In a blog post a few months ago, we discussed a quandary in the senior living industry; how residences can provide seniors with dignified, high quality care while protecting themselves as a business against incurring costs from claims and exposures. From a business standpoint, it makes sense that senior living centers want to lower their bottom line and boost profits. So how do these two seemingly different goals of resident care and profits align? How can they achieve both?
K&B President Bryan Baird was recently interviewed by Annie George for ProgramBusiness.com. In the interview, he discusses how K&B has expanded the traditional definition of risk management to achieve both goals. Known as cultural risk management, it focuses on building an engaged, compassionate staff that focuses on the care and dignity of residents that in turn has a positive impact on operating profit for senior living providers.
The components of the risk management strategy focus on the care of the residents. Baird sees the key to this approach as centered on caregivers. “The key is in investing the time and resources in building and nurturing the caregivers themselves. Employee engagement is the single biggest driver of quality care, resident satisfaction and ROI. Management needs to understand that the caregivers must come first in order to transform the type of care given to residents.”
The second component in a shift towards a cultural approach to risk management is to create an experience of care that reduces fear of death and suffering. By diminishing residents’ individual fears, they can make crucial end-of-life care decisions for themselves sooner rather than later, and provide peace for the resident, family and caregivers. It’s a new cultural approach to risk management, one that focuses on senior care first. Risk management and an improved bottom line are byproducts of compassionate, dignified care.
K&B Underwriters is a national program administrator known for its innovative insurance and risk management solutions through its DigniCare program, specifically designed for assisted living facilities, independent living facilities, nursing homes and continuing care retirement communities. For more information about our Risk Management programs for senior living, call us at (855) 883-6306