Long-term care operators can expect continued high prices and limited capacity over the next 12 months, although the market will eventually soften, says an insurance company.
"The only thing we know in insurance is that there have always been cycles," and the tough market will eventually change and become competitive, "said Patrick Moylan, New York-based CEO of Health Care Solutions for Markel Specialty, a unit for Markel Corp.
But at present the markets are still seeking interest rate hikes and in some cases significant increases. "The competitive landscape will return, but I can not see if it will at least in the next 12 months," he said.
He was among the speakers at a seminar sponsored by Business Insurance Crisis in Senior Care: Risk Management in Long-Term Care It was a preview of BI 's long-running conference on risk management 1
Mr. Wallace said, "It's a big initiative from us." Along with providing data "to inform and educate insurers about what the census is, you need to be really specific and technical" about this information, as a census reduces "changes the risk profile significantly." Even though you may have the same number of units, if the census is down, the risk profile also decreases, he said.
Mr. Wallace also stressed the importance of providing insurers with data throughout the year, not just during renewals, so they understand what the trends look like.
COVID-19's significant impact on long-term care was also discussed during the webinar. "The simpler question is how it was not affected," said Melissa Solomon, vice president of risk and legal affairs at Silverado Senior Living LLC in Irvine, California, which operates memory and care and assistance housing.
"It really affects everything, especially residents in their memory sector, who" do not understand why things have changed ", including social distance protocols, why there are masks and why they do not see their families.
" Unfortunately, all aspects of who we were and what we do was affected, ”including staff, care, infection control, volunteer support, housing and families, says Gabrielle Genauer, vice president and general counsel at The New Jewish Home in New York.
Ms. Genauer said the home did not face a shortage of personal protective equipment. "We did a fantastic job" of getting personal protective equipment, she said. "We were able to get the personal protective equipment our team needed at a huge cost."
Ms. Solomon said of Silverado, which has more than 2,000 employees, "we made a very concerted effort to show appreciation" for the work the staff did, which included monthly webinars with the CEO, sending out food trucks and paying for shift differences.  "Residents with memory care with COVID have no less need, they have more, so it was just a huge effort to be able to staff," she said. Employees "all stepped up," she said.
Genauer said of the future and said: "I think in the future we have learned through this process that we can move and turn."
“We will take with us what the next challenge is. "For example, she said the home had a COVID-19 recovery unit up and running within two weeks. "We made this happen … we can deal with what comes to us," she said.
Asked to what extent things will return to normal when it comes to common areas, Solomon said, "I think we will see it perhaps modified somewhat. "
" Our residents need that interaction, "she said. "Meaningful commitment is so important to the residents," she said.
Ms. Solomon said she has not seen an increase in the number of compensation claims for non-COVID-related workers. While employees are sometimes bitten or affected, we spend a lot of our resources on training programs. We are very anxious about our security meetings ", which are held every month, she said.
The session was moderated by Lori Semlies, a partner of Wilson Elser Moskowitz Edelman & Dicker LLP in White Plains, New York.