This week the government introduced a new fund, designed to support struggling Aged Care Homes in regional Australia, impacted by drought, fires and dwindling intake numbers. The Business Improvement Fund (BIF) is designed to provide short term support and advice that will sustain the ongoing operations of homes providing crucial services to remote and rural seniors.
The main function of the BIF is to support the providor through a passage of transition depending on the position of the organisation,whether that be:
- restructuring of business operations and upgrading of the organisation’s systems such as IT Infrastructure and Financial management systems
- transitioning the business to new ownership, or
- safely coordinating the closure of the facility.
- The move was welcomed by Aged Care Groups LASA, ACSA and COTA, amidst current calls for major funding increases.
Providors can find out who is eligible at this page on the website for the Department of Health.
This fact sheet about the Business Improvement Fund was released by the Department of Health on 31st January 2020.