Additional funding is still needed to support providers during the COVID-19 pandemic
Rob Covino presents Mirus Industry Analysis (MIA), insights into the previous month’s key performance indicators across the not-for-profit, private providers, and the cumulative industry trends from the 89,000+ beds the Mirus Australia team currently monitors for financial sustainability.
The long-awaited Final Report has been presented to the Governor General after the Royal Commission into Aged Care was established on October 8th 2018 – 28 months later with 641 witnesses statements at hearings and over 10,500 submissions made.
Despite the great result achieved by the residential aged care industry in managing the COVID-19 pandemic, additional funding is still needed to ensure a financially viable industry.
In September 2019, providers were coming off a very weak base before entering the pandemic, achieving a deficit of ($1.69 pbpd). This figure would have increased to $5.06 pbpd, if the COVID funding supplement was not applied. With the targeted funding supplements applied through the Aged Care Funding model, the Stewart Brown Survey of Providers saw a return to surplus of $2.60 pbpd in September 2020.
Occupancies across the country have seen a marked recovery and improvement however, levels are not completely back to the target areas achieved prior to the pandemic.
There is much anticipation around Recommendation 47, which would require somewhere between $2.5 billion or $4.54 billion further funds to achieve the target staff times recommended for residential care.
Get insights for your own organisation against the industry data
Benchmarking & Insights allow you to compare your Average Daily Subsidy (ADS) to the industry average. You will also gain valuable insights into your ACFI/AN-ACC claiming activity and benchmarking to support your occupancy, revenue, and workforce strategies. What’s even better, is that it’s free.
About Mirus Industry Analysis (MIA)
We love numbers and we love data! With one of the largest Aged Care databases in Australia, each month we bring you MIA – a monthly wrap up of insights captured from data covering 89,000+ beds.
- Consumer choice is here. And to be competitive you need to understand your market. Click here for the Accommodation Pricing Report
- ACFI Advanced Course (online) available for April – to book now or for more information
- The Trust Series with Tom Murphy, Head of Workforce
- Have you missed anything? Workforce Diagnostic with the Mirus Team
Please contact us if you have any questions about this edition.
Thanks and see you next month!
Rob Covino + the Mirus Australia Team