If you do one thing in the lead up to the May Federal Budget – grab yourself a coffee and watch this 15-minute thought provoking discussion from Tammy Berghofer, Partner at MinterEllison, about the potential impact of the Royal Commission recommendations on retirement village operations.
There is a very real opportunity for villages to be the major winner from the Royal Commission.
Tammy outlines the opportunities and important considerations for both operators and front-line village professionals. She highlights the future expectations of residents and the questions village professionals will need to consider.
In this video Tammy has simplified the Royal Commission impacts to village operations into 3 key areas:
- Impact of a new Aged Care program
- Instead of three different ‘aged care programs’ (CHSP, Home Care and Aged Care), it is likely they will all converge into one, with people entering the system and then carrying through to high care
- Universal entitlement to care – everyone gets to care for free
- Increased choice, control and flexibility
- Expansion of Care at Home
- This is what the Government wants / long term care strategy requirements
- Need for expanded termination processes
- Village and care residents will be older and have higher health and acuity needs
- Increase skills and knowledge for village professionals
- Influence on village built environments
- Ageing in place considerations will increase in importance
- Assistive technology use will increase in importance
- Possible grant funding options for operators