<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2021 2021-09-20T14:22:57-04:00 <![CDATA[Compliance Reminder: Medicare Part D Notice Deadline Quickly Approaching]]> https://risk-strategies.com/knowledge-center/article/compliance-reminder-medicare-part-d-notice-deadline-quickly-approaching#When:17:30:31Z Each year, Medicare-eligible individuals can take advantage of an open enrollment period running from October 15th through December 7th. Employers that sponsor group health plans must provide a disclosure notice to Medicare-eligible employees prior to the start of the Medicare open enrollment period each year. This year, those notices must be distributed no later than October 14, 2021.

Below is a brief overview of what your organization needs to do to meet this compliance requirement.

  • General Purpose and Contents of the Notice: Entities that provide prescription drug coverage to Medicare Part D eligible individuals must notify applicable individuals…]]> 2021-09-17T17:30:31+00:00 <![CDATA[From 1986 to 2021: Private Equity Veterans Thrive in Hard Market]]> https://risk-strategies.com/knowledge-center/article/from-1986-to-2021-private-equity-veterans-thrive-in-hard-market#When:19:26:06Z 2021 has proven to be a banner year for Mergers and Acquisitions (M&A). Activity is thriving with companies scrambling to cash in on the boom. But buyer beware: we’re in a hard insurance market to backstop those deals, ripe with challenges not seen since 1986. 

    After an abrupt and short lived pause in 2020 due to the pandemic, M&A activity quickly rose to historic levels in Q3 and Q4, with a three-year high in transactional volume ($168 billion to be exact) representing a 90% increase since 2019. This confluence of circumstances shook many underwriters, insurance brokers and private equity specialists’ staff to their…]]> 2021-09-09T19:26:06+00:00 <![CDATA[The Other Side: The Pandemic Rattled the Health Care Industry and Moved It Forward]]> https://risk-strategies.com/knowledge-center/article/the-other-side-the-pandemic-rattled-the-health-care-industry-and-moved-it-forward#When:20:34:25Z The COVID-19 pandemic pushed the health care industry to its limits as providers, hospitals, and those who insure them worked to adapt and serve patients. To gain a full understanding of the pandemic’s transformative impact on the industry, including key liability concerns, I spoke with Phil Foster, Chief Risk Officer at CommonSpirit Health. CommonSpirit is a Risk Strategies client and one of the nation’s largest health care systems, including over 140 hospitals, many of which were “stressed to the max” from an operations standpoint at the pandemic’s height.

    Foster has overseen CommonSpirit Health’s enterprise risk management program throughout COVID-19 and…]]> 2021-09-07T20:34:25+00:00 <![CDATA[Avoiding and Surviving Heat Related Illnesses]]> https://risk-strategies.com/knowledge-center/article/avoiding-and-surviving-heat-related-illnesses#When:15:33:23Z Climate change and extreme heat is one of the leading causes of weather-related deaths in the United States. This summer has seen dangerous heat waves develop across the entire country putting employees and individuals participating in out-door activities at risk for heat related illnesses. Once rare in much of the country, persistent extreme heat climate events are now increasingly common. This past July, for instance, has been logged as the world’s hottest month ever recorded.

    Heat related illnesses such as heat exhaustion and heatstroke can be life threatening. Life-threatening events can occur in relatively short timeframes as individuals often miss…]]> 2021-09-01T15:33:23+00:00 <![CDATA[ARPA Deadlines and New CHIP Notice: Employee Benefits Compliance News]]> https://risk-strategies.com/knowledge-center/article/arpa-deadlines-and-new-chip-notice-employee-benefits-compliance-news#When:15:15:56Z While many employers have started to turn their attention to their upcoming Open Enrollment season, some recent developments regarding compliance requirements should not be overlooked. To ensure your organization doesn’t lose sight, below are brief overviews regarding two notice requirements that may need attention.  

    • ARPA: COBRA Subsidy Termination Notice Reminder

    Under the American Rescue Plan Act (ARPA), certain individuals who lost group health plan coverage as a result of an involuntary termination or a reduction of hours may have been eligible for COBRA premium assistance.

