Published 16th April 2019
Residential aged care providers should be able to decide whether they charge a lump sum or a daily payment as part of strategies to manage prudential risk, according to advice provided to the government.
The federal government recently sought feedback on proposals for better managing prudential risk in residential aged care following a 2018 Federal Budget commitment to strengthen standards and limit the risk of provider financial failures and triggers of the Accommodation Payment Guarantee Scheme.
The discussion paper asked for feedback on nine key options recommended by the Ernst and Young Review and Tune Review, which include the introduction of specific liquidity and capital requirements, improved and more detailed reporting and increased disclosure.
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Source:Natasha Egan, 2019, Australian Ageing Agenda (https://www.australianageingagenda.com.au/about/)
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