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 average amount of unspent home care funds held by providers has increased by around $1000 in the last year to just under $7000 per client.
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 deadline for aged care stakeholders to register interest to attend the Hobart or Darwin forums on the impact of new approaches to allocating residential places has been extended until the end of the month.
The amount of unspent home care funds being held in provider bank accounts has hit almost $600 milllion.
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.
The average amount of unspent funds per home care package client has hit almost $7,000 and total unspent funds are likely to reach $600 million by the end of the financial year, a key financial analysis shows.
Regulatory changes and funding pressures have led to the “disturbing statistic” that more than 42 per cent of residential facilities are operating at loss, StewartBrown says in its half-yearly report on the financial performance of the aged care sector.
The residential aged care occupancy rate hit a 10-year low last financial year, new government figures show, but the rate finding is at odds with a key industry report.
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.
Daily payments were preferred over lump sums to pay for residential aged care accommodation in 2016-17, the first time since the 2014 reforms, the sixth Aged Care Financing Authority report shows.