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Aged Care Industry expectations over the next five years

Residents of Residential Aged Care Homes are predicted to want more…

Our ageing population is driving industry growth as people require more assistance with everyday tasks and personal care. The industry is in a growth stage in its life cycle and has performed strongly over the past five years. In response to demand the industry has expanded over the past five years to provide increased accommodation options and services, with flexible pricing supported by strong growth in government aged care funding, against a backdrop of structural reform.

A recent IBIS Report (IBIS World Industry Report Q8601 Aged Care Residential Services in Australia) noted that over the next five years it is expected that the age will rise of Australians entering aged care, as will their needs, creating new challenges for operators. Also as residents are asked to contribute more as we move to a more user pays model, they may expect greater care and services and a seamless transition through the different care stages.

Australian Aged Care Industry expectations over the next five years per IBIS Report Q8601:

  • Industry operators to expand offerings as industry shifts to more consumer directed & funded care.
  • Consumers to demand a more seamless transition through different care stages as they age.
  • Industry Revenue is expected to grow at an annualised 4.4% over the next five years, outperforming the economy over this period.
  • Industry consolidation will continue as private for profit players assume a greater role in the sector and seek greater scope and scale for increased profitability.
  • Longer life expectancies are likely to increase demand for care later in life, as will a projected increase in disabilities including dementia.
  • Retirement Villages are expected to become more widely accepted and viable.
  • The demand for continuous care in line with ageing-in-place policies will lead to Retirement Villages and Independent Living options becoming increasingly integrated and co-located to aged care facilities.
New business models will likely incorporate partnership elements as industry operators team up with allied health organisations including medical facilities, pharmacies and other professionals to complement their integrated care offerings.IBIS Report Q8601, April, 2017 p 9

Procura’s software for Aged, Community, and Disability Care Services leads the way in new advances in client management software for the industry. Procura currently serves facilities across Australia and New Zealand by improving efficiencies and productivity, reduces risk, takes advantage of all funding opportunities offered to providers, and overall ensures the highest possible quality of care for residents.

Technology will play a greater role in providing a better care.

In line with future trends, Procura also has an excellent exclusive eco-partner network that offers additional functionality such as electronic Medication Management, Wound Management, Data Governance and Analytics, AP automation and a full family client inclusive portal.

Procura Accounts Payable Automation – Monitor and automate your Accounts Payable processes with Procura Accounts Payable Automation, powered by Redmap. Enabling agility, traceability, accountability and reporting capabilities to help CFOs and Finance Managers make smarter informed decisions.

Procura Medication Management – Procura Medication Management streamlines the medication prescribing, pharmacy review and administration processes to reduce risk, confusion, errors and inefficiency, improving coordination between care facility teams. It provides a single point of profile-based access for all of a patient’s medications with reporting at facility and corporate levels. Ward stock control is managed with a comprehensive audit trail. Integration with all pharmacy, prescriber and facility software is available together with an off-line back-up system.

Procura Data Management & Analytics – Procura Data Management & Analytics powered by ZAP provides insights, data governance and improves outcomes for the management and care teams alike. With trusted analytics from quality data, one source of truth is delivered anywhere anytime, from all your data sources, fully integrated with Procura and your financial data. It provides a powerful tool for staff and managers, delivering improved analytical capabilities and empowering decision making as you control the data and how it is visualised to make it relevant and meaningful.

Wound Care Management – Wound Care Management by Pixalere is easy to use and integrates seamlessly, enabling clinicians and administrators to significantly improve patient outcomes and operational efficiencies. Proactive decisions can be made through precise, instant data. Customisable reports provide accurate insights into costs, outcomes, product performance, wound trends and more. Pixalere’s powerful wound care management tools ensure all patients are treated with the same education and support. Automated alerts can be set up to notify nurses when certain treatment parameters are not met, allowing early detection of patient deterioration and ultimately faster healing.

About Procura

Procura is part of Complia Health’s product portfolio, providing clinical, operational, and financial solutions for aged care services, home care and disability, independent living and residential aged care organisations. Procura is a fully integrated, back office residential services, clinical, community, disability and mobility solution that decreases costs, and enables providers to improve the quality of client care.

Our solutions provide a contemporary approach to the clinical, operational, and financial complexities of delivering long-term and post-acute care.

Speak to a Procura staff member today about how our solutions can be applied to improve efficiency and accelerate growth within your business.
Call T: +61 2 8035 8300/1300 684 479

References: IBIS World Industry Report Q8601 Aged Care Residential Services in Australia