Operating more Residential Care Facilities for the Elderly (RCFEs) means more opportunities for revenue. With more beds and more services available across your locations, you have more chances to pad your bottom line. But multiple facilities also means more exposure to risk. With more employees, more residents, and more square footage, your liability shoots up.…
Managing a Residential Care Facility for the Elderly (RCFE) comes with a unique set of risks. Fortunately, the right insurance coverage can help you offset them. Whether you’re just getting your facility up and running or you’re curious to see if you could get better coverage with lower premiums, you have two options. You can…
Whether you’re selling your company or establishing a new structure for it, you need to think through its titling. The titles of a Residential Care Facility for the Elderly (RCFE) give legal ownership of the property and the right to operate the business. Making sure the appropriate person or people are named on the title…
When you bring a partner into your business, you’re sharing a lot: decision-making, profits, and liability. Your partner’s risk exposures are your risk exposures, and vice versa. As a result, if you’re making a change in your partnership structure — whether that’s adding or removing a partner — it’s an insurance event that usually warrants revising…
If you’re closing up shop at your Residential Care Facility for the Elderly (RCFE), you’re probably already thinking — maybe even dreaming — about what you’ll do next. Don’t focus too much on the future, though. Until your license is officially terminated and you’ve fully closed your doors, you’re still on the hook for a…
If you’re looking at opening a second location for your Residential Care Facility for the Elderly (RCFE), things are probably going pretty well. You feel solid with the team you have in place, and confident that you’re providing quality care for your residents. You’re ready to take on a new challenge. And, undoubtedly, your second…
Ideally, your Residential Care Facility for the Elderly (RCFE) functions day after day without major issue. But things happen. And when they do, you want to have a plan in place to protect your residents, your profits, and your facility’s reputation. The right insurance coverage goes a long way here. Let’s look at a few…
As owners or operators of Residential Care Facilities for the Elderly (RCFEs), it is vital to have insurance coverages to help ensure that the residents, staff, buildings/assets, and the business operations as a whole are comprehensively safeguarded. In fact, maintaining sufficient insurance policies is among the most consequential components of risk management for any facility.…
Owning and/or managing a Residential Care Facility for the Elderly (RCFE) is an incredibly rewarding enterprise, and one that involves a steadfast commitment to the health, wellness, and security of the elderly individuals that reside there. One incredibly important way to help safeguard your residents, and your operations as a whole, is to acquire and…
Residential Care Facilities for the Elderly, or RCFEs for short, provide safe and comfortable living environments for senior citizens where they can have their various daily needs tended to by caring professionals. While comprehensive staff training and routine review of standards and policies can go a long way in maintaining top-quality care, it is also…