INSURANCE CLAIMS

The increasing number of wound-related claims in senior living emphasizes the importance of being proactive in identifying and managing wounds

Wound-related insurance claims are increasing, even though falls are the primary driver of insurance losses for senior living providers. The increasing number of wound-related claims in senior living emphasizes the importance of being proactive in identifying and managing wounds in residents who develop or move in with them.

The 2024 General and Professional Liability Benchmark Report from Oliver Wyman Actuarial Consulting and the Senior Living & Long-Term Care Industry Practice of Marsh reveals projected senior living claims costs of $207,683 per claim for resident falls for 2024, with 963 claims closed with payment. Skin/wound injuries showed projected per claim costs of $267,179, with 65 claims closed with payment.

Most large claims (67%) were from three states: California (33%), Florida (20%) and Arizona (14%).

A wound care policy combined with complete, accurate documentation will go a long way in proving your facility took all appropriate skin prevention and treatment measures.

ARTIFICIAL INTELLIGENCE

“Memory Shots” enable reconstructing memories through images

Kodak’s artificial intelligence tool, “Memory Shots,” enables people with dementia to visually reconstruct their memories with images, and can help get them talking about the past.

Users visit the website to create their own AI-generated photos of memories. To do so, they only need to type in a short description of the memory. The tool then prompts the user for the time period when the incident took place. With that information, Memory Shots generates several possible images, produced in a style consistent with photos from the Kodak camera that was available that year.

The tool may help caregivers to start a conversation with their patient, parent or other loved one.

Excelas’ President, Beth Wilson, explored this therapy tool in recalling a memory of sitting in the grass with her grey kitten in 1975 as a 4 year old girl wearing a red and white striped shirt. The program provides several images that can be modified by submitting additional details

HUMANITY

Hurricanes Milton and Helene Aid

While many worthwhile organizations are providing valuable assistance to those impacted by these devastating record storms, Excelas will thank their clients and business partners this year with a corporate holiday gift to the American National Red Cross.

This nonprofit humanitarian organization, founded by Clara Barton in 1881, provides emergency assistance, disaster relief, and disaster preparedness education in the United States.

EXCELAS SUPPORT

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