Residential aged care providers should be able to decide whether they charge a lump sum or a daily payment as part of strategies to manage prudential risk, according to advice provided to the government.
Also in this wrap: Bruce Bailey joins RSL LifeCare board; Lynn Weekes to step down from NPS Medicinewise; and new commissioner on board at ACNC.
Reducing dependence on government funding, scale, efficiency and brand are all essential to provider sustainability in the home care market, says financial consultant.
Single facility operators tend to get a better overall financial result than providers that own multiple sites, while two beds per room isn’t necessarily a hindrance to financial performance, ACFA report finds.
With providers and consumers getting used to the 1 July changes, analysts are determining the new lay of the land in aged care finances. Ruth Callaghan reports.
Stakeholders have supported the Federal Government’s agenda for the next stage of aged care reform, but they have called for protections for vulnerable seniors, particularly in rural and remote areas, and constructive engagement with the sector to flesh out the details.
While there has been broad praise for Senator Mitch Fifield’s speech on Tuesday in which he outlined the government’s plans for future sector reform, stakeholders have noted his comments around the higher accommodation supplement with some concern.
No organisation wants to be faced with closure, and no community wants to lose its local aged care facility, but that’s where many aged care providers could find themselves if they fail to adapt, leading experts tell AAA.