Residential aged care providers are faced with wafer thin and diminishing margins; and in some cases losses.
Every facility must maximise each revenue opportunity and avoid revenue leakage to be sustainable. Diligent ongoing scrutiny, accessing independent specialist advice and ensuring staff have the relevant knowledge and skill-base is mandatory for your business to survive and succeed.
Make sure you leverage expertise from all levels of the business and to look at each facility in its own right to achieve optimal revenue outcome.
Seven things providers should be doing right now!
Have an independent accommodation market appraisal done
There is a market for everyone; you just need to find your niche. An independent market appraisal will determine optimal accommodation price for your service offering in its market.
Accommodation is often undervalued and under-priced. Validate the accommodation offering and identify the appropriate price point in the market. Seek opportunities to increase the value of the accommodation.
Use external independent expertise to do this and update this quarterly, or six-monthly at a minimum.
Identify your optimal financial profile for resident mix