The Aged Care Quality and Safety Commission is responsible for monitoring the financial health of aged care providers, including ensuring reporting obligations are met and the financial and prudential standards are adhered to.
While the financial and prudential standards apply most directly to residential aged care providers and the management of refundable deposits, home care providers could benefit from the practical consideration of the intention of these standards to achieve best practice in record keeping, financial management and reporting.
Specifically, Home Care providers should consider how they:
- ensure liquidity and the availability of home care fees or subsidies, for refund or transfer, should a consumer leave the provider’s service; and
- maintain accurate records of services provided, fees charged and remaining funds.
Home Care Financial Reporting Requirements
Home Care providers are required to submit Quarterly and Annual Financial Reports.
Quarterly Reports
Quarterly Financial Reports (QFRs) include information on:
- viability and prudential compliance – considering any risks to the provider’s ongoing financial viability and ability to deliver services. Questions cover solvency, financial performance, liquidity, business improvement, recruitment, workforce, business structure and governance.
- year to date financial performance, including balance sheets and financial statements (at the approved provider level);
- home care labour cost and hours delivered for different types of care (e.g. nursing vs personal care), at the Aged Care Planning Region level; and
- the total number of service hours delivered.
A template for the Quarterly Financial Report can be found here. Providers should refer to the dates set each year for quarterly submissions via the Government Provider Management System (GPMS).
Providers who only deliver Commonwealth Home Support Programme (CHSP) services are not required to submit a QFR.
Annual Reports
Annual Aged Care Financial Reports (ACFRs) are due by 31 October each year (if your financial year ends 30 June) and include:
- information on income from providing services, such as fees for the provision of care and package management;
- information on expenses, including wages and salaries, management fees, care-related expenses, and information on labour costs and hours;
- other financial information, unspent package funds, and cash and liquid assets;
- financial performance, including approved provider level balance sheet, income statement and cash flow statement (non-government providers only); and
- a Consolidated Segment Report which collects financial information about the approved provider’s ultimate Australian parent organisation (which may include both aged care and non-aged care operations/subsidiaries).
A template for the Aged Care Financial Report can be found here.
Additional Support Available to Providers
- Frequently asked questions: Quarterly Financial Reporting – Frequently asked questions.
- A helpdesk function managed by Forms Administration is available to providers to answer technical/accounting queries via phone – (02) 4403 0640, and email – health@formsadministration.com.au.
- If you need assistance completing the Home Care Labour Costs and Hours section of the QFR, email QFRACFRHelp@health.gov.au.
- GPMS Quick Reference Guides and Assistance: Adding a new Quarterly Financial Report (QFR) Financial Reporting user in GPMS.
- If you need help logging into GPMS, call the My Aged Care Service, Provider and Assessor Helpline on 1800 836 799.
SoCom Consulting advises on NDIS and Aged Care Provider applications, policies and procedures, compliance and strategic business development. To discuss how we can assist you, Contact Us or download one of our FAQs here:
- NDIS FAQs – Understand the NDIS Provider application process for Verification vs Certification
- Aged Care FAQs – Understand the process and likely timeframes for applying to become an approved Aged Care Provider
