By Tom Murphy, Consultant – Mirus Australia
Imagine you’re driving. You know how the car works, when to accelerate, when to turn and when to brake. You have complete control. Now imagine you’re doing this blindfolded. What’s ahead of you? Do you know how fast you’re going? Where’s the next turn?
When it comes to financial performance, not knowing where you’re going is a daunting prospect but is one that can be overcome.
Everything that happens in your industry affects you. Rate changes, shifting submission requirements and unpredictable reform changes; the Aged Care journey is not straightforward and requires some incisive financial planning. More importantly, with the added benefit of industry insights you can adapt your plan and make sure it fits the road ahead. The changes in the Aged Care sector affect providers big and small: they are unpredictable and inevitable. Learning how the industry reacts to these forces and how you fare, means you are prepared for future change.
What should you be looking for?
Measuring your organisation against your peers and industry standards helps identify areas in need of operational improvement. Benchmarking helps focus your direction in the most efficient and productive way possible.
Recognising and understanding Industry Trends helps you stay ahead of the impact industry changes have on Average Daily Subsidy, for example. This in turn supports you by helping you to better adapt to new challenges.
Finally, an unbiased Industry View gives you a comprehensive opinion on the state of your sector. An objective view presents you with the facts. This is beneficial as it allows you to analyse and act upon them.
So why care?
Operating any business without industry insights is hard, but equipped with the right knowledge you put yourself back in control. And if you’re starting to feel nothing is going right, go left.
Please don’t hesitate to get in touch if you need help going left or for a copy of the Mirus Industry Insight report…