Revenue sees positive growth, occupancy slips back
Rob Covino presents Mirus Industry Analysis (MIA), a series of monthly insights into the key performance indicators and cumulative industry trends from the 90,000+ beds we monitor for financial sustainability.
Welcome to the June 2023 edition of Mirus Industry Analysis (MIA).
Over the May period, the industry revenue further rose to $224.09, representing a positive increase of $1.04. While there was a slight decrease for the specialized homeless category, overall the revenue changes signify positive growth with most categories experiencing an upward trajectory.
We saw a notable decrease in occupancy rates from 89.21% in April to 87.50% in May, resulting in a change of -1.72%. This suggests potential shifts in demand or utilisation within the industry. Analysing the reasons behind these changes can help us adapt our strategies to optimise occupancy and manage our planned direct care minute averages to avoid overspend.
Total direct care minutes per resident saw a slight decrease from 185.18 in April to 184.15 in May. RN Minutes also experienced a minor decrease from 31.04 in April to 30.98 in May, reflecting a change of -0.18%. These changes may signify shifts in the allocation of workforce resources or adjustments in service delivery within the industry.
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About Mirus Industry Analysis (MIA)
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 90,000+ beds.