By the Numbers: Risks and Preparedness
While COVID-19 has been one of the top risks—and infectious disease preparedness has been top of mind—looking at some of the other identified, emerging, and per- ceived needs for preparedness can help in setting priorities and understanding what kinds of prevention and education measures can be put in place. These charts present some of these from different sources—but it’s important to remember that the risk picture is changing rapidly today.
A LOOK AT CAUSES OF LOSS The “Senior Living 2021 Claims Bench- marking Study: A General and Profession- al Liability Actuarial Analysis” report was created by Willis Towers Watson’s Senior Living Center of Excellence. The survey looks at 38 companies spanning nearly every U.S. state and includes more than 14,000 claims that occurred since 2009. The survey closed at the end of 2019 as the COVID crisis took all efforts, but as the report notes, “as the crisis recedes, the longer-term structural issues presented in this report will return to challenge those defining corporate strategy.” The report suggests some ways to help manage these risks: • Use of technology to assist with support- ing resident needs
• Ensuring staff are properly trained and competencies validated for higher-acui- ty challenges
• Establishing a culture of safety through- out the community
• Leadership prioritization of safety mea- sures and communication
• Development of comprehensive admis- sions screening processes
• Ongoing and documented conversa- tions with residents and families about needs and levels of care
• Setting realistic expectations and pro- moting transparency about needs and levels of care
Severity of Loss by Cause in Thousands
Notes: Loss cost is loss per unit of exposure; average claim severity limited to $1 million. Source: “Senior Living 2021 Claims Benchmarking Study: A General and Professional Liability Actuarial Analysis,” Willis Towers Watson’s Senior Living Center of Excellence.
MAY/JUNE 2022
ARGENTUM.ORG 27 Overall Loss Costs Per Exposure by Cause $185 $153 $125 $56 $23 $23 $17 $14 $10 $9
Loss Costs by Cause Loss Frequency Per 1,000 Exposures by Cause 1.19 0.54 0.22 0.11 0.1 0.1 0.05 0.05 0.04
1.7
Loss Cause Frequency Per 1,000 Exposures 275 260
Severity of Loss by Cause (in Thousands) 250
230 225 215 180 155 155 90
Resident Falls Wounds or Ulcers
Medical Management
Abuse Infection
Medication Variance
Resident Falls Wounds or Ulcers
Medical Management
Abuse Infection
Medication Variance Choking Elopement Medical Management Wounds or Ulcers
Abuse Infection
Fractures Not Caused By Falls
Medication Variance Resident Falls
All Other
Choking Elopement
Fractures Not Caused By Falls
All Other
Choking Elopement
Fractures Not Caused By Falls
All Other
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