Cater Care, an aged care industry leader, announced the release of a new innovative financial tool called the Catering Cost Health Check, which is designed to assist residential aged care providers by providing valuable financial insight and potentially cost-saving analysis.
This tool has been released at an especially pertinent time as much of the aged care industry continues to struggle with a lack of financial viability, with 64% of the 1,143 aged care providers in Stewart Brown’s nationwide survey operating at an ongoing average loss of $15.74 a day.
The Catering Cost Health Check serves as a comprehensive tool designed to allow providers to evaluate their financial position, identify risks that may emerge when attempting to establish catering operations, and make informed decisions about how to best manage the future finances of their operations.
From the data the user provides, the tool then generates a full report that outlines the potential financial risks and offers practical recommendations, enabling providers to honestly assess the viability of their planned solutions. Some of these financial factors include:
Bryce Williams, Cater Care’s Chief Operating Officer – Urban Division is optimistic that the new tool can help make a genuine difference to aged care providers struggling to appropriately plan out their finances.
“I’m pleased to see this tool released out to the wider industry, and I’m hopeful that it might be a real turning point for aged care providers who are struggling to plan out their finances surrounding catering. Through using the Catering Cost Health Check, smaller care providers might have a better understanding of the potential risks of what they’re walking into and might just be able to avoid making an expensive mistake.”
The Catering Cost Health Check is a testament to Cater Care’s commitment to supporting the aged care industry in delivering high-quality, tailored services that are designed to suit the needs of each individual client.
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StewartBrown. (2023, April 4). Aged Care Financial Performance Survey (December 2022). Stewart Brown Chartered Accounting Firm. Retrieved July 7, 2023, from https://www.stewartbrown.com.au/news-articles/26-aged-care/274-2023-04-stewartbrown-aged-care-financial-performance-survey-december-2022
ABOUT CATER CARE
Cater Care is an industry leading contract catering, accommodation, and facility management service provider to a range of clients with more than 250 sites across the country. Proudly 100% Australian owned and operated, we are passionate about fresh, quality food, and pride ourselves on providing the best hospitality and tailored service to our customers and clients.
