Already under steadily increasing pressure from the aging population, the sector is feeling the impacts of system reforms, relentless cost pressures, the pandemic and other changes. Consumers have higher expectations and a greater choice of providers, services and pricing models, forcing organisations to compete in new ways.
Grant Thornton, in conjunction with the Commonwealth Bank of Australia, has hosted a series of discussions with aged care provides across Brisbane, Perth, Melbourne, Adelaide and Sydney. These discussions address key issues and challenges being faced and offers solutions with a view to improving the overall performance of the aged care system and the quality of services to older Australians.
Building resilience is critical in supporting the major reforms that are being considered to improve services across the sector. In this report we explore several opportunities including:
- Improved services and a refresh of residential stocks, particularly in regional, rural, and remote parts of Australia
- A clear and focused strategy to address workforce challenges, combined with a structured process to ensure services remain relevant and resilient in the face of shortages
- Regulatory alignment between the foundations of this industry, interconnected with clinical and commercial knowledge
- Residential care homes as an extension of housing policy
- Health and aged care system reform
- Quality vs quantity: the implementation of a minimum number of care minutes
Download our report to learn more about the possible solutions leading to what we believe will be a more agile and robust aged care sector in Australia
The operators that thrive will be those who are able to create new business models, realise operational efficiencies and stay one step ahead of their competitors. Change also brings great opportunity and an exciting future to look forward to. Our national team of Health and Aged Care specialists’ partner with clients on their growth journey and help them to navigate the complexity of change.
If you want to discuss what these policies and reforms mean for your health and aged care business, please get in touch with Darrell Price.