In this profile, we look at the free aged care search and comparison tool Care360 – awarded highly commended in the 2022 Future of Ageing Awards consumer experience category.
Care360’s innovative hybrid FinTech/HealthTech product provides a streamlined ‘care centre’ consolidating all of the financial and documentation management associated with the entire journey through aged care. The product helps families FIND, FACILITATE, FUND & FOLLOW their loved one’s journey into aged care. The free online aged care search and comparison tool and online budget estimator help families to understand the primary costs associated with aged care, particularly what their means-tested care fee is likely to be, and how much they can afford to spend on aged care accommodation, based on their particular financial circumstances.
Why it came about
Aged care is a significant social and financial stress globally, and Care360 was born from personal struggles associated with transitioning family members into aged care, experienced by the company’s co-founder Noel Lord. Technology and health informatics provide the answers to some of the supply-side issues to this building global crisis, but not the demand side – the consumers and their families. These families are stressed by the implications of a move into institutional care with opaque quality and the complex and high costs of care. Technology has the potential to transform the ageing process, making it a more positive experience for seniors and transforming the way in which they receive care and support as they transition into the final phases of life.
How it Works
Care360’s search and comparison tool allows families to search, select, compare and share aged care homes in order to easily come to a mutual decision about which facility is best suited to their loved one’s needs. Care360’s independent database of almost every aged care home in Australia means that each home receives an unbiased review and rating on the Care360 website, allowing families to make a thoroughly informed decision about which facility is best suited to their loved one’s needs. Care360 does not have any affiliation with any aged care home in Australia and hopes that in bringing more transparency to the industry, it will also bring about a much-needed change in the overall quality of care delivered by providers.
Care360’s innovative hybrid Health/FinTech product simultaneously addresses two of the aged care sector’s biggest challenges: the public crisis confidence, and the need for $50B+ in capital investment over the next 8 years alone.
Care360 is looking to leverage early innovations in infrastructure funding, enabling every family to fund aged care accommodation using capital deposits, without having to sell their assets. It will also provide the ability to manage the end-to-end payments and contractual complexity of aged care while allowing operators to manage their capital available for investment.
Evidence of success
To date, Care360 has helped over 40,000 users via the website www.care360.com.au to research aged care options. Initial B2B feedback has received extremely positive feedback from the facilities selected to participate in a beta trial. Care360 has also received glowing testimonials from users, and prominent community figures who support Care360’s goal to simplify and streamline the transition into aged care and make quality aged care accessible to all families.
Entries for the 2023 Future of Ageing Awards open May 1, 2023 – For further information.
Thanks to those companies who have shown their support for the awards through a partnership. They are listed below: