The financial performance of residential aged care facilities has declined further despite this year’s one-off funding boost, a new industry report shows.
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The revenue of three-listed aged care providers has increased but so have costs including for the aged care royal commission, StewartBrown’s latest analysis shows.
The residential aged care sector is continuing to experience ongoing financial challenges, according to the latest data from StewartBrown’s quarterly benchmarking report.
The Department of Health is calling on aged care providers and peak bodies to complete a survey about unused residential aged care places.
The proportion of aged care facilities operating at a loss has increased by more than 11 per cent over 12 months with those in rural and remote areas faring the worst, StewartBrown’s year-end report on the financial performance of the aged care sector shows.
The home care sector has experienced a more than six per cent decline in profitability over the last year as providers continue to accumulate a growing mountain of unspent funds, a key financial report has found.
There needs to be greater financial transparency of all aged care providers receiving taxpayer funds plus a stronger focus on the financial sustainability of the sector, a Senate inquiry has heard this week.
Amid increasing attention on unspent funds in home care packages, the latest StewartBrown industry benchmarking data shows average amounts continue to increase.
The results for the nine months ending 31 March 2018 indicate the financial performance of residential aged care facilities is continuing to deteriorate, StewartBrown’s new quarterly benchmarking report shows.
Uncapping the daily care fee is the best option for boosting the declining revenue of residential aged care organisations, an aged care consultant tells AAA.
Residential aged care providers should look at introducing additional services in order to cover the funding shortfalls in everyday living expenses and care, a leading consultant says.
Reducing dependence on government funding, scale, efficiency and brand are all essential to provider sustainability in the home care market, says financial consultant.
Contrary to media reports of big profits for providers, the rate of increase to the costs of care is greater than the increased ACFI subsidies being received, while the current accommodation results are not financially sustainable, writes Grant Corderoy.
In the consumer-led aged services environment, reputation will “make or break” aged care organisations, a leading management consultant has said.