The Annual Reporting Requirements and the Home Care Package funding model for operators in the Aged Care Industry are due to change in 2017.
Whilst operators providing residential care are required to continue preparing a General Purpose Financial Report (GPFR) which must be audited, the requirement to lodge an audited Annual Prudential Compliance Statement (APCS) has been replaced by an Annual Care Financial Report (ACFR) which is not required to be audited.
Historically the GPFR was required to include segment information for the residential care portion of an operator’s business. Flexibility has now been introduced whereby mandated line items, if included in the ACFR, could lead to the removal of the requirement to include residential care segment information in the GPFR.
Residential Care providers should discuss optimal reporting formats and audit scope with their auditors as there may be opportunities to remove certain information from the audited documents which may lead to time and cost savings.
From 27 February 2017 Home Care Package Funds will follow the consumer.
The business models of home care providers may need to expand from pure service provider to a business offering services in a competitive market.
Do you have systems in place to:
Calculate, provide written notices and keep records of unspent home care amounts;
Market to existing and future clients;
Measure the productivity of all client facing staff;
Calculate the costs of delivering services; and
Report regularly on relevant Key Performance Indicators (KPIs).
Moore Stephens is Serious about Your Success.
We have ideas and strategies we are ready to share to assist our clients in the Aged Care industry navigate the changes in 2017.