Aged care directors: prepare now for post-pandemic – data, financial advice and consumer input

A webinar hosted last Friday by law firm Russell Kennedy had a warning for aged care boards: this will not be the last disruption.

Titled ‘A path out of the Pandemic: Understanding the key governance, legal and risk implications for aged care providers’, the webinar featured Ansvar Senior Risk Consultant, Anthony Black, and Russell Kennedy Principals, Solomon Miller and Anita Courtney and facilitated by Russell Kennedy Principal, Victor Harcourt.

Anthony emphasised that many boards are still fixated on COVID-19 when they should planning how to safeguard their organisation into the future in an “age of perpetual disruption”.

He said many providers have taken financial risks in the past to grow their businesses, but these businesses were now finding themselves underfunded – with the costs of indexation not keeping up with their on-the-ground costs.

However, Anthony also stressed that there are opportunities too – provided operators have good risk management in place.

This should rely on real-time data and trends – not just KPIs.

“If you’re not looking for opportunity, I believe you’re increasing your risk… Having a tailored plan is a no-brainer,” he said.

He also pointed out boards should also be looking for support and expertise around their true financial position – recognising that residential care may no longer have the same consumer demand post-pandemic.

Anthony also warned directors to not lose sight of their culture, connection and compassion with residents, families and staff.

Make people aware of what will be happening for the next couple of years for the business, he advised.

“This whole pandemic has been a test of your resilience,” he said.