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Transforming the Pension Industry Based on Aged Care Quality Reports

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With the intensification of population aging, the importance of the pension industry has gradually been reflected. The purpose of this study is to find mainly challenges in the pension industry by analyzing the Australian Aged Care Quality Reports. In recent years, Aged Care Quality reports have played a positive role in improving the service quality of aged care institutions and strengthening risk management. This study found that the risk factors in the aged care quality report are the key factors for the upgrading of the pension industry. With the help of traditional text data analysis and mining methods, we can effectively provide new growth points and breakthrough links for the upgrading of the pension industry. This research found the upgrading of the pension industry in the construction of basic hardware and software facilities, the level of informatization and intelligence, the improvement of the quality of aged care services, the improvement of medical problems, and the training of professionals. The research methods proposed in this study are significant to the upgrading of the current pension industry.
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Volume 3; Issue 5
Scientific and Social Research, 2021, Volume 3, Issue 5
http://journals.innosciencepress.com/index.php/ssr
ISSN Online: 2661-4332
Transforming the Pension Industry Based on Aged
Care Quality Reports
Hongan Mu1, Ziwei Dai2, Manting Long2, Junru Xu2, Caihong Liang2, Tao Jiang2*
1School of Health and Social Care, Shanghai Urban Construction Vocational College, Shanghai 201415, China
2School of Humanities and Management, Guilin Medical University, Guilin 541199, China
*Corresponding author: Tao Jiang, tj290@uowmail.edu.au
Abstract: With the intensification of population aging, the importance of the pension industry has gradually been reflected.
The purpose of this study is to find mainly challenges in the pension industry by analyzing the Australian Aged Care Quality
Reports. In recent years, Aged Care Quality reports have played a positive role in improving the service quality of aged care
institutions and strengthening risk management. This study found that the risk factors in the aged care quality report are the
key factors for the upgrading of the pension industry. With the help of traditional text data analysis and mining methods, we
can effectively provide new growth points and breakthrough links for the upgrading of the pension industry. This research
found the upgrading of the pension industry in the construction of basic hardware and software facilities, the level of
informatization and intelligence, the improvement of the quality of aged care services, the improvement of medical problems,
and the training of professionals. The research methods proposed in this study are significant to the upgrading of the current
pension industry.
Keywords: Pension industry; Aged Care Quality Reports; Transforming
Publication date: November 2021; Online publication: November 3, 2021
1. Introduction
Due to its high-risk and low-return characteristics, the pension industry has brought many social problems
to many countries in recent years [1-3]. Many countries in the world have a monitoring and supervision
mechanism for the pension industry [4-6]. In Australia, aged care homes need to ensure that their service
quality matches the 44 expected results required by the government, and regulators regularly conduct
evaluations and spot checks of aged care services to determine their service quality [4]. In recent years, with
the outbreak of the Covid-19, many problems that are difficult to control have emerged in the pension
industry [1-3]. The problems exposed by the pension industry need to be resolved by improving their own
intelligence and informatization [7]. It is also necessary to analyze and summarize several focus points for
improving industry management from the existing literature [1, 8, 9]. Therefore, based on the text analysis
method of the existing aged care quality report, it is the key to upgrade the pension industry to refine the
channels and ways that can be used for industrial upgrading and improvement.
1.1. New challenges in the pension industry
With the outbreak of Covid-19, the pension industry in various countries has been severely affected [1-3]. At
present, the typical problem of the pension industry is that the traditional supervision model cannot be
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continued [1-3]. The epidemic prevention problem of large-scale aged care institutions is particularly
prominent, medical resources are in short supply to varying levels, and some aged care institutions even
have unmanaged problems [1, 7]. Fortunately, information technology has a certain basis for development,
and smart aged care services have developed to a certain extent, and more supervision can be achieved
online [4, 7].
How to maintain the normal operation of aged care institutions and ensure the quality of services under
the premise that the existing medical and financial resources are insufficient has become a major research
direction at present [8-10]. At present, some aged care homes have been unable to obtain sufficient software
and hardware upgrades for a long time, the problem of human resource shortages continues to exist, and
medical services need a long wait [4, 5]. However, the supervisory agency of aged care has lost the ability to
supervise on-site due to the impact of the epidemic. The more and more functions of the aged care institution
have begun to be unmanaged, restricted, and neglected [2, 3, 7]. The above problems urgently require aged
care agencies and aged care regulatory agencies to realize industrial transformation, abandon those
functions that are no longer available, and switch to a low-cost and high-efficiency model [1-3].
