The StewartBrown Corporate Administration Survey Summary Report for FY23 and Budget FY24 provides detailed insights into the financial performance and corporate costs of aged care providers.
The survey includes data from 66 aged care providers, representing 660 homes and 23,559 home care packages. The total assets under management of participants amount to $28.8 billion, with a total revenue of $8.6 billion and total expenses of $9.0 billion for FY23.
Key highlights from FY23 show that the average total corporate costs were 14.67% of operating revenue, with corporate staff costs at 8.46% and non-staff-related corporate costs at 6.30%. The largest individual expenditure was on Finance, Payroll, and Business Services, which accounted for 2.86% of operating revenue, while Technology expenses remained the largest area of non-staff costs at 1.40%.
Looking ahead to FY24, the survey forecasts a slight decrease in average total corporate costs to 13.69% of operating revenue. Corporate staff costs are expected to reduce to 8.09%, and non-staff-related costs to 5.60%.
The number of aged care providers in the survey increased to 67, representing 695 homes and 26,916 home care packages. Total revenue for participants is projected to rise to $9.8 billion, with expenses slightly lower at $9.7 billion.
The full report can be purchased from StewartBrown directly – benchmark@stewartbrown.com.au
