When there’s no more fat to cut, boosting revenue is the only way to improve the bottom line.
As successive StewartBrown reports keeping telling us – most aged care facilities are struggling to break even.
For the 12 months ending June 2020, 58 per cent of homes recorded an operating loss and 32 per cent reported a cash loss, Stewartbrown found. And that was with the COVID-19 funding boost. While a new funding model is on the horizon, providers cannot afford to wait.
In the next issue of Australian Ageing Agenda magazine, we look into the financial side of residential aged care. In particular we will canvass ideas on how providers can improve their situation including through selling additional services.
We will speak to experts and providers about new and successful strategies for:
- increasing revenue
- decreasing costs
- finding operational efficiencies
- implementing additional services that pay.
The many shortcomings of food and nutrition in residential aged care have been a popular topic at aged care royal commission including high rates of malnutrition and bland meals.
This most important area of aged care service delivery is also sure to feature in the final report of aged care royal commissioners Tony Pagone and Lynelle Briggs.
Next issue, we will delve into some of the initiatives underway that aim to help all in the sector deliver nutritious and delicious meals and snacks to aged care residents.
Exercise, rehabilitation, wellbeing
The importance and current lack of evidenced-based allied health in residential aged care has also been under the spotlight of the aged care royal commission.
The area also featured strongly in Counsel Assisting’s final submissions to the aged care royal commission in October as well as its special report on COVID-19.
We will speak with practitioners, researchers and providers about some of the innovative and evidence-based approaches already in play.
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