2023

Annual Report

Protecting the people who provide the care.® 

PETER FEENEY

MANAGING PARTNER

consistent pricing strategy, and adopting an assertive approach to claims resolution to ensure consistent results throughout the market cycle.  HealthCap® is the endorsed carrier for AHCA (American Health Care Association) and NCAL (National Center for Assisted Living)

Both HealthCap® RRG and HealthCap® Bermuda have a Financial Stability Rating of “A (Exceptional)” from Demotech.  HealthCap® Financials show an unbroken record of investment income.  HealthCap® has over $200M in assets and $41M in statutory policyholder equity.

HealthCap® Risk Management Services (HealthCap® RMS) is an established risk management company serving hundreds of senior care facilities nationwide.  Experienced consultants provide various clinical, regulatory, educational, and administrative services designed to meet each senior care client's unique needs. 

Throughout 2023, our Resource & Education Center experienced continued growth, expanding beyond its origins as a modest platform hosting a few webinars in 2018. It has now evolved into a prominent repository of knowledge, setting industry standards for the senior care sector. In the past year alone, we welcomed over 57,000 visitors, all of whom either accessed the 60 new webinars we introduced or downloaded one of our 1,400 "open source" documents—many of which are available in both Spanish and English.

Our outstanding clinical team worked hard, developing and updating hundreds of policies, procedures, infographics, and webinars. These valuable resources are accessible to all senior care providers, irrespective of their HealthCap® membership status. Furthermore, we take pride in having awarded 1,615 Continuing Education credits in 2023, a testament to our commitment to professional development. This recognition is backed by accreditations from both the American Nurses Credentialing Center (ANCC) and the National Association of Long Term Care Administrator Boards (NAB).

HealthCap® is 100% focused on effectively and proactively managing senior care claims. HealthCap® requires all incidents to be reported and we do not penalize our members for doing so.  The HealthCap® claim philosophy is to settle claims for the least amount possible, indemnity and expense combined.

The insurance industry has been plagued by high inflation for the past several years.  That includes all lines of coverage and all sectors of the economy.  Long-term care, post-acute care and senior living have not escaped that trend.  Rising jury verdicts have pressured insurers exposed to all lines of healthcare: hospitals, physicians and yes, senior care liability coverage. 

HealthCap® has been the most consistent underwriter of long-term care and senior living liability insurance for the past twenty plus years.  Our competitors come and go.  At HealthCap®, our understanding of the breadth of risks facing the senior care industry is constantly evolving.  We forecast another challenging operating environment for 2024, but one in which HealthCap® is positioned to thrive.

Protecting the people that provide the care®: At HealthCap®, we are proud of maintaining the discipline our mission demands.  By being an industry solution to an insurance problem, we enter each day engaged and energized to serve senior care providers across the spectrum and their residents and families.

HealthCap® provides professional and general liability coverage, on occurrence or claims-made forms, to the senior care sector across the country. HealthCap® consistently ranks in the top five by size as a liability insurer for these providers.  The unique hands-on, risk management and analytics-driven approach to the senior care space utilized by HealthCap® has consistently returned industry-leading results where others have struggled. A significant factor contributing to this success is the low claim frequency, facilitated by the team of specialists at HealthCap® focusing on risk selection, high-touch underwriting, and risk management, maintaining a

MESSAGE

CHRIS WRIGHT

iCare Management

RFMS, Inc.

RON WILSON

JEFF SCHADE

Peplinski Group

BOARD CHAIRMAN

JAY MOSKOWITZ

Vivage Quality
Health Partners

JANET HARRIS

Holland Management

JIM HAINES

American HealthCare, LLC.

SCOTT GANTON

Ganton Senior Living

BOARD SECRETARY

BOARD OF

DIRECTORS

SERVICES

MANAGEMENT

RISK

$72,000,000

$70,000,000

$68,000,000

$66,000,000

$64,000,000

$62,000,000

$60,000,000

$58,000,000

2023

2022

2021

PREMIUM

(CLAIMS PER EARNED SKILLED EQUIVALENT BED)

CLAIM FREQUENCY VS. PEER GROUP

(IN DOLLARS)

AVERAGE CLAIM SEVERITY VS. PEER GROUP

BY THE

NUMBERS