An indication of the financial pressures facing the sector.
Funded by the Department of Health, the professional services firm is advising providers across a range of issues including strategy, financial management, governance, workforce/human resources, marketing and sales, technology and operations. The business advisory services are also closely connected with the Government’s $50 million Business Improvement Fund (BIF) for operators looking to improve their business, sell or close their doors.
PwC has also partnered with StewartBrown to identify areas of concern – and options for improvement – for providers.
Over 220 operators – 25% of residential care providers in Australia – have already applied for the service and PwC says it is expecting this number to rise to over 400 before the program ends in June 2021.
Given the latest StewartBrown data puts 56% of operators running at an operating loss – increasing to 71% in outer regional and remote areas – that suggests there is still a gap however in operators not using the service of at least 10% – around 88 providers.
Is this changing though?
PwC’s Senior Manager, Ryan Hopping tells us they have seen an uptick in interest since the COVID-19 pandemic was declared in early March with the shift to an online delivery allowing the services to continue to be offered.
“Proactive providers are looking at all of the options they have available to them to help ensure their organisation remains financially viable and are able to keep offering the valuable community service they deliver each and every day,” he said.
Ryan’s advice to operators who are unsure if they need advice?
“Apply anyway,” he stated. “The service is free to the provider and we’ve been working with a broad range of Residential and Home Care providers, so have plenty of insights and better practices to share.”
For more information and to apply, click here.