Endless Opportunities if You Know Where to Look
Opportunities to write new business in the healthcare and life sciences sectors are endless. Focusing your efforts in these areas should prove to be extremely successful for any insurance agent.
At Founders Professional, we pride ourselves on our specialization and expertise in the wholesale professional liability arena. Whether it’s a law firm, technology firm, real estate agent or architect – our retail partners know that we stay abreast of the latest trends and issues related to the class.
The healthcare and life science industries are no exception. Society has been dealing with HIPAA violations, Medicare/Medicaid fraud allegations, large jury verdicts, physician shortages and hospital/health system M&A for years. Then came the pandemic with considerable challenges and changes to the healthcare sector. This change created opportunity.
Healthcare
All the pre-mentioned events have led to expanded opportunities to respond to these challenges. New insurance products have evolved for regulatory and medical billing E&O. The nation, already struggling with a serious doctor shortage, is changing the landscape of the health care delivery system.
Urgent care and ‘convenient’ care facilities staffed by nurse practitioners and physician assistants are springing up in every neighborhood grocery store and drug store. Temporary staffing is expanding to meet the shortages at hospitals, doctor’s offices and other medical facilities. Some physicians have converted their practices to a fee-based concierge model as a result of reduced Medicare reimbursements.
Pre-pandemic, telemedicine was on the rise. And now with the pandemic, it’s become the ‘norm’ of care, and experts don’t expect that to change. Technology is enabling healthcare organizations to provide ‘real time’ care and access to providers countrywide. Because of this, modular insurance policies are now available to address errors and omissions along with the inherent exposure for cyber/technology.
The insurance policies are evolving to reflect the changing landscape of healthcare.
Life Sciences
We are a nation of aging baby boomers. The anti-aging industry is ‘booming’ to meet the needs of this population. Everything from stem cell to teeth whitening can be found in these ‘fee-for-service’ medical esthetic operations. Medi-spas are one of the fastest growing classes. It’s an evolving market with an expansive selection of invasive procedures being offered to meet client growing needs.
Home health care services, both medically and non-medically related, are growing to address the quality of life and cost savings desired of the aging population. Now 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 needed to support this population.
Mental & Behavioral Health
Another sector that is generating a great deal of interest and growth is mental and behavioral health. The growth is supported both by legislation—including US Mental Health Parity legislation in 2008 and more recent Affordable Care Act’s expansion of Medicaid coverage for substance abuse and behavioral health services.
Technology
Beyond traditional healthcare, there has been considerable growth in Information Technology (HCIT) and business/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 health care industry. It is a multi-billion-dollar industry and a topic in itself.
This is just a sampling of what I believe to be growth segments in healthcare. We have not even touched on the impact of the pharmaceutical, nutraceutical and clinical trial opportunities in the Life Science field.
Society will need healthcare services, today and into the future. How those services are provided and by whom, I can only speculate. Think about the opportunities!
About the Author
Linda Wright is the Healthcare Professional Practice Leader for Founders Professional. Linda helps healthcare and long term care facilities, medical professionals, life science and social service entities across the Country secure professional liability and management liability insurance coverages in conjunction with their retail insurance agent. Linda can be reached at [email protected].