Resolutions Investigation & Risk Management, Inc. Establishes Practices Group for Risk Management Consulting Tailored to Assisted Living Residences
Resolutions Investigation & Risk Management, Inc. (“Resolutions”) has established a practice group to deal specifically with the unique risks faced by Assisted Living Residences and Elderly Care Facilities (collectively, “ALR”) as part of its national risk management consulting practice.
With the nation’s population getting older, ALRs are one of the best alternatives for dignified living for the aging adult population. However, growing regulation and liability faced by ALR’s cause concern for the operation of ALRs, their residents and owners.
Resolutions has developed a comprehensive approach to addressing the risks specifically faced by ALRs, including a phased risk management plan tailored to address the specific risks faced by ALRs. The three phase plan is broken as follows:
PHASE I Risk Identification
PHASE II Plan and Design of Risk Solutions
PHASE III implementation
Proper risk management will limit exposure to loss and eliminates the risks faced by ALRs.
Inherent in this effort are the identification of risks and the management of those risks by use of traditional and nontraditional risk transfer or risk retention mechanisms. Resolutions goal in forming this practices group is to protect residents and the ALR’s operation from actual and potential risks. “ALRs must employ proper risk management and loss prevention to protect their assets, residents and reputation from the expected as well as the unexpected. This includes placing resident safety at the forefront of risk management” said Thomas Valery, Resolutions’ Chief Executive Officer.
ALRs cannot necessarily eliminate risk, but can take action to reduce risk and the facilities risk exposure. Equal emphasis on the three areas of risk management identified above is necessary in properly addressing risk exposure. In terms of risk management, knowledge is clearly the key to success
The majority of liability claims that ALRs face can be managed by diligent and effect planning and operational management. Too often, ALRs look to insurance as the way of dealing with risk exposure; however, insurance is only part of the equation.
Proper risk management is something that should become part of the regular business operations of any ALR. Mr. Valery noted, “ALRs should be proactive and not wait until something occurs to address risk exposure.” Waiting will surely cost more in the long run in terms of liability, public perception and direct cost to the ALF.
To obtain a primer on Risk Management for Assisted Living Facilities contact Resolutions at firstname.lastname@example.org or by phone at 516 280-4714.
- Contact Information
- Thomas Valery
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