Minister for Aged Care and Senior Australians Richard Colbeck recently announced a $50 million investment fund aimed at helping struggling providers.

The Business Improvement fund will be available to eligible businesses to improve business strategies, maintain services while the residence is sold to a new provider or help close a facility down in a safe manner.

The fund will help providers manage costs without jeopardising the quality of care to residents.

Eligibility for the fund will be judged based on the provider’s financial position. The provider must have limited access to other funding sources and a clear strategy for improvement.

Applications for grants from the fund are expected to open in late February.

From Aged Care Insite.