EnvisAge Planning for the Aged Care Industry

1. Financial Management: Does your organisation have sound financial data management practices in place, including policies and procedures for financial planning, budgeting, and reporting?

2. Budgeting and Forecasting: How does your finance team develop and manage their budgets and forecasts, ensuring they are realistic, accurate, and aligned with the organisation’s strategic goals and objectives?

3. Financial Analysis: Does your management team understand the business’s financial performance, identify trends and patterns, and make informed decisions based on financial data?

4. Reporting: Has your finance team developed financial reports that are accurate, timely, and useful for decision-making? This includes financial statements, performance reports, and other financial reports as required.

5. Risk Management: Do your finance systems identify financial risks and help the team to develop strategies to mitigate those risks, ensuring that the organisation is financially sustainable and able to provide high-quality information to all stakeholders?

6. Technology: Does your business invest in modern tools to achieve elevated levels of finance automation and efficiency? Are you still using large Excel workbooks with all their associated risks of version control, security, size, and key person risk?

EnvisAge for aged care can help your organisation improve its financial management practices, ensure financial sustainability, and provide high-quality information to all stakeholders.

The Aged Care Funding Instrument (ACFI) and the Australian National Aged Care Classification (AN-ACC) are two different tools used to determine the level of funding that an aged care organisation receives from the Australian government to provide care to elderly individuals.

ACFI is a tool that is used for residential aged care, home care packages, and transition care, while AN-ACC is used for residential aged care only. The ACFI is based on an assessment of an individual’s care needs, which is conducted by a trained assessor. The assessment covers three domains: Activities of Daily Living (ADLs), Behaviour, and Complex Health Care. Each domain is scored on a scale of 0 to 2 or 0 to 3, with a higher score indicating a higher level of care needs. The scores from each domain are then combined to determine the level of funding that the aged care organisation will receive for each individual.

In contrast, AN-ACC is a more complex tool that takes into account a wider range of factors than the ACFI, such as clinical complexity, frailty, and cognitive impairment. It uses a series of assessment tools to determine an individual’s care needs and then places them into one of 13 classes, each with its own level of funding.

Overall, AN-ACC is seen as a more comprehensive and accurate tool for assessing the care needs of elderly individuals in residential aged care. However, it is important to note that AN-ACC is still being rolled out across Australia, and many aged care organisations continue to use the ACFI for funding purposes.

A successful Short and Long-Term Aged Care Planning Model needs to incorporate the following:

• Integration with source data (ERP (Enterprise Resource Planning), CRM, HRM, Rostering, Patient Management Systems
• Ability to amend Assumptions, Drivers, and Parameters
• Ease of use to add, amend, and reduce divisions and departments
• Conduct multiple Scenario Analysis
• Produce effective Reporting
• User-friendly Interface
• Highly Secure Platform

• Aged Care
• Retirement Villages and Independent Living
• Home Care
• Services
• Corporate
• Government Funding (AN-ACC & Subsidies)
• Capital Expenditure Planning
• Workforce Planning
• Deferred Revenue calculations
• Fair Value Calculations