What is the relationship between care and finance in the aged care industry?

In this video, Frank Price, Chief Operating Officer from RFBI Aged Care discusses the financial relationship to providing quality care in the aged care industry. Watch the video or read the transcription below:

“The age care industry is exclusively…I was going to say primarily, but exclusively about providing care to the underprivileged, to the aged, to the people in need, and that’s the mindset that we take in our day-to-day operations. The issue is that if we’re unable to do that in a financially viable way, then the likelihood is we won’t be able to do that well. Cutting costs is not an option when you consider that between 70 and 80% of your costs are labor costs. You cannot reduce your work force. The work force are the primary carers, and we require them to be there. So we really do need to look at our revenue.

We really do need to ensure that the organization, the facilities are receiving the money that they’re entitled to, to be able to provide the services and the care that our residents require. So I totally agree with the concept that Provider Assist have come up with. It is about doing more and receiving more for the service we provide.”

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