Our journey continues
The clear and consistent message we get from our clients is that they value how we help them make decisions with confidence through genuine industry insights.
As we navigated our clients through another year of challenges and opportunities, we are even more convinced the most critical consideration for every Approved Provider is whether to:
Maintain the status quo, strengthen current operations, holding tight to good processes as a foundation for success.
Build on your market position by actively seeking new partnerships, opportunities and service offerings.
Understand that not everyone will find the new aged care paradigm fits their strategic and financial plan and pro-actively address how you restructure your involvement in the sector.
Our operational landscape
We see the need for objective, quality advice and support intensifying in 2019-20 as the Aged Care Quality and Safety Commission, the findings of the Royal Commission into Aged Care, the new Aged Care Quality Standards and continued financial pressures exert increasing influence on the providers.
Pride Living’s core service offerings are:
The following are observations from each of our services.
Pride Living’s Additional Services Suite (PASS) supports providers implement additional services. PASS offers over 160 additional services to choose from including; market analysis, financial modelling, training, contracts and promotional materials to assist with your transition to CDC.
UNDERSTANDING THE CONSUMER IS EVERYTHING
We noticed that new or recently refurbished facilities have fewer problems introducing additional service fees whereas it is much harder for older style facilities to compete. It is therefore vital for Providers to understand their market position and consumers needs.
EDUCATION IS THE KEY
When we start to implement the program there is occasionally an expectation that staff will see additional services as an attempt to gouge consumers for fees. With proper engagement of the staff, we have found most to be enthusiastic supporters as advocates for consumers and their freedom to choose.
When we started the service, the initial focus was to identify services already provided but not required under the Aged Care Act. Increasingly we are now seeing more innovation as market segmentation drives demand similar to the consumer driven improvements in the travel industry and premium seating.
For more information, contact James.
Our coaching program was designed to provide support to key personnel enabling them to gain understanding and equip them with tools to implement a robust methodology to transition to the Aged Care Quality Standards. We have assisted providers from NSW to WA on the transition to the new standard.
DISTANCE PROVES NO BARRIER
Our program subscribers have confirmed virtual meetings are now the norm. This enabled us to deliver meetings throughout Australia no matter how remote.
Our program achieved its purpose assisting providers manage the transition at their own pace with the flexibility to focus on services of interest. Our email alerts and monthly catch ups were highly valued and regarded. One early client has achieved full re-accreditation presenting a self-assessment tool to the new standards.
While the new Aged Care Quality Standards are now in force, the compliance environment continues to be flux. Anecdotal evidence from our clients suggests there is a variation in compliance thresholds among quality assessors. Our clients tell us they feel more confident knowing Pride Living will help navigate these challenges.
For more information, contact Katrina.
SETTING THE GROUND RULES
We managed programs that resulted in the sale of two facilities and two parcels of licences. Our service goes far beyond finding a buyer. We provide a comprehensive service that generally commences with identifying what we call the “non-negotiable outcomes” for the vendor.
In the Church and Charitable sector, this typically includes significant non-financial considerations and in the case of for-profit providers includes us working through the net after tax outcome, so our clients know where it is all likely to end. In all cases, our service includes managing the obligations
under the Aged Care Act.
A significant challenge in changing the ownership of a facility is to manage the rumours. Because we are integrally involved with our clients in managing the whole process, we provide advice and support in this critical area. The result is that in all the transactions Pride has handled there have not been any issues with the Dept. or any anxiety for consumers or staff.
NO SALE IS THE SAME
Both the sale transactions we managed last year had unique characteristics. In one, it was the relocation of places including PA’s which resulted in very significant positive outcomes for both the vendor and the purchaser. In the second, prior to embarking on the sale program, we advised the owner to acquire an adjoining site. This turned a tired nursing home into a fantastic redevelopment opportunity for
a new owner resulting in a premium price being achieved for the vendor.
EXPERTS MAKE THE DIFFERENCE
With the unrelenting pressure on operating revenues in the residential sector, we anticipate an increase in merger and acquisition activity. Pride Living provides a comprehensive service to help those exiting the sector or restructuring their continued participation. While only licenced Business Agents can provide merger and acquisition services, our absolute focus on the aged care sector, our strong background in tax law and our experienced aged care team provide the expertise you need to achieve the outcome you desire.
For more information, contact Bruce.
Our success starts and finishes with our experienced team of aged care leaders and consultants. Each brings with them many years of working within the sector and as such a uniquely insightful approach to developing solutions for our clients. I am delighted to introduce you to them individually.
Pride and purpose
Last year we committed to financially support a number of causes by donating 1% of our revenue. The following organisations were the beneficiaries in 2019, each of them had a special reason for being included:
We are committed to partnering with the industry peak bodies to support their position in the sector. In 2018/19 we were proud to support:
Our contribution included providing feature articles and presenting across forums and conferences.
Finally, we believe we can provide thought leadership in the policy debate last year we were active in;
- Developing a response to the call for increased regulation of Lump sum accommodation payments
- Katrina took up a honorary role at Eastern Health as a Community Representative
- Bruce assumed the role of Chairman of ACAN.
Is now the time to stay, grow or go?
As an industry, we are all aware of the increased incidence of unmet outcomes, serious risk and sanctions. While these outcomes are part of the regulatory framework, in reality, they are a reflection of the rising consumer expectations.
While we do support our clients through these challenging situations, our preference is to work proactively to prevent their occurrence.
As the complexity of operating and providing oversight of regulated services to older Australians continues the best outcome or some providers is to leave the industry.
Due to client demand, Pride Living has invested significant resources in developing our Merger and Divestment Management Service. During 2018-19 we assisted four providers either rationalise their operations or exit the sector altogether.
Our services are tailored to the specific and distinct needs of providers in the church or charitable and government sectors or the for-profit sector.
If you are struggling with what direction to pursue, we encourage you to contact us to discuss how we work with clients make decisions confidently.
The team at Pride Living believe in what we do and feedback suggests our clients value what we do and how we do it. We are committed to delivering more services in 2020 and will have the capacity to work with more providers. Based on our expertise, clients nationwide are seeking our services… we are especially encouraged by demand from Queensland providers where our newest consultant Kaye Mann is based.
Recently, I heard someone say, “the future is all fiction” and while this seems obvious, the power in this statement is that it allows us all to dream and create our own future. In 2016, Joseph and I had a vision of what a dedicated consultancy to the aged care sector would look like. In Denise, James, Katrina, Kaye and Nik we found people who share our passions and views on what great client value and service looks like. During 2018/19, we received a number of testimonials and the two below have filled me with Pride!
“Working with Pride has many benefits, one of which is the accessibility of their consultants; they will always take calls if they can and they promptly respond. Their availability is an indicator of the way they work and value their clients” CEO of a regional operator of RACF and ILU Community based organisation
“Hi Katrina, always love speaking to people in the sector. I see that you are with Pride Living. What an amazing organisation. I heard Bruce Bailey speak at LASA and recently James Saunders. Thought they were both brilliant.”