myHomecare CEO Stuart Miller and Executive Director Andrew Mann (pictured L-R) this week detailed in our SATURDAY digital magazine that the country’s 900+ home care providers will shrink to 20 to 25, plus a small number of niche players, within five or so years.
For retirement village operators that are planning to rely on home care providers to supply this service, and allow them to market that care support will be available, they should be building bridges to providers now.
Australia’s largest home care provider, myHomecare, will this month pass 10,000 Home Care Packages and 18,000 clients nationally.
Scale and workforce, plus increasingly expensive Government regulation, will drive the consolidation.
They point to the recent regulation change on government funding from advance to arrears. This ‘wiped out’ $7.2 million in working capital for myHomecare, but it had the balance sheet and financial sophistication to be ready for it – others do not.
Workforce shortages are already acute. Large operators will be able to provide the systems and culture to attract and retain the best staff, they argue.
You can read the full story from SATURDAY here.
Stuart and Andrew point out that home care will be a $10 billion sector soon, and within five to ten years, the 20 to 25 big operators will be $500 million to $1 billion businesses that will be marketing hard to both win customers and verify they can stay at home to receive care and support.
They will be competing with villages for share of mind – and sales.
