Risk Management – Medical Imaging Centers

MRI Center Insurance

Medical imaging centers use technology to take images of the inside of the human body. Medical imaging is sometimes referred to as diagnostic imaging because it is frequently used to help doctors arrive at a diagnosis.

Medical imaging has had a tremendous effect on diagnostics and the treatment of disease. Consider the following:

  • Mammography screening for breast cancer has resulted in better treatment options, improved survival rate, and a declining death rate.
  • Coronary CT angiography performed to examine the heart vessels in patients with chest pain has helped guide treatment decisions with high accuracy, avoiding costly invasive procedures.
  • Life expectancy in the United States has significantly increased due to incorporating advanced medical imaging procedures into healthcare.

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Independent Living Expands the Care Continuum

independent living facility insurance

There are many stops along the aging path and independent living is only one of them. With an average stay of three to five years, independent living facilities are in a constant state of turnover. Independent living attracts seniors traveling along the care continuum, offering what residents desire, which means either affordable or increasingly upscale options. They also want health-care access when and where needed.

The aging of the independent living population presents some unique financial challenges. People are living longer, so the average resident is older now when they move into an independent living facility than they were five years ago. The average resident is more than 80 years old, more fragile, and has more health concerns. Over half live with some sort of assistive device – a cane, wheelchair, or walker.

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Telemedicine in Skilled Nursing Facilities

Movement disorders, impaired mobility, and memory loss frequently require the services of a specialist. Traveling can be difficult for patients in skilled nursing facilities. Having direct access to a specialist from the skilled nursing facility or another easily accessible site is preferred.

This year, in a Wall Street Journal, an article discussed how hospitals are using interactive video to give patients better access to medical care. Skilled nursing facilities are an ideal environment to provide patient-centered care with a high standard for quality.

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Home Healthcare – At Risk for Fraud and Theft

Home Healthcare Risk Management Insurance

When it comes to home healthcare, fraud and theft are major areas of concern. Every effort must be made to prevent fraud and theft, as occurrences not only affect the well-being of patients, but can also harm a client’s reputation.

Health care fraud occurs when false information is represented as truth. Perpetrators exploit patients by entering into their medical records false diagnoses of medical conditions they do not have, or of more severe conditions than they actually do have. Then bogus insurance claims can be submitted for payment.

Home healthcare fraud claims also involve intentional incorrect billing of Medicare. According to the Senior Medicare Patrol (SMP), “An estimated $250 million is lost to purposeful health care fraud each year.” Examples of fraud that may occur include:

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Understanding What Goes Into Insurance Rates for Your Elder Care Facility

Commercial Insurance Elder Care Facility

As an agent, your clients may be asking about their insurance rates: “Why did my insurance premium go up? , or “Since I have never had a loss, why didn’t my insurance rates go down this year?” Insurance rates, for the most part, have gone up anywhere from 6% to 15%. There are a number of reasons for this increase.

A “Hard” Market

After about five to six years of a “soft” market, we are starting to see the market turn “hard”. Mortgage rates and government bond rates have hardly ever been as low as they have been for the past few years. Previously, when government rates were in the five to seven percent range, insurance companies were able to offset the claims they were paying out by parking a percentage of their premiums in these bonds, which in turn, helped keep rates low. Now, with government bonds yielding barely one percent, insurance companies no longer has that cushion to help with insurance claims.

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