Risk Management and Insurance Solutions for Healthcare Institutions

Healthcare providers today face evolving, complex, and interconnected risks. From an ageing population living significantly longer, rapid advancements in technology, the challenge to attract and retain talent, concerns over privacy and the importance of patient experience – the pressures are significant.

In this time of fiscal pressure and volatility, Aon has established a Health Practice Group consisting of industry specialists whose experience and expertise enable us to provide tailored and innovative solutions to the Australian healthcare industry. Striking a balance between delivering operating profitability and outstanding patient care and clinical outcomes, we work hand-in-hand with organisations to address specific needs in the most effective way.

We find that risk needs to be treated like a preventable illness. By empowering clinical, commercial and community health outcomes through insight driven risk decisions, we can lower costs, optimise assets and minimise liability, while also unlocking workforce potential. With consultation, benchmarking, education, management strategies and mitigation, we work beside organisations as partners, sharing our experience and insights for optimal results.

Client focus
Aon has developed a client base representing approximately 70 per cent of the Australian healthcare industry including private hospitals, day surgeries, medical centres, aged care and retirement villages, IVF clinics, medical colleges, clinical trial and research institutes. This has enabled us to develop specific expertise in the healthcare industry and to build our resources to best service the industry’s needs.

Industry expertise
Aon can support healthcare providers across the entire risk and people spectrum - from risk identification, quantification, mitigation and transfer through to claims advocacy and support. Our specific areas of expertise include:

• Insurable risk transfer
• Enterprise wide or insurable risk profiling
• Quantitative modelling and loss analysis
• risk retention analysis
• Development of alternative risk transfer solutions
• Benchmarking
• Workers’ compensation consulting and solutions
• Captive management
• Medical Indemnity Act compliance
• Claims and incident management
• Due diligence for mergers and acquisitions

While no industry is truly immune to cyber risk, the healthcare industry is particularly vulnerable due to the extensive amounts of personal and sensitive information collected and stored on healthcare provider systems. Any breach of customer health records could be financially significant, with average costs to an organisation in Australia being $276k to detect and recover after an attack,  not including data breach fines of up to $2m. in addition to the above expertise, Aon’s Cyber Risk Solutions group proactively assist health organisations and practises with their incident readiness and developing crisis incident response plans.

Why Aon?
At Aon, we bring together our data-driven insights as well as the experience of our team and the wider health community to take a holistic approach to your risk through consultation, benchmarking, education, management strategies and mitigation.

By balancing price and protection, our clients are given the insights and tools to drive performance and profit, which allows them to reinvest in patient care and growth.

To learn more about our healthcare insurance solutions (including insurance for hospitals, insurance for health clinics and insurance for healthcare professionals) contact us today.