The best way for an aged care provider to succeed is through evaluation of competitors, understanding both their prices and services. This isn't a process restricted to aged care, as competitor comparisons are an absolute necessity in every business sector.
When conducting the initial research process, evaluate what services other providers have to offer, their prices for accommodation and extra services. Following this, providers need to begin inward analysis, finding out their own market standing, strengths and weaknesses.
Once familiar with both competitor services and those offered internally, providers can focus on improvement.
Alternatively, a provider may opt to use benchmarking services as part of the optimisation strategy. Mirus Australia, for example, can compare your operations to like-for-like facilities and comprehensive industry data.
Benchmarking can also allow a provider to see how industry changes impact the organisation, identify areas that need operational improvement and focus energy in the most effective areas. With staff numbers continuing to grow, a clearly defined focus is a highly effective tool.
Additionally, with a clear understanding gained through a service such as benchmarking, providers can better market their services to potential residents and set prices competitively.
In the past, benchmarking was an expensive and time consuming process, as data would have to be manually entered into a spreadsheet for calculation. Following this, providers would have to wait for reports to be generated.
Now, benchmarking can be automated through third party providers. Mirus Benchmarking & Insights collects data directly from Medicare, ensuring no inaccuracy from data entry. In addition to this, the reports are free – covering five years of data and more than 50,000 beds.
This combination makes it extremely comprehensive, putting facility operators in the best position moving forward.
Providers should continually assess new market competitors, in order to better improve internal facility operations.