The COVID-19 pandemic has had a dramatic impact on the way Americans get their healthcare. Not only did it accelerate the growth of telehealth services, but it also changed the landscape for inpatient/outpatient care as well. A rising number of providers are now operating smaller, more personalized treatment facilities, many with ten inpatient beds or fewer. This has also led to more widespread use of innovative new treatments for substance abuse, including the use of ketamine to aid in detox treatment–a treatment some insurers are reluctant to cover.
Even before the pandemic, many healthcare providers were expanding their services to include telehealth options, allowing patients to seek counseling and treatment for anxiety, depression, PTSD, and other mental health conditions through virtual visits. This greatly increased access for patients and made seeking treatment much more convenient.
During the pandemic, there was a surge in the use of telehealth services across the board. One of the areas that experienced the most rapid growth was mental health services, a trend that has continued in the wake of the pandemic.
Along with the anxiety and depression sometimes associated with social isolation, the pandemic also caused a surge in substance abuse, most notably opioid addiction–one of the most significant public health challenges of the 21st century that impacts millions of Americans. While the rapid expansion of telehealth services allowed for more flexible treatment plans, effectively treating more serious cases of substance abuse still often requires inpatient care, including detox treatment.
As the healthcare marketplace for substance abuse and mental health treatment has grown and evolved, so too have the risks and opportunities for healthcare providers, and their insurers. That’s why the expert underwriting team at Admiral Insurance is constantly following the trends and providing personalized insurance solutions to meet healthcare providers’ evolving needs.
Simplifying Expansions into Telehealth Services
Telehealth services are automatically covered in Admiral’s policy forms as part of healthcare providers’ professional services. This makes it easy for healthcare providers to expand their current offerings by adding telehealth services without having to worry about additional insurance costs.
Lower Minimum Premiums for Substance Abuse Facilities with Ten Beds or Fewer
Insurance options for smaller facilities can be hard to come by, and relatively more expensive than those designed for larger providers. This can make it hard for smaller facilities to compete with their larger counterparts. Admiral has expanded its offerings to help meet the needs of smaller providers with a new tiered system.
The new tiered system offers lower minimum premiums for facilities with ten beds or fewer. This includes detox treatment (except under anesthesia), and most other mental health and substance abuse treatments for facilities where the average length of stay is 90 days or less.
Coverage for Ketamine, and other Innovative Treatments
While some insurers may be hesitant to offer coverage for ketamine and other innovative treatments for substance abuse and mental health conditions, at Admiral, we believe insurers shouldn’t come between patients and their providers. While we use a wide range of criteria to evaluate risk exposure, off-label treatments can be highly effective, and we trust the healthcare providers we insure to adhere to the highest standards of care.
Work With the Experts in Liability Coverage for Healthcare Providers Our deep expertise in the healthcare industry helps us keep up with growing trends while minimizing risk exposure, providing healthcare professionals and organizations with the liability coverage that’s right for them. If you are a wholesale broker in need of an insurance partner, contact us to become an appointed broker. If you are a retail insurance broker with healthcare clients, connect with one of our wholesale partners to see how we may be able to help you reduce premiums or provide expanded coverage for your clients
