Setting and publishing prices in line with the new reforms

While the aged care accommodation payment changes coming on July 1 require a bit of restructuring and thought, preparing isn't altogether difficult. Being aware of the changes involved in the update – and the best ways to integrate them – will ensure the best chance of a smooth transition.

Here are a few tips to setting and publishing prices before July 1. Doing so now will certainly mean less hassle closer to the date – for providers, staff and residents.

Price changes

The biggest change focuses on how payments are made – whether in a lump sum, periodic payment or a combination of either one. This payment restructure applies to new residents entering an aged care facility, regardless of the type of service they receive.

Providers can set prices based on the type of room used in the facility, but these prices will be required to be available to potential residents in advance. These new publications need to show the various new payment options, and make it clear for residents how each payment option works.

The key with this new documentation is ensuring it's available in all the correct locations. Pricing information needs to be uploaded on the MyAgedCare website, the facility website if applicable, and in all written documentation. This should be kept on site at all times, to be distributed when necessary.

Keeping updated

Prices can be changed anytime, including key features statements. This was designed to make it easier for providers to manage prices and features over the long term. For any changes over $550,000, approval needs to be sought from the Aged Care Pricing Commissioner.

In this case, it's a good idea to make sure adequate time has been left for the relevant considerations to be made.

Assistance

Mirus Australia is able to help aged care providers with this pricing transition, providing a readiness assessment and guidance on the best way to approach changes.

If you need help, contact the team today.