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Proper management of unspent funds needed for compliance and profit

Published

Unspent funds will continue to be a key issue for home care providers. 

The Department will want to minimise unspent funds either by recovery or reducing funding. Gaining a better understanding of your choices and having the right systems in place to manage unspent funds is vital for your home care business. Start taking the right measures to ensure you remain profitable and meet your legislative obligations.

Increased competition, pricing difficulties and lack of information on how to tailor care offerings to meet consumers’ needs and funding have contributed in some cases to providers experiencing new challenges, including the accumulation of unspent funds.

With unspent funds potentially growing at a rapid rate, it can place a financial burden on your business. If unspent funds are not managed carefully, you may end up transferring/repaying incorrect amounts, which can lead to non-compliance and sanctions. So if you haven’t already started taking some precautionary measures, it really is time to address this issue. We have compiled a list of suggestions on what you can start doing to minimise unspent funds.

To read the full article, please visit the website.



Source:
Unknown Author, 2019, Australian Ageing Agenda (https://www.australianageingagenda.com.au/about/)

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