The allied health industry is defined as “a distinct group of health professionals who apply their expertise to prevent disease transmission, diagnose, treat and rehabilitate people of all ages and all specialties,” according to the organization of International Chief Health Professions Officers (ICHPO). There are hundreds of different types of allied health professions with over six million people employed in the allied health industry. Jobs in the allied health industry include; physical and occupational therapists, speech and language pathologists, radiologists, respiratory therapists, audiologist, phlebotomists, medical assistants and so many more.
Exponential Growth
According to the U.S. Department of Labor (DOL), the allied health care sector is projected to grow approximately 19% between 2014 and 2024, and is expected to add over 2 million new jobs overall. This growth is largely attributed to the country’s aging baby boomer population, and their desire to age at home as long as possible. Additionally, part of the allied health industry’s growth can be attributed to rapidly-evolving technology in the sector. New, innovative diagnostic and treatment options, more personalized in-home care and the ability to treat and monitor patients remotely through apps are making big changes in the healthcare landscape.
Convenience
Another big driver for the allied health care industry is the growing need for more convenient healthcare options. Travel and waiting times can be drastically shorter for allied health facilities, and allied health professionals are often able to make in-home visits so that patients don’t have to travel at all. As demand for more convenient options increases, more professional join the allied health industry to help meet patient needs. However, as more allied health professionals adapt their services to include traveling to treat their patients, their insurance needs change as well.
Liability and More
Similar to other health care facilities and agencies, allied health care organizations run the risk of professional liability claims. Claims most commonly result either from errors & omissions on the part of the healthcare professional or from unexpected adverse medical reactions that occur during services. Many allied health organizations are aware of some of the liabilities associated with their services, but could benefit from the expertise of an insurance agent who can offer specialized coverage for professional liability, general liability, employee benefits liability, sexual misconduct, commercial property, business auto, workers compensation and other key coverages. Because the allied health industry is rather broad, insurance agents should partner with a wholesaler that has expertise in the industry and can help them provide comprehensive insurance programs for a wide range of healthcare providers.