1.2. Transformation of aged care services
Under the premise that the existing aged care institutions cannot perform their functions, or have
insufficient capacity, or even temporarily lose their functions due to the epidemic, the management of aged
care organizations should think about how to provide more aged care services online at home [8-10]. Existing
aged care facilities will face difficult maintenance problems due to lack of funds, and the elderly in this
round of epidemics are more likely to be infected, which determines that aged care institutions become a
high-risk area [4]. In some countries, pension institutions even failed to pay attention to the necessity of
industrial transformation [1-3, 8]. Therefore, we need to summarize the methods and methods suitable for
institutional transformation based on the quality reports of the existing aged care institutions.
As a part of the future large-scale research, the main purpose of this research is to use small-scale data
testing to summarize the breakthrough points in exploring the transformation of the pension industry. It
used the mature data analysis and text mining methods in the field, and analyzed the data from the existing
comprehensive Aged Care Quality (AACQ) reports. The purpose is to explore and find efficient online
solutions to traditional problems by analyzing the past problems of the existing mature data.
2. Methods
We used a four-step process to extract and analyze data from these Australian Aged Care Quality reports:
(1) data sourcing and processing
(2) development, test and usage of a computer program for data extraction
(3) data labelling
(4) data analysis (Figure 1.).
2.1. Data sourcing and processing
The original data we sourced from the website of the Australian Aged Care Quality Agency
(www.aacqa.gov.au). To rule out the impact of the Covid-19, 2,876 copies of AACQ reports published in
the period of between March 8, 2015 and December 31, 2018 were downloaded, all in PDF format and each
is about 24 pages long. Comments and recommendations on the 44 expected outcomes was extracted and
loaded into an excel table for storage and further analysis. 2,876 records were transferred into text format
by name of homes.
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2.2. Development, test and usage of a program for data extraction
In order to better obtain data on the transformation of aged care institutions, we used the failed part of the
AACQ reports as the research object. We have developed an automated extraction tool that can
automatically extract failed family names, failed projects, and failed specific information. According to
previous studies, the failure cases in AACQ reports often represent typical problems of the real system, the
main aspects that need improvement, and the direction of future institutional adjustments. The specific
research process can refer to Figure 1.
Figure 1. Four-step of transforming the pension industry
2.3. Data labelling
Based on the needs of industrial entrepreneurship transformation, we classify the typical failure cases we
have received, focusing on failed homes, failed projects, and reasons for failure. And make an in-depth
interpretation of the reasons to obtain data on possible industrial transformation.
2.4. Data analysis
In the homes that have failed through text mining software, we will count the proportion of their failures
and the most common reasons for failure. Use association rules to analyze the cause of failure, if there is a
certain relationship between the existing data. At the same time, we will classify and summarize the most
common causes of failures.
For the problems exposed in the reports, we will use text mining tools to focus on the problematic parts,
and adopt the author group discussion method to summarize the exposed problems, and we try to summarize
the common reasons for failure, and then provide for the upgrading of the pension industry as constructive
suggestions.
Finally, we summarized the commonalities exposed by different test items. The reasons for the failure
may come from different projects, but they collectively revolve around a theme that affects the pension
industry. These exposed problems were matched and summarized, and recorded in the research results
section.
3. Results
3.1. Failures and changes for transforming
There were not as many failed homes as expected. Only 121 failed at least one item, and they failed in 698
1.Data sourcing and processing
2.Development, test and usage of
3.Data labelling
4.Data analysis
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outcomes in total. The ratio was 4.2%. Only 1.5 Planning and leadership failed in one of the 44 projects
used for evaluation (Table 1. and Figure 2.).
Typical failures recorded were 1.6 Human resource management 62 homes, 1.8 Information systems
44 homes, and 2.4 Clinical care 52 homes. 2.8 Pain management, 3.6 Privacy and dignity and 4.4 Living
environment have also failed in more than 30 homes.
Table 1. Reasons for failing in AACQ reports.
No.
Top six reasons for failures.
1
1.6 Human resource management.
2
2.4 Clinical care.
3
1.8 Information systems.
4
2.7 Medication management
5
4.4 Living environment.
6
2.13 Behavioural management
It is worth noting that long before the epidemic, 12 out of 2,876 homes had problems with 4.7 Infection
control. The Infection control related ‘4.8 The failure of Catering, cleaning and laundry’ services also
appeared in 25 homes.
