A new survey by Mirus Australia of 233 aged care leaders from 170 organisations reveals the sector’s transition to the Australian National Aged Care Classification (AN-ACC) and its innovative strategies for financial sustainability.
Andrew Farmer, CEO of Mirus Australia, highlighted the survey’s findings: “The transition to AN-ACC has brought both opportunities and challenges. Our survey shows a cautiously optimistic view, with 60% of respondents agreeing that their business is financially better off under the new structure. However, 32% are still unsure about the impact, indicating the need for continued support and adaptation.”
Key findings include:
- Financial Impact: 16% strongly agree their business is better off under AN-ACC, 44% agree, 32% are unsure, and 8% disagree.
- Dependence on Non-Care Income: 7% strongly agree that future profitability depends on non-care income, 44% agree, 43% are unsure, and 6% disagree.
- Strategic Reviews and Innovation: 27% strongly agree they will review alternative strategies for profitability over the next 12 months, 56% agree, and 16% are unsure.
Additionally, 41% believe combining strategies, such as increasing accommodation prices, consumer contributions, and additional services, is essential for future profitability. Inside Ageing in association with Pride Living recently hosted a webinar on the potential of Additional Services as part of the revenue mix…Read more
Farmer added, “Aged care leaders are aware of the need for financial innovation. Identifying alternative revenue streams and adopting a multifaceted approach is critical for long-term viability.”
Mirus Australia will host a webinar on profitability in aged care on June 17, featuring industry leaders discussing their strategies and experiences.
