With an ageing population and structural Government reforms fuelling growth for the Australian Aged Care Industry, the outlook for the Industry is positive (IBIS Report Q8601, Sept 2017) with overall profit increasing over the last five years and predicted to continue, despite rising costs and the industry move to a more user pays model.
Delivering quality of care to residents and embracing a culture of continuous quality improvement, while remaining financially viable is critical to success.
So what are the key factors for success? Here are the six key success factors for providers:
- Understanding and complying with government funding programs, legislation and regulations is essential for success. (IBIS Report Q8601)
As the Government moves to more regulation, rather than less, with more unannounced visits to audit facilities being planned, accreditation becomes a critical factor. Facilities must be licensed and accredited to receive government funding, which forms a significant part of revenue.
- Providing appropriate care in line with changing needs for aged care residents is vital. The entry age for residents is increasing, as is their social and economic status improving, changing the factors that are important to new residents. From improved quality of furnishings to ancillary services, new residents are often looking for more.
- Maintaining high occupancy rates is important. Maintaining waitlists and being able to match potential new residents care needs and preferences to the facility are fundamental.
- Maximising subsidies and funding streams is key. The ability to optimise and secure funding entitlements is critical to success.
- Access to a highly skilled workforce is imperative in a labour intensive industry. Attracting and retaining competent staff is essential to the smooth running of residential services. In an industry known for staff shortages and high turnover, it’s essential to provide effective training, excellent facilities and resources to retain staff.
- Economies of scale – “Aged care facilities must be large enough in terms of resident numbers to be successful” (IBIS Q8601). In recent years many facilities have increased the number of beds to improve economies of scale. Being able to off-set fixed costs across a wider number of residents is more cost effective.
With greater economies of scale more providers are able to improve efficiencies and lower costs by the introduction of new technologies, such as residential client management software that aids patient assessments, assists staff rostering and supports the administrative functions such as maintaining waitlists. Procura Residential Management is an expert and advanced aged care services solution offering comprehensive residential aged care management. Designed to capture all the necessary details from initial enquiry and application right through to admission and beyond, it enables the facility to manage resources with access to a single source of truth.
Procura’s Residential Management Software is designed to improve quality and compliance with Medicare and Legislative changes, and to exceed accreditation requirements. Funding is maximised and receivables can be effectively managed through Subsidy Reconciliation Auto Matching functionality. Bonds and RAD/DAP Management through the RAD/DAP Calculator ensure residential billing management is simplified, effective and timely. Quality staff are retained through a reduced administrative load enabling them to provide essential and improved quality care.
Speak to a Procura staff member today about how our solutions can be applied to improve efficiency and accelerate growth within your organisation.
Call T: 1300 252 922
References: IBIS World Industry Report Q8601 Aged Care Residential Services in Australia