To some extent, trainings and certifications for your staff aren’t optional. The state might mandate continuing education for specific members of your team, for example. To maintain the appropriate licensure, you or another key staff member will likely need to complete some coursework and/or hands-on training periodically.
That might feel like a hassle, but these steps to stay up on the latest best practices can have a notable upside. Specifically, completing certain certifications or trainings for your Residential Care Facility for the Elderly (RCFE) might help you save money.
Some insurance providers will offer discounted rates to facilities that can prove they’re proactively managing risk. And the certificates from those trainings show precisely that.
When Extra Training Can Save You Extra Money
To explain why added learning can mean lower rates, let’s look at an example. Say one of your residents requires cardiopulmonary resuscitation (CPR). Unfortunately, none of the staff members on the scene have appropriate training and that individual passes away. It’s not far-fetched to think that their family could sue your facility for failing to provide appropriate care.
Ideally, you have liability insurance to help pay for legal fees and any settlement that’s levied against you. The bulk of the money should come from your insurance company’s pocket. That’s good news for you, but it’s certainly not going to make your insurer very happy.
Now rewind. That resident needs CPR and several of your properly trained staff members jump into action. The resident receives the life-saving care they need. Their family is overjoyed and the possibility for a lawsuit evaporates completely.
Clearly, appropriate training and certifications can heighten your facility’s overall competence and lower its risk. And insurers love lower risk — so much so that they may be willing to lower your premiums.
Making Training Mandatory
Offering optional training to your team may be enough to secure lower insurance rates. If you’re really trying to make a dent in your premiums, though, mandatory trainings go further.
When every member of your team is required to get training, your insurance provider knows that whoever is on the scene when an incident occurs will be better prepared. That risk mitigation can directly translate into lower premiums.
Getting the Best Insurance Rates for Your RCFE
If you want to learn more about which specific staff training and certifications could lower your insurance rates, talk to your RCFE insurance agent. That person should have the specialized expertise to direct you toward specific courses, trainings, etc. that can make a difference in your premiums.
While you’re at it, ask them if there’s anything else you could be doing to save. From installing security measures to raising your deductible, there are likely several options an RCFE insurance expert can help you explore.
Trainings and certifications don’t just keep your staff compliant with state regulations. They can also equip them with the knowledge and resources they need to best serve your residents and reduce risk at your RCFE. And as a big added bonus, that can help you lower your insurance premiums. To learn more about which certificates or trainings offer the biggest upside here, call our team at (805) 413-5668.