market challenges such as high costs and staffing shortages. Insurance professionals can help by bringing proper insurance and risk mitigation strategies, setting realistic expectations with residents and their families, educating about the natural risks, and maintaining ongoing communication, which not only protects the facilities but also the residents.
Demographic Changes Amplify Need for Memory Care Facilities
The demographics in the United States are changing drastically as a record number of Americans turn 65 this year, leading to an increased demand for senior living and memory care facilities. These facilities offer specialized care to individuals grappling with cognitive impairments like Alzheimer’s disease and dementia. Projections suggest that by 2040, nearly 12 million Americans could have dementia, and by 2060, 14 million could have Alzheimer’s disease.
These memory care facilities face market challenges, including staffing shortages and high costs. Insurance professionals can aid these services by creating appropriate insurance and risk mitigation strategies to protect against their complex risks.
Establishing Realistic Expectations
Setting clear expectations with residents and their families during the admissions process is a crucial step often overlooked in risk mitigation strategy. This can prevent miscommunication and costly liability claims. The information should cover the level of services, natural risks associated with diseases, and regular communication updates.
A recent professional liability case highlighted the importance of these measures. A memory care facility faced a hefty medical liability claim alleging staff negligence that led to a patient’s death. Clear expectations could have prevented this significant payout.
Clarifying Services and Care
Families often expect memory care facilities to provide the same 24-hour, one-on-one care their loved ones received at home. Facilities must clarify the services, limitations, and admission criteria to manage expectations and prevent potential conflict or litigation.
Educating on Disease Progression and Risks
Facilities should explicitly identify the natural risks associated with aging and disease progression. Educating families on potential risks, such as an increased risk of falls, dehydration, or infections, can help prevent future issues.
Maintaining Regular Communication
Facilities must maintain ongoing communication with families, providing regular updates about their loved one’s health status, behavior changes, or alterations in care plans. This can help families feel involved and informed.
Safeguarding Future Operations
Memory care providers face numerous operational and strategic challenges in their quest to offer safe and effective care. Offering risk management resources and helping clients spot unseen or emerging risks can equip them to avoid threats like litigation that could compromise their future.
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