KPMG offers aged care and retirement village operators with a range of audit, tax and advisory services both for-profit and not-for-profit organisations.
How well the elderly are cared for is a telling barometer of any country. New Zealand’s ageing population is reshaping our society and economy, as well as the aged care industry itself.
The sector is currently under stress responding to the Commission for Financial Capability’s white paper on the retirement villages legislative framework while continuing under challenging operating conditions. This has led to a substantial challenge for the sector with providers endeavouring to respond to possible changes in the uncertain regulatory environment, while meeting customer expectations, trying to find and retain good employees, and remaining financially sustainable given the increasing financing costs. It also requires providers to prepare, respond, and act in order to remain a viable, competitive and relevant provider of aged care services.
Throughout this, the sector has remained resilient and continues to be optimistic about the economy for the coming years. Some of the big focuses in the sector for the upcoming year include improving community management, increasing care service offerings, and enhancing marketing activity through use of social media.
Another of the main risks and challenges facing health care including in the aged care sector is workforce. The problem of attracting and retaining an appropriately trained workforce is being acutely felt in aged care. As the war on talent rises globally for the health workforce and within Aotearoa in particular in competition with the national public hospital sector in the newly created Te Whatu Ora , which typically pay nurses more than the aged care sector. Pay settlements for pay equity will add their increasing wage inflation and squeeze margins still further.
The sector is continuously adapting and developing in order to improve and meet the changing demands of consumers and new opportunities in the market. Some of the current major long-term focuses in the sector revolve around implementing technology to streamline operations, new propositions to appeal to retirees, and a rental model option for retirees.
