Topic: The Logic/MyCDC financial modelling system tool takes strategies and develops them into a full operational model which outlines the implications of applying the strategies.
Day: Tuesday 13 October 2020
Time: 3:30pm-4:00pm AEDT
The current financial reality of the Aged Care industry is well known to everyone involved and isn’t going to miraculously turn around through funding changes. The question which has always been difficult to answer is – How do you connect all parts of organisation from the Boardroom to the daily operations? Strategic directions set by the Board, implemented by Management, and carried out by the operational staff needs to be connected and modelled so the strategic directions are reflected in the operational outcomes.
Starting with the strategic direction the Board and Executive layout their vision and drive change. However, any strategic direction requires the support of a tool which steers the financial results and gives a basis for decision making.
The Logic/ MyCDC financial modelling system is a tool which takes the strategies and developments them into a full operational model which outlines the implications of applying the strategies. This then provides an ongoing framework for residential facilities to review and update strategic objectives and maintain detailed financial and operational reporting. It also provides forecasting capabilities, ensuring consumers are empowered to choose the care services they prefer, and the organisation remains financially viable.
Pivoting the Board, Executive and Management to be forward looking is only possible when a level of reliability can be placed on the financial and operational data reported. The Logic/MyCDC model provides this to the Board and Management so they are informed with accurate and timely data to make effective decisions months in advance.
For proper implementation, these strategies need to be quantified in operational units that managers understand. A management reporting and forecasting tool greatly increases management’s knowledge and accountability.
The system also ensures a transparency of funding and charges at the operational level allowing the supply of additional services in a transparent and accountable way, where the resident or guardian requests the services on offer. This paves the way for them to request additional services.
The resulting combination of clear, strategic forecasting at Board, Management and operational level combined with true consumer directed care on the facility floor allows any residential care provider to be sure of their financial and operational performance, with the data to prove it.
Daniel is a Director of Logic Advisory Services (Logic) and specialises in systems implementations, financial modelling and business model implementations. Logic is heavily involved in the health care industry and assists multiple residential aged care and community care service providers to deliver sustainable service offerings.