Liability costs drive up long-term care bills
Life Health Pro U.S. long-term care provider liability costs amounted to about 3 percent of what Medicaid paid for a nursing home bed in 2015, or $2,350 per occupied long-term care bed. In Florida, the state with the second highest liability cost ratio, 2015 liability claims per bed averaged 8 percent of the daily Medicaid reimbursement rate. In Kentucky, the state with the highest cost ratio, claims amounted to 10.6 percent of the Medicaid daily rate.Analysts in the Columbia, Maryland-based office of have reported those findings in their latest U.S. long-term care provider claim cost Republicans say they will make supporting home-based long-term care a priority. The analysts asked for liability loss data from all sorts of long-term care providers, including nursing homes, assisted living facilities, rehabilitation services providers and home health care agencies. The team had an easier time getting data from bigger providers, but it ended up with information for about 224,000 long-term care beds, or about 17 percent of all U.S. long-term care beds, Christian Coleianne, one of the Aon actuaries who worked on the report, said in an interview. The actuaries found that liability losses amounted to an average of $218,000 per claim, or $2,350 per long-term care bed, with a claim frequency of 1.08 claims per 100 occupied beds. The frequency of claims is increasing about 4 percent per year, and the severity of the claims reported is increasing about 2 percent per year. Aon analysts defined “loss rate” as “the annual amount per occupied bed required to defend, settle or litigate claims in a given year.” Read more here.
Welcome Marina Aghakhanian as Account Executive
Stratis Risk Solutions Insurance Services, LLC is excited to announce the appointment of Marina Aghakhanian as Account Executive. In her new role, Marina will be responsible for Stratis’ clients, premiums and account management. With her unique combination of hands on administration that maximizes organizational effectiveness, operations oriented leadership that ensures efficiency and people oriented guidance we are sure to yield optimal productivity while providing consistent service to our clients and markets. Marina brings 13 years of experience reaching goals by conceptualizing and driving concept to reality stages for profitable new opportunities. She has been in the health care sector for more than 10 years, where she constantly scrutinized processes with an eye toward great efficacy.
A Note From Marina:
My personal mission which I intend to carry-out in my career is, to find happiness, fulfillment, and value in living. My professional activities are guided by a deep personal sense of self. I always remember where I have been and where I will go through maintaining positive relationships with family and friends. I will choose the ethical way by making a personal commitment to honesty and integrity. As we learn to understand our world, I believe that we also will develop the tools that can enable us to secure a peaceful, stable, and prosperous future for centuries to come. It is from this framework that I will develop approaches and programs to be implemented in my career. The greatest joy of all is being worthy of the respect and admiration of family, friends, and business associates. I am very eager to work with all of you and look forward to a long and prosperous professional relationship.
Marina can be reached by email at marina.aghakhanian@stratisrisk.com and by telephone a t818-661-4214
At Stratis Risk Solutions Insurance Services, LLC, our business is understanding your business and applying our industry expertise to achieve “best in class” risk solutions. We use a collaborative and analytical approach to assist your business with reinsurance strategy and program design, placement of provider excess and HMO reinsurance, alternative risk financing solutions, employer stop-loss solutions, pharmaceutical purchasing and management solutions, claims management and program administration, catastrophe exposure management, and much more!
