Topic: Strength in numbers. Is the short answer.

Day: Tuesday 13 October 2020

Time: 1:30pm-1:50pm AESDT

Abstract:

At Mirus Australia we start with these numbers – 1% and $1 – and co-design a business improvement plan for our clients There is a sustainable pathway to a revenue, admissions and workforce operating model and a better way to understand which numbers to work on and when. At Mirus Australia we start with these numbers – 1% and $1 – and co-design a business improvement plan for our clients There is a sustainable pathway to a revenue, admissions and workforce operating model and a better way to understand which numbers to work on and when. 
In this presentation, James Price, co-founder at Mirus Australia will start with the following question “what would an – • uplift of $1 in funding mean?• increase of 1% in occupancy mean?• improvement of 1% to productivity mean?”
This is not just about numbers. Ultimately, it’s about the strength of the number of people. At Mirus Australia we are focused on improved visibility, help build confidence, ensure better efficiency and financial controls for real-time decision making.
James will talk about the profit equation across Revenue, Admissions and Workforce Management and provide client examples of the Strength in Numbers results. 
(1) Revenue ManagementThe revenue equation addresses government income (rate) and residents’ admissions (unit) with the profit equation factoring costs to round out the formula. The revenue equation – rate x volume. Optimised when addressed in unison. ACFI funding equates for approximately 70% of funding in residential aged care. What would $1 uplift in ACFI do to your bottom line?
(2) Admissions ManagementLet’s review your marketing and admissions strategy: A 1% change in occupancy will have a little impact on costs but a substantial impact to your bottom line. The average occupancy rate is approximately 90%. What would an increase of just 1% do to your bottom line?
(3) Workforce ManagementAre you overspending or under caring? Achieve a 2 – 4% reduction in staff costs by implementing acuity-based rosters. What would a 1% productivity improvement do to your bottom line?
There is a pathway to a sustainable revenue, admissions and workforce management model and a better way to understand which numbers to work on and when. We did not envisage planning a 10-year celebration of when Mirus Australia was founded – from our homes. This year we have been managing our own people, our business and our community of clients 100% remotely. Our pathway may be meandering a little differently than what we had planned for in 2020, but we are even more energised and more focused on our vision of #makingagedcarebetter

Biography:

James Price is the co-founder of Mirus Australia. Focusing on markets and solutions he is passionate about putting world class technologies and services into the hands of our clients in Australia and works with the leadership team to innovate and evolve our service offerings. Before Mirus Australia, James enjoyed successful careers at PwC Consulting and, the Natwest Group in the UK. When he’s not busy building businesses, James is a proud husband and father of two boys. A self-confessed ‘petrol-head’, and he loves the simple things in life: good books, good company and good wine (and beer).