The key to financial performance and data security

By Andrew Farmer, CEO and Partner

The introduction of the Australian National Aged Care Classification (AN-ACC) necessitates a paradigm shift in how residential aged care operations are approached. To effectively navigate this change, providers must take control of the same assessment data now held by the Department of Health and Aged Care (DoHAC) and the Aged Care Quality and Safety Commission (ACQSC). 

Securing funding with accuracy 

With the advent of the external assessment process, the accuracy of forecasted resident classification data becomes pivotal in ensuring entitled funding. Connecting classifications to care minutes emphasises the importance of precise data for reclassifying residents as needed to secure correct funding while maintaining compliance with care minutes. 

CEO priorities in 2024: Data security takes centre stage 

Data breaches and cybersecurity have risen to the top of CEOs’ concerns in 2024, as revealed by a KPMG report ‘Keeping us up at night’.  With nearly $10 million in taxpayer subsidies managed per Australian aged care facility, a trustworthy system becomes essential for sustainable financial performance and data security. In November 2023, the Australian Signals Directorate reported a 23% surge in cybercrime incidents from 2022 to 2023, accompanied by a 14% rise in the associated costs for businesses. 

The dynamic cyber security environment in which we now operate necessitates a shift in the industry’s approach to understanding risk and informing strategy. This shift demands a change in mindset: moving from a position of defending data to one that pre-emptively and proactively protects it. Ultimately, the goal should be to stay ahead of rapidly evolving threats and ensure that organisations are prepared to address threats before they cause damage.  

Aged care might not seem like an obvious target; however, personal data and health records are used as a pre-cursor to identity theft, which increases the sector’s vulnerability to data-breaches and cyber-attacks.

How to achieve data security and efficiency

Our ISO27001 accredited Mirus Metrics platform empowers providers to achieve both data security and efficiency. By using Mirus Metrics, aged care providers can accurately determine and forecast AN-ACC classes, facilitating forward planning for admissions and staffing levels to ensure compliance and optimal financial performance. 

Proactive planning of AN-ACC forecasts for care minutes compliance

Providers rely on AN-ACC forecasts to proactively plan compliance to care minutes, striking a critical balance between revenue and cost ahead of each rostering period. Mirus Metrics facilitates this process, preventing margin erosion and poor financial results by offering a reliable connection to Business Intelligence (BI) tools and accurate management reporting. 

Beyond Business Intelligence

Mirus Metrics not only aids the reconciliation of Business Intelligence (BI) data in management reports and streamlines decision-making processes but also guarantees enhanced reliability in reporting by seamlessly connecting with your BI. This heightened reliability is a direct outcome of Mirus’ extensive decade-long experience in data transformation, accrued through collaborations with Services Australia and the handling of intricate, sensitive Medicare data. 

Spreadsheets vs. Accredited systems

Dependence on spreadsheets for AN-ACC funding tracking and calculation poses inherent risks, especially in a landscape where data breaches and cyber-attacks make frequent headlines. Opting for Mirus Metrics, an ISO27001-accredited system, provides a secure alternative. It adheres to rigorous global standards of security and privacy, seamlessly integrating with Business Intelligence (BI) reporting tools for enhanced reliability and protection against potential threats. 

A tailored solution for aged care

Understand how Mirus Metrics, designed specifically for the Australian aged care industry, scales effortlessly for both large and small providers. Backed by advisory services, it accommodates any capability or capacity level, ensuring a tailored solution to meet individual needs. 

To learn more about Mirus Metrics and find out how you can empower your aged care operations with security, efficiency, and reliability, please reach out today.