How Providers Have Been Adapting to Increasing Costs in the Healthcare Industry.
The introduction of the NDIS has, undoubtedly, resulted in a large amount of confusion and a range of ongoing problems that Australian providers need to adapt to. Many providers have been operating on extremely tight margins, and the new changes are applying even more pressure. The costs associated with providing care services in Australia have been too high for many to handle, and unfortunately, these costs are predicted to increase into the future.
While many are feeling the pressure of the changing environment, there are still those who are It has been to see that a number of organisations have managed to maintain high profits regardless of these changes. After some investigation, we have identified the key strategies responsible for this success, and have compiled a list of our key findings to share and hopefully improve your profit margins.
1. Care offered outside the clinic – Expanding your business to a mobile service allows you to access a larger portion of the market. By offering in-home services, your customers will be more inclined to choose you due to the increased convenience of simply being able to remain at home.
2. Not needed to rely on contract labour – Easily accessible, alternative providers will save you from booking a contractor who can charge a 100% fee for their services. Instead, having a mutual agreement with other providers will allow both of you to save big time.
3. Implement new technology and processes – Always be on the lookout for new innovative solutions that will free up your time. Wasted time equals wasted money, and finding a tool which can save you time is seldom more expensive than the cumulative time you were previously wasting.
4. Strive to reduce your administrative costs – The in-home care industry spends an average of 36% of revenue on administration and coordination. Analysing your business and striving to reduce inefficiencies should always be a top priority.
5. Increase your customer base and never stop adding value – It’s important to not only streamline the accessibility of your services to your customers, but to follow through with quality and value. Allied health and other care services are in very short supply in Australia, and demand is booming. By increasing your presence (online and physical), and implementing online booking tools, you’ll be able to easily.
6. Finding synergy across systems – Integrate software with one and other will save many hours of data duplication and transferring between systems. Take time in finding an all rounded management platform which can communicate and share data across all of your necessary operating systems. These integration can be between accounting software, communication channels, payment systems, medicare etc.
Icosian is a sophisticated and flexible workforce and customer management platform that transforms the way businesses operate in today’s highly competitive and consumer-driven market. Icosian solves the challenges of managing a large mobile workforce, and gives you the tools to focus on delivering cost-effective, high quality services to your customers.