Running a small business in Australia, especially one that caters to the National Disability Insurance Scheme (NDIS), can be incredibly rewarding. But its complexities can feel like trying to navigate the Great Barrier Reef blindfolded.
At Oyster Hub, we’re all about providing support within the NDIS. In fact, there is a secret weapon that can help your organisation make smarter business decisions – your business dataset.
Leveraging NDIS data allows you to navigate the NDIA with confidence as a provider. This blog focuses on how you can harness its power to make informed choices that benefit your business and the participants you support.
Why Does NDIS Data Matter?
As a carer, we often get so focused on seeing our participants as singular that we fail to take an overarching approach in viewing our participant’s data. Think of your business data as a vantage point on how you provide disability support. It delivers valuable statistics into:
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Funding trends: What types of supports are in high demand? Can I link them to the type of disability service in my business?
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Participant demographics: What do the NDIS participant numbers look like in my region? Is there any unique trend in my existing participant information that stands out?
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Service Utilisation: What disability services are being used the most in my business? Is there a particular age group that requires my service?
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Pricing Benchmarks: How does my pricing compare to others in my area? Does it reflect the current economic conditions?
With even a summary of such records, you can gain a deeper understanding of the NDIS market and make more relevant decisions that give your business a competitive edge.
How to Find Information
Finding impactful data for evaluation is easier than you think. Here are some of the resources you can tap into for insightful information.
- Your business records: Interpret your records of past and existing participants seeking assistance (i.e. type of care services, demographics, any unique needs, service districts and locations)
- The NDIS Commission website: The NDIS Commission publishes a wealth of data reports on participant trends and individuals with disabilities.
- AIHW: The Australian Institute of Health and Welfare provides an in-depth analysis of data from the Australian government, including outcomes for people with permanent and significant disability.
- Other NDIS business websites: Your competitors may offer operational insights on how you can improve your business.
When searching for information, remember to maintain your participants’ privacy. Data privacy is a big consideration these days, and you’ll want to ensure that your business doesn’t break any laws.
Turning Data into Decisions: Actionable Strategies
What steps can you take to enhance your business, resources, and outcomes for participants? Here’s how to transition the information presented into comprehensive, actionable strategies for your NDIS business:
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Identify service gaps: Use data on participant demographics and service utilisation to identify areas where there’s high demand but limited supply. This can help you identify any untapped requirements.
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Refine your pricing: Understanding service pricing helps you benchmark your rates and ensure they’re competitive without sacrificing quality, giving you an advantage in the market.
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Target your marketing: Does your business primarily service youth and younger people? Or is your care centred around nursing for older Australians? Analyse participant demographics, including age and primary disability, to understand who you should be targeting with your marketing efforts. This allows you to tailor your messaging to resonate with the specific needs of those who are interested.
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Improve service delivery: Data on service utilisation can reveal which services are most effective. This allows you to refine your service delivery model to provide exceptional support to participants. It also helps you standardise your service for people living with disabilities.
The Secret Weapon: Partnering with an NDIS Accountant
While NDIS data is a powerful tool, deciphering it and translating it into actionable insights can be a challenge. That’s where a specialised NDIS accountant comes in. Here at Oyster Hub, we understand the NDIS, the National Disability Insurance Agency, and its impact on participants inside and out.
Our team of NDIS accounting experts can help you update your financial records to better serve participants. Here’s how we can help:
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Navigate the complexities of NDIS financial reporting.
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Optimise your claim submissions to maximise your funding.
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Ensure your business is compliant with all NDIS financial regulations to receive funding effectively.
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Use NDIS data to make informed business decisions.
By partnering with an NDIS accountant, you gain a valuable ally who can help you unlock the full potential of NDIS data and ensure your business thrives in the ever-evolving NDIS landscape.
Ready to Dive Deeper? Let Oyster Hub Be Your Guide!
The NDIS data ocean is vast, but with the right tools and support, you can navigate it with confidence and propel your business forward. At Oyster Hub, we’re passionate about empowering NDIS providers to achieve success. Book a free discovery call today, and let’s achieve success together.
