The Australian Government has two initiatives that should be of interest to Boards and Executives across aged care. The first is the Business Advisory Service (BAS) that is delivered by PwC who will review providers that are experiencing financial stress and are concerned about their viability.
Importantly it is available to Approved Providers of BOTH residential aged care and home care packages (HCP). It is not available to Commonwealth Home Support Programme (CHSP) providers. To receive this service, providers need to register your interest with PwC.
The second initiative is the Business Improvement Fund (BIF) which is a grant program for residential aged care providers who face financial viability concerns. It is not available to providers of HCP or CHSP.
For updates on both these programs please read the full article here
What should LASA Members do?
If you are experiencing financial viability concerns and you are concerned about the ongoing sustainability of your organisation, you are encouraged to contact PwC and register for the BAS. If you need assistance to complete your BIF application, LASA has capacity (limited) to assist and can refer you to a number of LASA Affiliates who can also help.
LASAs services have been written into a number of BIF applications and we are helping some of the successful applicants with items mentioned above. If you would like to talk to LASA about how we can help you achieve viability and sustainability, please email GM Member Services Brendan Moore at email@example.com
When should LASA Members act on this?
In short, before you break for a well-earned summer holiday, LASA encourages you to review the BAS and BIF initiatives, discuss at the Board and if eligible register your interest with PwC.
The window of opportunity is closing on both, hence the urgency to act soon. With BIF applications closing on 30 April 2021 and the need to have a BAS report in order to apply, you will need to allow sufficient time for PwC to write a report and for you to prepare your grant application.
The BAS and the BIF are free to access and could make a contribution to the ongoing sustainability and viability of your organisation. LASA encourages you to not let this opportunity pass you by.