Fed Govt announces $50M aged care Business Improvement Fund to improve systems and financial health – or get out

Aged care providers will be able to access short-term grants to fix their management and IT systems, transfer ownership or shut down – with funding to be targeted towards those in rural and remote areas and in bushfire-affected areas. To qualify, providers must prove they have limited access to other funding sources, be in a financial position that is impacting on their ability to care for residents and have a strategy for business improvement.

Minister for Aged Care, Senator Richard Colbeck (pictured centre, visiting bushfire affected facilities last week) said: “We recognise the expectation of higher quality and appropriate care for our loved ones comes at a cost and some providers need help to meet these standards.”

Is this a vote of confidence in the sector’s financial survival? Applications will open from the end of February. For more information, click here.