    This subsidy is scheduled to end on September 30, 2021.

    However, employers…]]> 2021-09-01T15:15:56+00:00 <![CDATA[The hurricane has passed. What are the next steps?]]> https://risk-strategies.com/knowledge-center/article/the-hurricane-has-passed-what-are-the-next-steps#When:20:38:30Z You need to resume operations, but you need to do so safely, taking smart actions to prevent further damage to your people and property. You also need to document damage and report it to the right people. Here are some key considerations and steps to take in your post-Hurricane recovery and remediation efforts:

    LIFE SAFETY - Wear personal protective equipment (gloves, goggles, rubber boots, mask, long sleeves and pants) to protect against exposure to mold or bacteria. Do not use electrical equipment that is submerged in water, is wet, or if you are standing in water. Clean and disinfect everything…]]> 2021-08-30T20:38:30+00:00 <![CDATA[Prep Alert - Hurricane Ida Targets Louisiana]]> https://risk-strategies.com/knowledge-center/article/prep-alert-gulf-storm-targets-louisiana#When:19:35:35Z The 2021 Hurricane Season is well underway. Hurricane Ida  has formed and is projected to strengthen as it moves into the northern Gulf Coast, threatening damaging wind and rain from the Florida Panhandle to the upper Texas Coast. If you’re in a hurricane prone area or in the path of a projected landfall, and haven’t already taken steps to prepare, it’s time to get busy. Here are a few ideas and resources to guide your efforts:

    1. Track the forecasts – You’ll need the latest information to know when to act. Improved forecasting technology makes following storm movements and anticipated track…]]> 2021-08-26T19:35:35+00:00 <![CDATA[Ongoing Driver Shortage Should Prompt Incentives Rethink]]> https://risk-strategies.com/knowledge-center/article/ongoing-driver-shortage-should-prompt-incentives-rethink#When:16:50:00Z The transportation industry has endured a driver shortage for years, but the pandemic pushed it to an extreme, especially in the DSP, 3PL, courier, and last mile delivery space. To stay competitive and stay in business, delivery companies must consider shifting their approach to recruiting and retention.

      Factors Intensifying the Driver Shortage

      Many drivers found that it is simpler and safer to collect unemployment and stimulus checks than drive delivery vehicles. At the same time, the pandemic interrupted the schedule of key commercial driving schools.

      Previously, drivers who completed training at one of these major schools were hired to drive…]]> 2021-08-24T16:50:00+00:00 <![CDATA[The Five Things You Need to Prepare for Cyber Renewals]]> https://risk-strategies.com/knowledge-center/article/the-five-things-you-need-to-prepare-for-cyber-renewals#When:19:03:45Z An insurance renewal is a great moment for assessment – what you’re doing well as an organization, things that are accelerating growth, coverage that is protecting your business, and areas where you may be lacking. This is especially true in the current hard market for cyber insurance. Carriers are being far more discerning and digging into controls to ensure that you’re making smart, proactive decisions to prepare for potential incidents.

      In advance of your next renewal, we’ve identified five critical measures you need to implement to navigate a challenging market and control costs while maintaining comprehensive coverage.

      1. Multifactor…]]> 2021-08-20T19:03:45+00:00 <![CDATA[Hurricane Henri – Prep Alert]]> https://risk-strategies.com/knowledge-center/article/hurricane-henri-prep-ale#When:14:25:45Z The 2021 Hurricane Season is well underway. If you’re in a hurricane prone area or in the path of projected landfall, and haven’t already taken steps to prepare, it’s time to get busy. Here are a few ideas and resources to guide your efforts for the upcoming hurricane season:

        1. Track the forecasts – You’ll need the latest information to know when to act. Improved forecasting technology makes following storm movements and anticipated track easy. The National Weather Service and The National Oceanic and Atmospheric Administration’s National Hurricane Center should be your primary resources.

          …]]> 2021-08-20T14:25:45+00:00