The StewartBrown Aged Care Financial Performance Survey highlights that, even when allowing for additional COVID-19 funding, over 40% of aged care homes are running operating losses with significant question marks over the financial viability of many providers. The operating environment for providers has never been more complex and the demands placed on financial and business managers is enormous.
Against this backdrop the PwC Aged Care Business Advisory Services (BAS) program has been running since late 2019 and has involved assisting over 200 providers with a range of challenges and opportunities. The scope of the program has involved undertaking financial analysis, benchmarking, and reviewing operations, strategy and governance arrangements to identify opportunities for improvement.
In this session PwC would like to share insights and better practices from the BAS program with ACSA members. Some of the insights to be shared include:
– The importance of strategic planning to set a unified direction
– The need to explore options to diversify revenue streams
– Strategic and tactical cash flow forecasting and budgeting
– Key financial performance drivers in Residential and Home Care
– Why a marketing plan is needed in an increasingly competitive market
– Why an investment strategy is critical in a low interest environment
To be provided