At Marsh, our Aged Care Practice provides risk management services to a large number of aged care clients throughout Australia. As the aged care industry undergoes constant change, providers must keep up with the often competing demands of clients and their communities, families, regulators and financial stakeholders.
It is an uphill challenge - even with increased government funding, the industry faces the need to adhere to higher standards in property construction and maintenance; the labour intensity of the work necessitates more trained labour; people now have a longer life expectancy and delay entry into aged care, leading to higher care requirements, all of which contributes to higher risks to profitability.
The scale and speed of legislative reform in the aged care industry is unprecedented, impacting nearly every aspect of the industry – process, compliance, corporate governance, risk, revenue, expenses and profitability.
Accredited Aged Care Providers are now required to mould, change, develop and expand their risk framework and insurance program to accommodate the changing landscape presented by the industry in which they operate in, particularly as the Royal Commission into Aged Care Quality and Safety established in October 2018 is ongoing.
As we balance the needs of the clients and the overall aged care industry, and take into consideration the onerous legislative environment, we continue to provide accredited aged care providers with detailed risk management and insurance strategies.
Our solutions aim to improve operational resilience against risk, minimise the total cost of risk, reduce financial volatility and maximise the value of total spend whilst also helping you to work towards achieving your compliance requirements and assist to protect your reputation as an aged care provider.
Our Australian team is supported by the global Healthcare practice, which places more than USD1.25 billion in health care premium annually and serves clients across all sectors. This includes long-term care and senior housing hospitals, integrated delivery systems, academic medical centres, managed care organisations, clinical trial administrators and physician practice groups.
Our industry dedication brings innovative thought leadership to discuss and explore challenges faced by these organisations, e.g. rising medical malpractice claims, patient privacy and safety, pay standards, government regulation and funding changes, mergers and acquisitions.
Our commitment and ability to service the unique needs of the industry has seen our Australian client base grow significantly in the past four years.