The aged care sector is seeing an ever-increasing number of resident each year, with numbers set to continue rising over the next few decades. This growth will require aged care facilities to undergo significant changes, including keeping homes to a high standard.
To ensure aged care providers are focused on refurbishing existing aged care facilities, changes have been put in place in regards to the accommodation supplement.
Under these amendments, the accommodations supplement for supported residents living in both new and substantially refurbished homes has been increased (a 55 per cent increase, bringing the total to $52.00 per day).
In addition, the fixed accommodation charge has been removed in order to establish a precedent for increased investment in facility regeneration, as well as the the building of new facilities. This move should prove invaluable, especially for homes that are already starting to show signs of age.
As the market is becoming increasingly competitive, providers able to refurbish or build new aged care facilities will be able to take advantage of the increased revenue that caters for the increasing proportion of high care residents. In turn, they'll be able to maintain higher occupancy levels.
Currently, poor or low quality services are already facing occupancy pressures, struggling to keep levels up. This is according to a recent report from Catholic Health Australia.
Providers that understand the coming changes to the sector, as well as the value of a strong financial strategy, will be in the best position over the next few years. Prepared facilities will find increasing resident numbers easier to deal with.
What do you think are the biggest opportunities for success in the aged care industry today? Please contact us and let us know!