Convalescent Center Lowers Workers’ Compensation Premium
With A Comprehensive Solution
Hartsville Convalescent Center is a 95-bed skilled nursing and convalescent facility located in Tennessee. The facility has 80 employees and, like other small businesses, it has had to weather a tough economy, the increasing cost of regulatory compliance, and rising insurance rates.
“Cash flow is a huge factor for any small business, particularly those with very tight margins,” observes Scott Becht, Hartsville Convalescent Center’s chief financial officer. “When our workers’ compensation insurance policy came up for renewal in February, I saw the figures and knew we had to find another way.” The nursing home’s projected annual premium of over $41,000 also required an up-front deposit of more than $14,000. “This presented two problems,” says Scott, “the size of the premium and the substantial premium deposit — both of which have a large and immediate effect on cash flow.”
However, Hartsville Convalescent Center discovered it not only had another option to obtain coverage — but also could save money and time in the process.