Procura Shares in Industry Growth
Over the past five years, the Aged Care Residential Services Industry has expanded and grown in response to strong government funding, new regulations and a more consumer driven, market-based system and is expected to reach 19.8 billion revenue through 2016-2017. This was revealed in a recent evaluation of the Australian Aged Care Industry by IBIS. (IBIS Report Q8601 April, 17) The Report provided a positive outlook for the industry with an increasing demand from an ageing population fuelling growth and expansion. A predicted fall in the 10-year bond rate is expected to reduce the cost of funding for improving and expanding facilities, enabling further expansion. The report also indicated the industry is in a growth phase of its life cycle with government structural reforms aiding this growth.
Industry revenue is forecast to increase at an annualised 4.4% over the five years through 2021-2022 to reach 24.5 billion. IBIS Report Q8601 April, 17
Consolidation has been a feature of the aged care residential industry sector over these past five years through acquisitions and new developments. This has led to the growth of some of the major companies in the number of facilities owned and the capacity of the facilities. A number of major companies were identified in the IBIS report including Blue Care, Allity, Opal, Japara, Aveo, Regis and BUPA.
Procura is proud to note that over nine of the fourteen major providers of the sector named in the IBIS Report, partner with Procura Software utilising Procura’s integrated client management for improved outcomes for quality client care and organisational sustainability.
This achievement is an example of the continued year on year growth and success Procura has experienced, backed by excellent delivery and leadership teams, which continues to help Procura thrive in a rapidly changing industry. Procura’s client base has grown considerably in recent years and includes many providers from the top 100 aged care organisations nationally.
Procura has a robust and innovative roadmap, directing continual investment in research and development (R & D), to advance the technology of Procura Software to meet the growing industry needs. Procura’s suite of products are built with the flexibility and comprehensive functionality to handle the most complex and diverse requirements thereby driving multiple business lines, funder types, and geographies, all while addressing differing sets of regulations. In addition, Procura has an excellent exclusive eco-partner network that offers functionality such as: electronic Medication Management, wound management, data governance, AP Automation and a full family client inclusive portal.
Procura’s next generation web-based Procura Clinical Care Software product is designed to enhance user experience and provide quick clinical content development with improved communication between care staff. Procura Clinical Care will enable aged care residential providers to streamline processes and deliver better outcomes for residents, utilising the latest technology.
Procura Residential Management software is an expert and mature aged care services solution offering comprehensive residential aged care management from initial enquiry and application right through to admission and beyond. It uses a Single Health Record approach; manages complex financial information including billing, bonds, subsidy management, e-business integration with Medicare and enables analysis and essential reporting that leads to increased efficiency.
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 modern, business-forward approach to the clinical, operational, and financial complexities of delivering long-term and post-acute care.
You can view further details on Procura’s web site at www.procura.com.au
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 (April 2017)