By Brandon Stokes | Published December 29, 2021
With 22 separate billion-dollar weather and climate disaster events in the U.S. in 2021, the impact on insurance cost and estimating has been significant1.
But there is now a storm after the storm to worry about. Adding to the climate disasters are the impact of recent supply chain delays as well as a competitive market for labor and skyrocketing prices on materials like lumber — that’s before adding in business interruption costs and lost revenue.
From a healthcare practice’s structure to the equipment used within the facility, many medical and dental offices come with their own considerations. Understanding how repair costs are calculated is more crucial than ever to keep expenses low when disaster strikes.
Our goal after a damaging storm is to repair quickly in order to get the business up and running again. But jumping the gun without a proper inspection of damages could cause more harm than good. The most important step on the road to recovery is the first one — the initial inspection of the damage.
A multi-layered approach is key here. Beyond the scope of the damage to equipment and property, this initial stage should include a deep dive into the healthcare practice itself. A factor to consider would be understanding which aspect of the practice is the highest priority.
In a competitive environment where construction resources are hard to come by – whether that be labor or supplies – understanding what the practice offers and how the insured client makes their money will help prioritize which parts of the practice need to be up and running again first.
Current supply chain challenges have put greater importance on this prioritization and require strategic resource allocation from the onset. The quicker experts can assess the damage, and the more information they can gain about the practice, the more strategic we can be with the repair timeline.
When assessing the medical office damage and determining the right approach for recovery, there are multiple factors that will impact the overall cost of the repairs.
1 CNBC “There are more reasons this year to check your homeowners insurance ahead of severe summer weather,” May 7, 2021.