3.2. Trends in the pension industry
Through the above analysis, we found that the services provided by the aged care services must meet the
following basic needs. Within the philosophy and level of care offered in the residential care service,
management systems are responsive to the needs of residents, their representatives, staff and stakeholders,
and the changing environment in which the service operates. Residents’ physical and mental health will be
promoted and achieved at the optimum level in partnership between each resident (or his or her
representative) and the health care team. Residents retain their personal, civic, legal and consumer rights,
and are assisted to achieve active control of their own lives within the residential care service and in the
community. Residents live in a safe and comfortable environment that ensures the quality of life and welfare
of residents, staff and visitors.
Figure 2. Failed in 44 expected outcomes.
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We found that the problems of aged care institutions often provide opportunities for industrial
upgrading (Figure 2). At present, the biggest problems facing the aged care services are often the
prevention and control of infectious diseases and cleaning problems. Then, before the outbreak of the
epidemic, the main challenges were infrastructure construction and information technology. Of course,
human resource management, clinical nursing, and pain management are also emphasized by managers.
Although the quality of services has been repeatedly emphasized before, in the context of the raging
epidemic abroad, how to maintain the operation of aged care services at a minimum cost has become a
major issue, and it is necessary to ensure that the prevention and control of infectious diseases adhere to a
relatively high standard.
4. Discussion
Our preliminary research found that in the past, the pension industry paid more attention to the improvement
of its own hardware and software facilities. Of course, the management of human resources is also an
important link. We found that the prevention and control of infectious diseases and cleaning problems have
appeared before the outbreak, and some homes have been in a state of disqualification.
Since most of the data were collected before the epidemic, the evaluation work of aged care institutions
during the epidemic was greatly affected, so the data in this study may have certain limitations. However,
this data still reflects some development directions of aged care institutions and even the entire pension
industry, such as improving their own service quality and informatization level. However, the data before
the epidemic still shows that a considerable number of homes did not pay attention to the prevention and
control of infectious diseases as early as before the epidemic, and did not have relevant response measures,
and there were serious problems in the cleaning of related pollutants.
The advantage of this research lies in the use of the complete data collected before the epidemic,
starting from the needs of the aged care services, and re-evaluating and analyzing the current transformation
path of the pension industry. The data used has hardly been affected by the epidemic, and can better show
the development context of aged care institutions.
The limitation is that the data of recent years is not used, so it does not represent the recent development
trend. However, in view of the impact of the epidemic, the quality assessment of aged care institutions has
been restricted or even terminated to varying degrees. It is difficult for recent data to be representative.
5. Conclusion
The purpose of this study is to analyze 2,876 copies of AACQ reports published in the period of between
March 8, 2015 and December 31, 2018, and use this part of the data before the epidemic to derive the key
factors for the upgrading of the pension industry. Through data analysis, we found the upgrading of the
pension industry on the construction of basic hardware and software facilities, the level of informatization
and intelligence, the improvement of the quality of aged care services, the improvement of medical
problems, and the training of professionals.
We suggest that the pension industry pays attention to the current mainstream industry upgrade paths
and channels. By interpreting the content of the report of risk households, a breakthrough can be found for
improvement and promotion.
Due to time and research method constraints, we did not conduct further matching and analysis of
related failure factors. This research is only a summary of the main points. Future research will analyze all
the details of failures that involve industrial upgrading in more detail.
Funding
Fund Project: Guangxi Bagui Scholars; Reasonable use of existing resources combined with anti-epidemic
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work to further enhance teachers’ online teaching capabilities (ZZSHJKYXY20001); The Risk
Management System for aged care services in Guilin (2021KY0501); ‘Big data driven management and
decision-making research,’ a major NSFC project (91646205); Health Education and Health Promotion (No.
3,2016) , the fourth major public health program in Shanghai; Shanghai Integrated Traditional Chinese and
Western Medicine Community Medicine and Health Management Research Project (SQ2)2019. Thanks for
Ziwei Dai, and Manting Long (Undergraduate student in 18 Marketing). Thanks for Junru Xu, and Caihong
Liang (Undergraduate student in 18 Public Administration). The corresponding author is Tao Jiang
Disclosure statement
The author declares no conflict of interest.
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