Strength in numbers: please keep your numbers safe

At Mirus Australia we start with the numbers – 1% and $1 to co-design a business improvement plan for your organisation. There is a sustainable pathway to a revenue, admissions and workforce operating model and a better way to understand which numbers to work on and when.

Financial care is also important.

Ask, what would an:

• uplift of $1 in funding mean?
• increase of 1% in occupancy mean?
• improvement of 1% to productivity mean?

And then ask us how.

This is not just about numbers. Ultimately, it’s about people. We drive improved visibility, help build confidence, ensure better efficiency and financial controls for real-time decision making.

Let’s start with the profit equation across Revenue, Admissions and Workforce Management:

(1) Revenue Management

The revenue equation addresses government income (rate) and residents’ admissions (unit) with the profit equation factoring costs to round out the formula. The revenue equation – rate x volume. Optimised when addressed in unison. ACFI funding equates for approximately 70% of funding in residential aged care. What would $1 uplift in ACFI do to your bottom line?

(2) Admissions Management

Let’s review your marketing and admissions strategy: A 1% change in occupancy will have a little impact on costs but a substantial impact to your bottom line. The average occupancy rate is approximately 90%. What would an increase of just 1% do to your bottom line?

(3) Workforce Management

Are you overspending or under caring? Achieve a 2 – 4% reduction in staff costs by implementing acuity-based rosters. What would a 1% productivity improvement do to your bottom line?

There is a pathway to a sustainable revenue, admissions and workforce management model and a better way to understand which numbers to work on and when. We have been managing our own transformation. We did not envisage planning a 10-year celebration from our homes. For the past 12 weeks we have been managing our own people, our business and our community of clients 100% remotely. Our pathway may be meandering a little differently than what we had planned for in 2020, but we are even more energised and more focused on our vision of #makingagedcarebetter

And even more resources:

• Sign up to the free Mirus Benchmarking Report

• Is your organisation future ready? Take the free assessment

• Data compliance at Mirus – we take this seriously

• Introducing the Works! App. Because you are essential

• Mirus Industry Analysis April 2020 with Rob Covino