Professional Liability Benchmark Report for Senior Living and LTC Providers

• By: Nadine Grosso
• On: 03/24/2022 14:12:50
• In: National Affiliate News

Marsh's Senior Living & LTC Industry Practice and Oliver Wyman's Actuarial Practice are conducting a 2022 update to and expansion of their General and Professional Liability Benchmark Report for Senior Living and Long-Term Care Providers. AHCA has partnered with Marsh and Oliver Wyman and leading national trade organizations including the American Seniors Housing Association, Argentum, and LeadingAge.
 
The information presented in this study is critical information for industry stakeholders interested in understanding important trends, loss drivers and other factors impacting resident care and quality. Included in this review will be an estimation of countrywide and state-specific trends separately for claim costs, severity, and frequency; an estimation of countrywide and state-specific claim costs; an examination of the relationship between indemnity costs compared to expense costs; and an analysis of the cause of loss descriptions.  Especially relevant for 2022 will be the effect that the pandemic has had on losses.
 
The information Marsh and Oliver Wyman are collecting includes: 

• Individual claim listing (excluding Protected Health Information) in Excel-readable format including as much detail as possible, valued as 12/31/2021.  Please include claim information for the last 10 calendar years, if available.
• Occupied unit equivalent exposure information for the past 10 calendar years, if available.

Upon data submission, diagnostic information about your own data including various metrics, e.g., frequency and severity claim statistics; closing year, report year, and accident year statistics; open and closed claim statistics; and an exposure analysis will be provided. Marsh and Oliver Wyman will review the diagnostics and contact you to discuss any high-level observations or data anomalies.
 
There is no cost to participate, and all participants will receive a copy of the report and an invitation to the presentation of the results. They only ask for your assistance in obtaining the necessary data. If you're interested in participating, please contact Oliver Wyman regarding the data collection process or with any additional questions at LTCBenchmark@oliverw?yman.com.

Staff contact: ngrosso@mehca.org