Healthcare is a continually changing field. Staying on top of current events will help you identify quality insurance solutions for your client’s new exposures.
Cyber breaches, HIPAA violations, Medicare/Medicaid fraud allegations, large jury verdicts, healthcare reform, physician shortages, hospital/health system mergers… the list of current events is endless. Who would have thought that just 5 years ago that we would be discussing the exposures of the medical marijuana industry?
The landscape of the healthcare delivery system is evolving. Telemedicine is on the rise. Urgent care and “convenient” care facilities staffed by Nurse Practitioners and Physician Assistants seem to be springing up on every corner. Temporary staffing is expanding to meet the physician shortages at hospitals, doctor offices and other medical facilities. Physicians are diversifying their practices to add fee-based services and moonlighting as consultants and medical directors in order to compensate for reduced Medicare/Medicaid reimbursements. New product offerings have evolved, such as stand-alone Extended Reporting Period (ERP) or “tail” policies for physicians looking for more flexible work environments and more affordable options to traditional ERP offerings.
We are a nation of aging baby boomers. People are living longer and are more health conscious. They want to look as good as they feel. The anti-aging industry is booming to meet the needs of this population. Everything from derma-fillers and injectables to laser hair removal can be found in these “fee for service” medical esthetic operations. It is an evolving market with more invasive procedures being offered in this setting as they expand to meet client needs. Physicians and mid-level providers are enhancing their incomes by providing services in this environment. Lose weight, gain strength and look younger… all in our quest to recapture our youth.
Home healthcare services, both medically and non-medically related, are growing to address the quality of life and cost savings desires of the aging population. Our aging parents can live in the comfort of their own home and receive assistance with their daily living needs. Assisted Living Facilities and Continuing Care Retirement Communities (CCRC) are expanding to support this population. Adult Group Homes with smaller, more intimate environments are in growth mode.
As the healthcare industry morphs and works to comply with the regulatory governance, look for continued growth in Healthcare-related Information Technology (HCIT) and the business and consulting services industries. These operations may provide billing services, quality measure compliance, provider workflows, computer hardware & software, education & training and numerous other business services for the healthcare industry. Just pull up any medical related association website and note the “supporting cast” of associate members and sponsored vendors. It may not be what you think of as traditional health care services, but this is a multi-billion dollar industry.
Increased scrutiny and regulation of the healthcare sector continues, as has the need for Regulatory Liability, Cyber/Privacy, Medical Billing E&O and Management Liability coverage for all types of healthcare providers and services. Contractual obligations to carry this coverage is becoming the norm.
No one knows where we are actually heading in the evolution of healthcare, but we do know that we will need healthcare services, today and in the future. How those services are provided, and by whom, we can only speculate.
About the Author
Linda Wright is the Healthcare Practice Leader for Founders Professional. Linda specializes in the placement of Medical Professional, Regulatory Liability, Cyber/Privacy, Managed Care E&O and Management Liability for the healthcare sector. Linda can be reached at 727.873.7915 or via email at Linda.Wright@founderspro.com.