ACSA has welcomed changes to funding in the 2014 government budget, but concerns still remain for the future of the industry.
Following July 1, a number of changes are coming to the aged care sector that should make operations more efficient.
Understanding your standing in the market is important to remain competitive – especially in a growing industry.
The key financial terms need to be understood for businesses, including current assets, amortisation and benchmarking.
The federal budget was announced on May 13, bringing a number of required changes to the aged care sector.
Financial policies and procedures should be put in place as aged care facilities grow. These documents are extremely useful.
The medical research industry is set to receive a substantial funding boost over the next few years, providing benefits for aged care residents.
EBITDA is a useful metric to evaluate business profitability, but should not be used to estimate cash flow due to the potentially negative financial impacts.
Well-prepared budgeting needs to become a primary business consideration, especially given the need to track finances.
Run rates should become a consideration for aged care providers, especially thanks to the benefits gained through use of the financial system.