Aged Care Financial Monitoring and Business Assistance
Aged Care Financial Monitoring and Business Assistance helps approved residential and home care providers understand and address major financial risks. This helps maintain a viable aged care sector that delivers high-quality care to older Australians.
About the program
Our Financial Monitoring and Business Assistance teams work with approved providers who are facing major financial issues that threaten their viability.
We work with the provider to:
- understand the financial issues they face
- assist them to plan and develop options to manage those issues
- keep track of progress to make sure providers are meeting their goals and reducing risks.
Why it is important
Aged care providers deliver a critical service to older Australians.
Unplanned events can have a major impact on providers’ ability to operate and financial position. This can include recent bushfires, the COVID-19 pandemic and other external or internal factors that affect a sound financial position.
By helping providers stay financially viable, we can make sure their service remains of high quality and meets the needs of residents and care recipients.
Goals of the program
Financial Monitoring and Business Assistance support aims to:
- help providers tackle financial issues early, so that they can continue to operate long term
- avoid a service having to close down, leaving residents or care recipients to find another place or service
- make sure aged care services can continue to meet quality standards.
Meeting our goals
Financial Monitoring and Business Assistance support is free to providers. Our teams will:
- assess providers’ financial reports, forecast cash flows and other related documents
- contact providers who are showing signs of financial stress
- work with experts to find and suggest options to improve the provider’s financial situation
- help access financial support, such as the Business Advisory Service and Business Improvement Fund, if relevant
- monitor the provider’s progress towards reduced levels of risk.
Who we work with
Our accounting and finance officers draw on further financial expertise from external firms – including McGrathNicol and StewartBrown.
This fact sheet gives information about Aged Care Financial Monitoring and Business Assistance support available to approved residential and home care providers. This helps providers understand and address major risks to their financial viability.
In March 2021, the Government announced almost $90 million would be available for a Viability Fund. The program aims to support eligible providers with essential business or operating costs so that they can continue to provide quality care to residents.
The Viability Fund builds on emergency payments to reduce the risk of provider and care failures in the sector during the COVID-19 pandemic.
Providers can be invited to apply for funding on a case by case basis where:
- alternative grant programs are not appropriate
- they are at risk of failure
- they do not have access to other funding sources; and a
- financial assessment has been undertaken by the Department.
The Viability Fund is a closed, restricted grant round. Providers must be invited by the Department to apply through the Aged Care Financial Monitoring and Business Assistance Program.