Mirus Industry Analysis (MIA) February 2021

March 25, 2021 | Aged Care Management

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.

Revenue management

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.

Admissions management

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.

Workforce management

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.

https://vimeo.com/530215530

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.

Click here to benchmark your facility today.

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.

Further resources

Please contact us if you have any questions about this edition.

Thanks and see you next month!

Rob Covino + the Mirus Australia Team