FINANCIAL MANAGEMENT IN RESIDENTIAL AGED CARE

March 27 and MAY 2 @ 9:30 am – 1:30 pm

AUDIENCE: Those that are new to residential aged care management or those who want to enhance their current financial management capabilities
PRESENTER: Andrew Harris from Andrew Harris Business Consulting
LOCATION: ACIA Training Room – Corner of North Street and Avenue Road
2 workshops have been designed to build financial skills and knowledge to enhance understanding of financial reports and financial performance drivers for those who need to manage or report against budgets in the residential aged care sector.

For those new to Residential Aged Care finance, attendance at both sessions is recommended.

WORKSHOP 1 – 27/03/19

Demystifying Financial Reporting – The Basics of Residential Aged Care Financial Management
Residential Aged Care Finance Management Concepts for Non-Finance People

Objective:
This is an entry level workshop – Designed for non-financial people new to aged care who are required to manage budgets & finances related to their job role. Participants will gain knowledge of the financial environment, basic management reporting concepts, including variance, grouping and hierarchical reporting and separating operational from non-operational performance to aid in focus of management effort. This session will provide the basic concepts and knowledge to enhance participant outcomes for workshop 2.

Overview:
This is not a training session in accountancy, but in basic financial concepts to enhance skills in financial management, including what to look for when reading & interpreting financial reports.

  • Provides background to the residential aged care financial environment 
  • Examines financial management reporting concepts 
  • Interpretation of financial reports
  • Key features of a basic management report
  • Interactive session- turning basic chart of accounts into grouped chart (participant input) 
  • Variance reporting & how to interpret results
  • Distinguishing operational from non- operational performance
  • Interactive session- redefining a simple income statement into operating & non-operating areas and operating and bottom-line results (participant input)
  • Hierarchical reporting & its uses 
Outcomes: 

  • Increased skills and knowledge of basic financial concepts 
  • Greater understanding of financial management through interpreting financial reports
  • How to use reporting to help focus management effort on the major issues
  • How to distinguish “real” operational performance
  • Knowledge of grouped and hierarchical reporting  

WORKSHOP 2 – 02/05/19

Tuning Up Your Results – Management Influence and Strategies, Key Performance Indicators & Benchmarks for Residential Aged Care
Specific Key Residential Aged Care Financial Management Concepts

Objective:
This workshop is designed to build on the skills and knowledge gained from workshop 1 but is also suitable as a standalone course for those with some financial experience. This session is designed to help managers to understand their key areas of influence. It identifies the key areas of management influence and key drivers of financial performance and suggests strategies to help manage them. In explaining key financial performance indicators and benchmarking, it is designed for non-financial people or people new to an aged care management role who are required to manage budgets & finances related to their job role. It is also designed for those who have the basic skills and knowledge but need a more thorough understanding of specific key aged care financial management concepts.

Overview: 
This Session covers management of key areas of financial operational performance: 

  • Looking beyond $budget variance reporting 
  • Major cost & income operational drivers 
  • Key areas of management influence 
  • The key financial risks for operational managers 
  • Financial risks in ACFI management 
  • Reasons for creating standard roster models 
  • Financial risks in roster management 
  • Benchmarking & key performance indicators-what and how to measure
  • Common residential aged care financial measurements & ratios in benchmark surveys
Outcomes: 

  • The major drivers of income & expense in residential aged care
  • Key areas of influence as an operational manager
  • Key operational financial management risks 
  • Key ACFI management risks
  • Roster reporting & management 
  • Commonly used benchmark measurements & terms
  • Strategies to improve financial performance

Please Note – morning tea is provided and participants will require a calculator

To register online, please click the Eventbrite link below (charges apply) or download the PDF document, and email to enquiry@acia.asn.au or Fax 8338 6511.

Eventbrite Registration
Download PDF