With the presidential election on the horizon, nonprofit healthcare, human services, and behavioral health organizations must prepare for potential policy shifts that could impact their operations. Anticipating these changes and adjusting your insurance coverage accordingly can help safeguard your organization. Here are key areas to consider when preparing for potential election-driven changes.
- Regulatory shifts
Election outcomes can bring significant changes in healthcare laws, Medicaid funding, and employment regulations. These shifts may introduce new compliance requirements or affect the structure of existing insurance coverage, particularly in non-profit sectors that rely on federal funding.
What to consider: Regularly review your insurance policies to ensure they’re aligned with current and potential future regulations. Stay updated on changes to Medicaid, mental health parity laws, and any new obligations that could impact your risk exposure.
- Medicaid and federal funding concerns
Non-profits providing healthcare and behavioral health services are often dependent on Medicaid and other federal funding sources. Adjustments to Medicaid reimbursement rates or funding mechanisms could affect cash flow and the ability to continue service delivery at the same level.
How to prepare: Consider conducting a financial risk assessment to understand how changes in funding might impact your operations. Ensure your insurance program includes coverage for strategic risks, such as Directors & Officers (D&O) liability insurance, to protect your leadership and board from any financial instability.
- Workforce changes
Changes to federal labor laws and healthcare mandates could have a direct impact on employee benefits, wage regulations, and workers’ compensation requirements. Non-profit organizations, especially those in human services, need to stay compliant while managing these costs.
What to consider: Reassess your workers’ compensation and Employment Practices Liability Insurance (EPLI) policies in light of possible shifts in employee regulations. Make sure your coverage is robust enough to handle potential legal changes and to protect against employee claims.
- Telehealth and remote services
The use of telehealth services has grown exponentially, particularly in behavioral health. However, post-election changes to telehealth regulations could affect how organizations deliver services and what kind of liability coverage is needed.
How to prepare: Ensure your professional liability and cyber liability policies adequately cover telehealth services. With more patient data being handled online, cybersecurity risks also need to be carefully managed to stay ahead of evolving threats.
For a personalized risk assessment and tailored insurance solutions for non-profit organizations, contact Jim Baker at Marsh McLennan Agency.
