How room pricing is impacting your consumers and your performance

By Susan Howarth, Head of Marketing

Compliance is critical in the aged care sector, yet there’s an opportunity to improve how room pricing is displayed on the My Aged Care website. While many providers work diligently to maintain accurate information, some facilities may face challenges that result in outdated or incomplete pricing details. Addressing these challenges proactively can enhance compliance, foster consumer trust, and improves market positioning.

Key areas for improvement

Recent reviews of facility listings on My Aged Care have highlighted a few areas where enhancements could be made:

• Outdated pricing: Room prices that may no longer reflect current market conditions or facility offerings.
• Missing pricing information: Occasional gaps in details, leaving consumers without complete information.
• Typographical errors: Minor mistakes in pricing figures that can create confusion or misrepresentation.

These challenges are understandable given the demands on providers, but they also offer a valuable opportunity to streamline processes, improve data accuracy, and reinforce compliance with regulatory requirements.

Compliance requirements for room pricing

Under the Aged Care Act 1997, providers are required to publish accurate and transparent pricing for all accommodation options on the My Aged Care website. Key obligations include:

• Up-to-date information: Pricing must be current and updated promptly whenever changes occur.
• Standardised format: Information should follow the government’s guidelines to ensure clarity and comparability.
• Consumer transparency: Prospective residents and their families rely on this information to make well-informed decisions, making accuracy essential.

Why accuracy matters

Ensuring accurate and transparent room pricing offers benefits far beyond compliance:

1. Regulatory confidence: Providers can demonstrate their commitment to meeting sector standards.
2. Building consumer trust: Clear and accurate information reassures families that they are making well-informed decisions.
3. Competitive advantage: Transparent pricing positions providers as trustworthy and professional, standing out in a competitive market.
4. Operational efficiency: Proactive management of pricing reduces the likelihood of complaints or resource-intensive corrections.

Prioritising accuracy not only ensures compliance but strengthens reputation and operational efficiency, ultimately supporting better decision-making for families.

Practical steps to enhance compliance

1. Review pricing regularly Schedule routine reviews of your room pricing on the My Aged Care website. Compare listings with your internal records to identify any discrepancies or outdated information. Establishing a structured review process helps prevent errors from accumulating and ensures prospective residents always have access to the most up-to-date pricing information.
2. Set an update routine. Align pricing updates with internal review cycles, regulatory changes, or planned adjustments to facility offerings. By incorporating pricing updates into existing operational workflows—such as quarterly audits or budget revisions—you can maintain consistency and accuracy without last-minute scrambles. A proactive update routine also minimises the risk of compliance breaches and enhances overall operational efficiency.
3. Leverage technology: Utilise tools and software solutions to streamline compliance processes, detect potential discrepancies, and ensure that pricing information adheres to government formatting standards. Automated alerts, data validation tools, and content management systems can help flag outdated listings and simplify the updating process, reducing the risk of human error.
4. Train your team: Provide ongoing training to staff responsible for maintaining pricing information, emphasising the importance of accuracy, compliance, and consumer transparency. Educate employees on the regulatory requirements outlined in the Aged Care Act 1997 and equip them with best practices for data entry, verification, and updates. Regular training sessions can improve accountability and ensure pricing remains a priority.
5. Seek expert guidance: Engage with external consultants, compliance specialists, or industry experts to review your pricing processes and optimise your approach. Our consultants here at Mirus Australia can help offer expert advice on optimising pricing processes and ensuring that your facility meets regulatory requirements.

Aligning pricing with market position

Accurate pricing is more than a compliance requirement; it’s a valuable opportunity to reinforce your market position. Here’s how to approach pricing strategically:

• Understand your market: Benchmark your pricing against competitors to ensure it aligns with market expectations and reflects the value of your offerings. Consider factors such as location, amenities, and level of care to position your pricing competitively while maintaining financial sustainability.
• Communicate value: Clearly outline the services, amenities, and benefits included in your pricing to provide prospective residents and their families with a complete picture. Transparency about inclusions—such as meal plans, recreational activities, and healthcare services—helps justify pricing and reassures consumers about their investment.
• Consider perception: Pricing transparency is not just about numbers; it plays a key role in shaping consumer trust and confidence. Avoid vague or ambiguous pricing structures, and instead, present clear, detailed, and easily comparable information to highlight the quality and value of your facility.
• Support your brand: Your pricing should align with your facility’s overall market positioning, whether it’s a premium offering with luxury amenities, a value-driven option for budget-conscious families, or a community-focused facility with a strong emphasis on personalised care. Consistency between pricing and brand messaging helps set clear expectations and attract the right audience.

Aligning pricing with your market position is essential for compliance and achieving a competitive edge. Our Accommodation Pricing Report offers a detailed analysis of market trends and competitor benchmarks, helping you refine your pricing strategy for improved market positioning and financial sustainability. You can request your tailored report here.

Subscribe to receive four quarterly reports per facility for just $999 (a savings of $997) or purchase individual reports for $499 each.