Request for Assistance to Monitor the Impact of the 1 July Reforms
This information was distributed on July 14, 2014
Request for Assistance to Monitor the Impacts on the Sector of the 1 July 2014 Financial Reforms
Information on Bonds and Refundable Accommodation Deposits
The Aged Care Financing Authority (ACFA) is an independent committee consisting of an independent Chairman and aged care sector experts whose role is to provide independent advice to Government on finance and funding issues affecting the aged care sector.
In response to concerns raised by the sector on the potential impact on providers of the aged care reforms commencing on 1 July 2014, ACFA will be reporting to Government on a monthly basis from July to December 2014 on how the reforms are affecting the sector and then on a quarterly basis in 2015. In particular, ACFA will be advising on the choices residents are making between paying lump sum Refundable Accommodation Deposits (RADs) or periodic Daily Accommodation Payments (DAPs) in residential care and the impact that it is having on the sector.
ACFA’s advice to Government will be made publicly available within 28 days of being provided to Government.
To enable ACFA to provide timely and comprehensive advice on the impact of the reforms, we are seeking your assistance in providing some simple high level data to ACFA to enable us to prepare our reports.
ACFA will write to all residential care providers towards the end of July seeking the information in the attached form by mid- August. The initial collection will involve details of:
- bond holdings per facility at 30 June 2014
- bond and RAD holdings per facility at 31 July 2014.
Information on bond and RAD holdings would then be sought in each following month up to 31 December 2014.
We have consulted closely with peak organisations, including LASA and ACFA, in developing the data request and those organisations support the data collection and are encouraging their members to participate. Feedback from the whole industry will allow us to make a more comprehensive and representative assessment of any Balance Sheet impacts of the reform.
Providers will be able to submit the information on-line through a web portal or through a paper form. Providers with multiple facilities will be able to provide the information for each of their facilities in spreadsheet form to simplify reporting. Further details will be provided when we write to providers again at the end of July. ACFA will be engaging a third party to collect this information in-confidence on its behalf and only aggregated de-identified information will be published. Individual provider information will not be disclosed to the Department of Social Services.
In addition to collecting this aggregate level information ACFA would also be keen to hear from providers who may be willing to share additional detail and insights on the impacts of the reforms. If you would be willing to participate in this more detailed engagement with ACFA please advise the ACFA secretariat at email@example.com. Feel free to register now rather than waiting until our end of July contact with you.
Your participation in providing this data will play a key role in having the Government informed of any impacts of the 1 July 2014 changes. If you require further information please contact the ACFA secretariat by emailing firstname.lastname@example.org.
15 July 2014