Financial Benchmarking

The StewartBrown Aged Care Financial Performance Survey (ACFPS) incorporates detailed financial and supporting data from over 1,100 residential Aged Care Homes and over 500 Home Care programmes across Australia. The quarterly survey is the largest benchmark within the aged care sector and gives invaluable insights into the trends and drivers of financial performance at the sector level, and at the individual home or programme level.

Why benchmark your organisation and services?

Benchmarking enables an organisation to learn from the outside, gaining an independent perspective about how well they perform compared to other service providers. This knowledge allows you to develop baselines, define best practices, identify improvement opportunities and create a competitive environment within the organisation. This process delivers relevant performance measures that ensures that your staff are able to implement service-specific solutions.

Benchmarking at its best is used as a tool to help organisations evaluate and prioritise improvement opportunities.

Benchmarking is a common best practice and helps organisations:

Integrating benchmarking into your organisation will result in valuable data that encourages discussion and sparks new ideas and practices. However, the approach to benchmarking can be just as important as the data. StewartBrown encourages organisations to incorporate benchmarking into the practices and culture by engaging key decision makers and personnel throughout the process. The best use of the Aged Care Financial Performance Survey produces a team focus that:

• Improves understanding of the real opportunities and their priority at all levels
• Minimises resistance to change and garners support for action
• Fosters a spirit of enthusiasm to do better than the ACFPS benchmark
• Promotes discussion based on data rather than assumptions or emotion

Utilising the Aged Care Financial Performance Survey provides a number of direct benefits:

• The organisations and its services are analysed
• The organisation or sections of organisations are compared
• Best practices are able to be defined and shared
• Performance deficits are identified
• Alternative solutions are able to be evaluated and shared

There are also a number of indirect benefits of using benchmarking:

• Promote a deeper understanding of your business processes
• Enable data driven validation of the objectives of the organisation
• Inform, verify and validate the business strategy
• Strengthen the competitive position
• Initiate and underpin the process of continuous improvement

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