The 2014 Aged Care Approvals Round (ACAR) opened on May 24, with 9,330 residential aged care places available for allocation through the process.
Victoria is receiving the majority, with 2,671 places. Queensland follows with 2,625 and New South Wales with 2,420. The total number of new places in all states has an estimated annual recurrent funding value of more than $505 million.
Over $156 million was offered in zero interest loans for providers to build 986 new residential places this year, with the funding also set to make 257 provisionally allocated places operational.
Taking advantage of the ACAR system is a great way to make running a facility easier, due to the significant financial assistance.
The ACAR is a process conducted annually, and is designed to enable prospective and existing approved aged care providers to apply for new aged care places funded by the government. Additionally, financial assistance may be applied for in the form of a capital grant.
This 2014 round is a step forward for the aged care industry, as new places have been opened up for application. Over the next few years, the additional places should help the industry to meet the growing demand for aged care.
ACAR is the major funding round for the aged care sector, and helps to provide new aged care places to service providers though a competitive assessment process.
Further investments in the aged care sector will continue to be a necessity over the next few years, as resident numbers continue to grow. Systems such as ACAR are key to providing the necessary funding for the creation of new places.
While ACAR is a good option for providers, there are also other avenues you can take. If you're looking to ensure financial sustainability for your aged care facility, contact the friendly team at Mirus Australia today.