The Index measures the performance of the aged care sector, which can be used as a benchmarking tool for providers to track performance and shape strategy.
CEO of Mirus Australia
The Aged Care Effectiveness Index (ACE Index) tracks four areas: financial sustainability, quality standards, resourcing requirements, and consumer satisfaction, using data from more than 90,000 residential aged care beds, and using insights from the aged care specialists consultants Mirus Australia and accountants StewartBrown.
The aim of the tool is to help providers identify opportunities to improve their financial performance.
Managing Partner at StewartBrown
In its first release, the ACE Index shows that despite rising labour costs and regional disparities in the sector, aged care providers have shown resilience, with positive trends such as improved occupancy rates, increased care revenue, and improvements in quality performance, resourcing, and consumer satisfaction.
The report also highlights the ongoing efforts of aged care providers to meet and exceed care standards.
Andrew Farmer, CEO of Mirus Australia, said the report has two key findings. "The first is that the sector overall is performing effectively but has room for improvement, the second is that the sector would benefit from collecting greater sector-wide data sets for its own use to further enhance the index in the future.”
Stuart Hutcheon, Managing Partner StewartBrown, said the ACE Index aims to provide providers with "an evidence-based point of view on effectiveness of the sector supported by the views of leaders from the sector.
"In time, this will hopefully become a resource that supports providers in working through ongoing sector challenges and realising long-term success."
The ACE Index will be updated annually, providing stakeholders with a consistent tool that allows them to measure progress and adapt as future circumstances require. It is available to download on here.
