The latest Intergenerational Report highlights that Australia’s future population will be smaller and older than predicted pre-COVID, with aged care spending likely to nearly double as a share of the economy, from 1.2% of GDP in 2021 to 2.1% by 2060-61.
Health will comprise the single largest component of Federal spending, at 26% of total expenditure in 2060-61. Average spending on the NDIS for each participant is expected to increase from around $56k in 2020-21 to more than $80k in 2060-61. Demand for services and spending will increase. Increasing demand needs to be supported by a holistic healthcare network and service providers. We can help you respond, adapt and grow.
Top trends in Health & Aged Care
Issues impacting businesses in Health & Aged Care
Preparing for an ageing population
Baby boomers affluence and expectations will irrevocably change the way aged care services are provided. They are the “grey nomads” – unprepared to simply take a back seat. This generation is taking control of their twilight years to enjoy their savings through travel and other lifestyle investments. They know what they want, how they want it, and where they want it – and are prepared to undertake the research to find services and providers that align with their lifestyle preferences. Opportunities to tailor services to meet a more sophisticated cohort could be the key differentiator in a tightly regulated market.
Tapping into the investor market
While the nation’s attention is fixed firmly on how we care for an ageing population, the marketplace is shifting imperceptibly and significantly in the background. There are mergers, acquisitions, divestments, restructures and consolidations in the works and we do not expect this trend to end any time soon.
We cut through the complexity of compliance
Consumer demands and technological advancement will create new opportunities for existing health and aged care providers, as well as encourage disruptors into the market. With healthcare regulated and funded at a State level, aged care at a Federal level, and disabilities only recently brought together under the NDIS, it can be a minefield working through your compliance obligations. In addition, listed, private and for-purpose organisations each have their own requirements. Whether it’s tax, audit or risk, we cut through the compliance complexity to allow you to focus on the work that matters most.
Investing in technology to support better care
A thoughtfully designed and implemented enterprise resource planning (ERP) system is a powerful tool can elevate the day-to-day running of your business and resourcing, providing more time for face-to-face care and people on the ground providing the services that matter most.
Using data analytics to drive operational decision-making
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