Watch the recording and download the slides
Up to 80% of your funding comes from AN-ACC, but your profit needs to come from elsewhere
Financial sustainability is not just about balancing the books; it’s about ensuring that aged care providers can continue to offer the highest quality of care to their residents. With the bulk of funding sourced from AN-ACC, providers face the necessary challenge of finding other revenue streams to ensure long-term viability.
In a regulatory environment prioritising consumer choice, aged care providers are exploring how to deliver greater options. At the moment this is through effective capital management and additional services that cater to residents’ needs while adhering to Department of Health and Aged Care (DoHAC) and Commission standards. In the future, what other innovations will be made possible under changing sentiment on consumer contributions and the greater expectations of the wealthiest ageing generation in Australia’s history?
To overcome these challenges and take advantage of opportunities, aged care providers can take a proactive stance towards profitability from non-care services. This means not just tweaking existing revenue streams but actively seeking out new opportunities. By effectively managing capital, adjusting accommodation pricing, and offering on-demand services, providers can carve out a path towards sustainable financial health. It’s about being strategic, agile, and willing to explore avenues beyond the traditional funding model.
During this webinar, we:
- Addressed the need for aged care providers to explore non-care revenue avenues
- Heard real-world challenges faced by providers, including the task of finding new revenue streams while ensuring compliance with complex regulatory requirements
- Discussed the strategic and holistic approach to profitability
- Provided some actionable next steps.
Despite the challenges and uncertainties, providers can gain autonomy and flexibility in funding decisions, enhancing the overall quality of care, and attracting residents and families.
Industry panel
CEO, Whiddon
Chris has more than twenty five years’ financial and managerial executive level experience across a number of sectors, with over 15 years dedicated to aged care. He has also held a number of Board appointments and currently sits on the NSW Member Advisory Committee for ACCPA (Aged Care Peak). Chris has held significant appointments in both For Profit and Not for Profit organisations. He is currently the Chief Executive Officer at Whiddon, an industry leading, not-for-profit aged care organisation, caring for close to 3,000 people through Residential Aged Care, Community Care and Retirement Living, with an incredible team of over 2,800 employees. Chris embraces a “people first” approach, celebrates innovation and is focussed on building a motivated workforce empowered to create positive impact.
CEO, Good Shepherd Lodge
Athena has been involved in the aged care industry for around 35 years, holding management roles and providing consulting and advisory services for both not-for-profit and for-profit organisations of various sizes. She is currently based in Mackay, serving as the CEO of Good Shepherd Lodge Ltd, a large not-for-profit provider of services to older Australians. The organisation delivers residential aged care, home care packages, CHSP, Allied Health services, and operates Retirement Villages across two locations.
CEO and Director of Care, Lutheran Homes Barossa
Lee Martin has been involved in the health and accommodation industries for many years in a variety of senior positions. He also had a long adventurous career as an Army Nursing Officer. He has been appointed to the position of Chief Executive Officer / Director of Care at Lutheran Homes Barossa for the past 10 years.
Over the years of his career Lee has been acknowledged for his visionary talent, abilities to take action that attains goals and to lead with an inclusive, positive, and progressive attitude. It has been remarked that Lee has a “can do attitude”.
Executive General Manager Policy and Advocacy, Bolton Clarke
Tim Hicks is Bolton Clarke’s Executive General Manager for Policy and Advocacy. He is a leading expert on aged care policy and data, and previously led the policy team at LASA/ACCPA. Before that Tim was an advisor to Treasury and other agencies on regulatory policy and the director of economics for Australia’s largest business association. With a decade of executive leadership experience, his expertise also includes tax policy, funding design, regulatory policy, digital transformation, industry research and advocacy.
Your hosts
Andrew Farmer
Partner, Mirus Australia
Andrew’s focus is to enable growth and change through innovation and empowering people. As a Partner of Mirus Australia, Andrew leads the business strategy so that Mirus performs the best way it can for its people and customers. With 30 years experience across major industries including Health, Banking, Manufacturing and Consulting, Andrew has specialisation in sales and marketing leadership, commercialisation, strategy, innovation, workshop design and facilitation, analysis/problem solving and articulating value.
Tyler Fisher
Senior Manager, Data and Insights
Tyler is the Mirus Australia Data Scientist who oversees the largest combined database of aged care information covering workforce, government expenditure and all key performance metrics relating to funding. Tyler has strong data management and statistical analysis skills and was previously a Revenue Manager for NSW Health.