Four in five providers are struggling to deliver the care clients expect and many say they will have to reduce services, staff and investment if financial conditions worsen, aged care CEOs say.
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The current aged care funding model is under significant strain, with more than 45 per cent of residential aged care facilities operating at a loss, according to StewartBrown’s quarterly benchmarking report.
There has been an 85 per cent increase in the number of applications to set aged care accommodation prices above the threshold compared to the previous year, the Aged Care Pricing Commissioner’s annual report shows.
The federal government has confirmed that money borrowed from the Pension Loan Scheme will not count as assessable income, in news that will be welcomed by people hoping to stay in their homes for longer or access home care while waiting for a package.
Immediate and sustainable long-term funding for aged care topped the list of issues at an industry event in Sydney this week.
Competition is strong with financiers and investors wanting to support the aged care sector, write Darrell Price and Matt Byrnes.
The Federal Government is investing $2.8 million in detailed business case planning for a project to further develop the My Aged Care gateway.
The revised residential care funding tool contains fewer and simplified questions, introduces a new therapy program for pain management and suggests external assessment options, the government-commissioned report released this week shows.
Changes to the residential aged care sector’s funding tool proposed in a government-commissioned report will be outlined at an upcoming industry conference.
Disability service providers facing increased competition and funding pressures in the transition to the National Disability Insurance Scheme are eyeing opportunities in new markets in a bid to secure their financial viability, a new survey shows.
The coming 18 months will be extremely challenging as all aged care providers adapt to a competitive market and cope with the changes to their revenue base, write Louise Greene and Fiona Somerville.
The financial performance of home care providers improved in 2014-2015, with 72 per cent of providers recording a net profit, up six per cent on the previous year.
The government has confirmed it will share “key parameters behind the modelling” of the $1.2 billion cuts to aged care funding announced in the 2016 Budget with stakeholders.
Not-for-profit aged care organisations can tap into their existing resources to develop additional services that generate sustainable sources of income, according to a financial services expert.