The biggest issue facing most providers is being under significant financial pressure and not having the income or capital to sustainably improve their situation. This is particularly true for the largest part of the industry in the 1-7 facility range, which includes 90% of the industry or 749 of providers. Boards and exec teams are nervous about the future and investing large amounts in much needed building and systems upgrades are out of reach.
The Federal Government’s Business Improvement Fund (BIF) is aimed at improving provider governance and operations to ensure service continuity and longer-term sustainability through undertaking business improvement activities. The Business Improvement Fund will support small to medium sized residential aged care providers. Priority will be given to providers located in regional, rural and remote locations and to those that are facing financial decline which may impact on care to residents.
The first round of BIF grants invested over $80m of funds into small to medium providers of 2020 and 2021 and the second round of funding is now open.
The application process is quite straight forward but there are some tips and tricks to saving time and improving your chances of success.
With all the challenges facing aged care providers today, it is difficult to find the capacity to understand the process and put together a quality application, especially for smaller providers.
We have developed a process map to help clients understand what is required at every step, who is involved and what documentation is needed at each level of the application.
“It is definitely easier to get some help to put together a strong BIF application, especially from someone who has helped many others. We were successful and have now almost completed the implementation and investment of the funds.”Trevor Johnson,
Executive Manager Corporate Services
Clayton Church Homes
Here are our top 3 tips for success with your grant application:
- Get into the Business Advisory Service (BAS) process with PwC as soon as possible, this is a free service and is a pre-requisite to applying for funding
- Understand what you want to spend money on based on your priority list, the PwC BAS report and your allowable budget
- Put together the best grant application you can focusing on how the funds will improve your financial position.
“Mirus supported us with the application and also supported us with program management and compliance with the government requirements across the implementation.”Be Nguyen,
CEO of Greenhills/Hillside and COO of Tulich Group
We know this works. We have now helped more than 50 clients with applications to access more than $15 million in grants.
Round 2 Gov. grants are now available
Round 2 Gov. grants are now available to restructure & upgrade financial and IT systems. Read the full article on The Weekly Source.