The residential aged care sector has experienced many challenges in the last year, from providers affected by bushfires to protecting the health of residents and staff amid the recent COVID-19 pandemic.
To help support residential aged care providers at risk of severe financial difficulty, the Department of Health recently launched the Business Improvement Fund. The Fund will deliver up to $50 million in short-term grants to eligible aged care providers to ensure the continuation of service delivery to support senior Australians.
The Business Improvement Fund has been designed to be used in the following ways:
Solutions that support business sustainability
These grants could make a big difference to providers looking to improve their financial viability and IT systems. With the help of the Business Improvement Fund, some residential aged care providers may look to implement software solutions to help streamline processes and better manage their care delivery funding.
Software such as Clinical and Care Management may be helpful for organisations looking for a solution to effectively manage clinical documentation, reporting, and delivery of personalised care. As the software contains Aged Care Funding Instrument (ACFI) management, calculator and optimisation tools, Clinical and Care Management can help providers who are looking to support their ongoing viability.
Resident Manager software can be used on its own or alongside Clinical and Care Management and helps to streamline Medicare claiming and optimise cash flow; particularly in relation to ACFI submissions and the resident admission, leave and departure process. These solutions – along with the ability to host via the cloud to reduce infrastructure costs – may be of interest to organisations looking to apply to the Fund to help improve their IT solutions for long-term business sustainability.
If you are looking to apply to the Business Improvement Fund to upgrade your IT systems and would like to discuss how our solutions may benefit your organisation, please get in touch with our friendly team.
For more information about the Business Improvement Fund, visit the Department of Health website.
Note: This is information of a general nature, not tailored business advice. Seek independent financial and legal advice to see what grants and financial assistance options apply to your business.