IQ Group announces new arm
IQ Group has launched IQ Life as part of its plans to expand reach and focus on health and aged care providers.
Superannuation consultancy IQ Group has announced the launch of IQ Life, a consulting service for health and aged care providers.
IQ Life will create a bridge between retirement funding and retirement living so that older Australians can receive coordinated care.
The service hopes this can help providers navigate increased demand, rising costs, an ongoing workforce shortage and an increasingly complex regulatory environment.
IQ Life chief executive officer Brian Peters told Australian Ageing Agenda they decided to launch the new arm because they believed in a “whole of retirement approach.”
“The areas – aged care and associated services, including health – are undergoing transformational change, which is placing some providers under considerable strain. For others wanting to navigate and prepare for demographic, regulatory, and financial changes in the future, it cannot be easy to know where to start,” he told AAA.
“In a recent conference, I said it was like keeping the lights on while raising the roof. We believe in our experience in transforming massive industries [including] superannuation and health and can offer valuable assistance.”
He said IQ Life would help providers navigate increased demand for aged care and rising costs through three basic strategies:
- understanding cost to serve
- decision-making in technology and operations that give greater ability to adapt
- understanding customer, client, member, resident experience.
“These are the basics when we see the significant changes that will occur in how we consume services in this area and have what are likely to be very different from the past expectations of aged care into the future,” Mr Peters added.
IQ Life can also help with operational efficiency, the application of technology, AI, data, and regulatory compliance reporting.
“It is essential to think more broadly about the complexity that aged care and health services will face before we retire. Our focus is on the success of the organisations we support. This transformation is essential to us,” Mr Peters told AAA.
He added that dignified retirement is a shared responsibility.
“IQ Life exists to empower those who make it possible – the health and aged care providers at the frontline of change,” he said.
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