Assisted living liability insurance is only one piece of an effective risk management plan. Consider implementing a few key strategies to help mitigate risks and decrease operating costs. This can enable your business to offer more services or assist more seniors.
Annually conduct a facility audit to ensure the facility and staff adhere to state regulations. The audit should include how the facility operates, cares for residents and the services rendered. The experts at Caitlin Morgan understand that assisted living facilities do not all look the same. They come in a variety of styles from converted Victorian homes to sprawling complexes.
Your staff can make or break your facility. Qualified professionals have the training and skills to help your facility stand out among the competition. Trained staff also understand the inherent risks the business faces and can help work with management to limit the effects of those risks. People who care about business tend to work harder to see it thrive.
Each year have all residents sign a new resident agreement. This comprehensive document should outline exactly what residents can expect from the staff and facility including costs.
These strategies can help mitigate risks, but a solid risk management plan includes assisted living liability insurance. Cutting costs by managing risks can help your business thrive in a growing market.