Many residential aged care providers have commenced their budget process for the 2023 financial year and a key part of the revenue equation is not clear. The new Australian National Aged Care Classification (AN-ACC) funding model commences on 1 October 2022 and several key pieces of the equation are missing. The main piece is the funding levels and the impact the new model will have on current funding and the flow on effect on the provision of care staff.
Providers are currently working through their budget process identifying the correlation between ACFI and the new AN-ACC funding and what the implication will be for their business.
CareCFO has been working with several residential aged care providers to develop models for the correlation of ACFI funding to AN-ACC funding and the subsequent modelling of rosters (care needs) based on the new funding. The considerations around costs and the potential for increases of costs need to be considered. There is also going to be a realignment required in the structure of your business operating model going forward.
CareCFO will be facilitating AN-ACC webinars to discuss the implications of the changes to the new AN-ACC model and key considerations for providers, including rostering. These sessions will start in May 2022 and will be a collaborative platform for providers to exchange ideas and learnings. I look forward to you joining me for these transition conversations.
To register for the AN-ACC seminar, click the button below, or for more information, click here.
Joseph Dimarco is the Managing Consultant of CareCFO. An accountant by trade, Joseph specialises in strategic consulting to the Aged Care and Disability sectors.
An expert in finance, governance, and business, he has worked with hundreds of providers to reach their financial and organisation goals and to ultimately fulfill their mission. To talk about your organisation’s needs, contact Joseph on info@carecfo.com.au or by calling 1300 07 55 11.