In 2016, CCI conducted a research project with Catholic aged care providers across Australia. This research has now been collated into a report and is available for viewing. We believe the results of this research will assist aged care operators with decisions relating to their risk and insurance programs, as well as an opportunity to benchmark themselves against other Catholic aged care organisations throughout Australia.
Through CCI Insights, we aim to conduct and support research projects that can be used to improve risk management and the provision of service for our clients. These findings are then shared with industry peak bodies to help inform policy directions.
The Catholic Aged Care Risk Report contains the following insights:
Current and future needs of Catholic aged care providers
Key challenges and emerging risks
Elements that support and hinder sustainability and growth
Critical factors in the financial viability of services in this sector
Tim Farren, our Aged Care Lead says: Aged care is a vital sector within the Church and the community. It's also a significant component of our client base. For CCI, undertaking research in the Aged Care industry is key to better understanding the needs, risks and challenges of clients, and the sector more broadly. From our research, we know that people management is one of the top rated risks facing aged care providers, and in particular the recruitment, retention, and balancing of agency and full time staff is also a significant challenge. This tells us we need to provide support in this area by creating healthy, safe and supported employment environments for staff. Our research group also highlighted that changes to the Aged Care Funding Instrument (ACFI) is the top rated emerging risk, however funding is considered to generally be available for development opportunities.
As an insurer, it is pleasing to note that the majority of our research participants have a risk management plan in place, and two thirds have a business continuity plan. Conversely, less than half of our recipients have formal arrangements with other providers to house residents in the event of an emergency. Our participants indicate they have a high level of confidence in the management of property related risks, however less than half of the participants had conducted a supply chain continuity risk review. These results indicate that CCI needs to work together with clients and the industry to provide better education around the impacts and consequences of emergency and supply chain risk management. In the future, we will look to address this via a series of education forums and also the development of a financial exposure modelling tool to enable accurate assessment of the impact of these type of risks.
The purpose of this report is to reveal the responses of the participants, providing industry bodies, aged care operators and CCI with valuable insights into the aged care sector, its people and its communities, and to assess and respond to their needs and concerns. The report will also ensure future issues for the sector are routinely considered for strategic development and business decision making.
Tim Farren Aged Care Lead, CCI
If you would like more information about this report, please contact firstname.lastname@example.org or call 1800 011 028.
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