Aged Care Royal Commission insights for industry
15 December 2020
BDO was engaged by the Royal Commission as Independent Experts to assess the profitability and viability of the Australian aged care sector (our report is available here).
Fahim Khondaker, a Data Analytics & Insights Partner from the BDO team engaged by the Royal Commission shares valuable insights from our detailed financial analysis of more than 800 approved aged care providers, our in-depth analysis of the sector's commercial and operating model, and our presentation at the Royal Commission’s hearing. We also share insights from our recent roundtable discussion with board members and executives of a number of leading aged care providers.
We have identified an initial set of five focus areas which we believe will assist aged care providers in preparing for their response to the Royal Commission’s upcoming recommendations and take advantage of the opportunities that will be presented. These include:
- Financial reporting and disclosures - Greater transparency expectations
- Business operations - Understanding revenue and cost drivers
- Duty of care and quality of care - Greater governance and compliance
- Economic impact on the aged care commercial model
- Internal and external communication - Managing reputation and boosting trust.