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The National Disability Insurance Scheme (NDIS) makes for risky business, creating in one stroke a range of new traps and dangers which organisations must navigate.
Depending on your organisation’s readiness, the risks can endanger functions in every part of the business. Some risks are apparent to every stakeholder, while others are hidden in established routines and hard to identify. Understanding these risks and deploying mitigating strategies is critical in maintaining the health of your organisation, so more services can be delivered to those in need.
For disability services providers, the major risks which may affect an organisation include:
- Failure to effectively implement NDIS change management
- Service breakdown (not enough staff, system/IT failures)
- Difficulty retaining current clients or attracting new ones
- Staff retention (particularly given their relationships with participants)
- Reduced revenue (clients can’t get funding, a competitor takes your market share)
These risks are dangerous, but not impossible to manage with proper guidance and the presence of a comprehensive risk management plan. With an experienced adviser helping you along the way, both overt and hidden risks can be acknowledged, and management strategies put in place for dealing with each challenge as they arise. The process is not difficult, but in order to be effective, your risk management plan must be thorough, and continuously kept up-to-date.
A good risk management plan provides half the solution to any problems which will arise in your business, and receiving proper guidance in its development will help ensure that you are prepared in times of emergency. The NDIS and its new fee-for-service funding model presents a significant paradigm shift within the sector, and there is no time more urgent than now to ensure your risk management is equipped for the changes ahead.