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RSM Bird Cameron has outlined how business advisers can assist clients optimise National Disability Insurance Scheme (NDIS) funding.
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RSM Bird Cameron outlines NDIS strategy
23 October 2014
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The firm said the NDIS has created opportunities for disability service providers to increase or expand their services and understanding on how to make the most of the available funding and set up organisational systems accordingly presents a significant challenge for many providers.
According to the firm, the disability services sector now operates under a customer-driven demand model requiring service providers to adapt their business and operating models as well as understand the financial implications of the changes.
Andrew Sykes, director, business advisory said securing extra funding is possible under the NDIS, which will ultimately help providers offer more services to their clients.
“Part of securing this funding however, means most organisations need to make significant changes to their systems and processes to account for the work they do and the people they are doing it for.”
“A key challenge is that the NDIS is a brand-new scheme that completely changes how disability support is funded. Organisations need to negotiate the ins and outs of government requirements and funding.”
“The NDIS requires particular types of reporting and processes in order to provide funding, so that gives organisations an opportunity to refine their own systems and put measures in place to maximise the use of the funds they have,” Mr Sykes said.
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RSM Bird Cameron said there are four key orders of business for providers seeking NDIS funding:
1. Plan for the transition to the NDIS through a workshop and stakeholder consultation, including the physical preparation of an action plan
2. Conduct a funding and cost analysis, developing forecast and modelling for potential NDIS revenue and associated costs to deliver services
3. Conduct a financial management system and process review and redesign to make sure client data management, billing and other procedures are compatible with NDIS requirements and to improve process efficiency
4. Develop organisational policies and procedures that will support the provider as it grows
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