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Many aged care providers have received letters requesting in-depth information for the Royal Commission into Aged Care Quality and Safety – with five years’ worth of data and information due for submission, it’s an enormous task.
The Royal Commission into the aged care industry will look at the quality of care provided to frail aged people and people living with disabilities in residential and home aged care.
The Leading Age Services Australia (LASA) Congress in Adelaide last week could not have better timed following the announcement in October of the Royal Commission into aged care quality and safety.
Watch Darrell Price, Grant Thornton’s Health & Aged Care National Head, as he shares his views on what the Federal Government needs to focus on in this year’s Budget to genuinely help – and incentivise – those in the sector, including the aged care, disability and general practice sub-sectors, so they can continue to provide solid, sustainable health care to those in the community.
New trends in financing aged care growth
The seven-year Technology Roadmap for Aged Care recently released by the Aged Care Industry Technology Council (ACIITC) talks about a technology enabled future for consumers, workforce and providers.
Australia’s rapidly ageing population has ensured that in recent times the challenges of retirement have never been far from the headlines.
After a four year-freeze on Medicare rebates any thawing will no doubt be welcomed by GPs and specialists. However as practices across Australia crunch the numbers it will quickly become clear the rebate defrost will not significantly add to the bottom line.
The full funding of the National Disability Insurance Scheme (NDIS) was one of the key calling cards for the Government in this year’s budget.
Changes to the Aged Care Funding Instrument (ACFI) announced in this year’s federal budget will have the biggest impact on the sector’s revenue, with $1.2 billion slashed from the available funding pool. Of most concern is that it appears this is part of an ongoing trend by the Government to reign in aged care spending.
Recent budget announcements will see residential care providers struggle to remain viable. While there was some good news with the announcement of 1,286 new places and increased viability supplements for rural and remote providers, this will mean little to the large number of providers already operating on slender margins.
In this Dealtracker publication for the Aged Care industry titled “Growing with Age”, we have reviewed Mergers and Acquisition (M&A) and Initial Public Offering (IPO) activity in the Aged Care sector between 1 January 2008 and 31 March 2015. Despite generally subdued M&A market conditions during this period, there have been a number of large Aged Care M&A transactions, as well as the successful listings of two major operators on the Australian Securities Exchange (“ASX”).