The aged care industry is one that is constantly evolving and changing. With the introduction of the new Aged Care Quality Standards, there has never been a more important time to ensure that your aged care facility is running as efficiently as possible.
One of the key areas that aged care providers need to focus on is costs. With the recent changes to government funding, it is more important than ever to make sure that money is spent in the right places.
In this blog post, we will explore the top 5 ways to cut costs in aged care. By following these tips, you may be able to improve the efficiency of your aged care facility and make sure that you are providing the best possible care for your residents.
- Review your current spending
It is important to review spending in your aged care facility on a regular basis, as this will allow you to identify any areas where you may be able to make savings.
There are a number of ways you can review your spending. You can review your financial statements, or you can talk to your staff and residents to see if there are any areas where they think you could make savings.
Once you have identified any areas where you could make savings, you can work on implementing change. This may involve negotiating better deals with suppliers, or introduced new policies and procedures to reduce waste.
Reviewing your spending on a regular basis is an important part of ensuring your aged care facility is run efficiently and effectively.
- Invest in quality aged care products
There is a misconception that cheaper products equates to savings for aged care facilities. In reality, this may not be the case as quality products will last longer, require less maintenance and provide superior care. Aged care facilities should therefore invest in quality products including beds, mattresses and patient lifters as they will save money in the long term.
There are a number of reasons for this: firstly, quality products are built to last longer which reduces the need for replacements. Second, when products do need to be replaced, quality products often have cheaper replacement parts. And third, quality products may actually save money in the long term as they do the job better, for example, a high quality mattress may save on future wound care costs.
In short, aged care facilities should be investing in quality aged care products as they save money in the long term. The initial investment will pay off in the form of reduced replacement and repair costs, and will provide superior care for residents.
- Use technology to your advantage
The aged care industry is under pressure with an ageing population and a growing number of retirees. This has led to an increased demand for aged care facilities, which has put pressure on providers to find ways to improve their services. One way to do this is to use technology to your advantage.
There are many technological advances that can be implemented to improve the quality of care in a RACF and reduce the tax on staff for burdensome paperwork. This includes the already familiar Clinical Care Programs, newer menu management systems, temperature data loggers, tracking devices for wanderers and many other time saving systems.
- Reduce non-essential operating costs
Operating costs for aged care facilities have been steadily rising over the past few years. One way to offset these rising costs is to reduce non-essential operating expenses.
Non-essential operating costs are those that are not strictly necessary for the day-to-day operation of your facility. Some examples of non-essential costs include advertising, unnecessary repairs, and excessive staff training. By reducing these costs, you can free up more money to invest in essential areas of your business, such as quality care for your residents.
- Partner with Community Organization
As a business, you know that partnering with the right organization can make all the difference. When it comes to aged care, there are a number of community organizations that can provide valuable resources and support.
By partnering with a community organization relevant to aged care, you can gain access to a wealth of knowledge and expertise. This can help you to improve the quality of care you provide to your clients and better meet the needs of the aging population.
There are many community organizations relevant to aged care, so take time to choose the right one to partner with.
The End Result
Aged care is a rapidly growing industry due to an ageing population. The costs associated with aged care are constantly increasing, so it is important to find ways to cut costs without compromising care.
One way to cut costs is to use quality products that are designed to last. Cheap products may seem like a good deal at first, but they often break down quickly and need to be replaced, which can end up costing more in the long run.
The second most important part is to implement cloud based software programs, aimed at relieving valuable human resources of menial and/or repeatable tasks.
Published by Matt Grace
First published 13/02/2023