Registered NDIS providers require a big setup and high costs to become so. If you are willing to step into the business, the question about the exact cost must have definitely crossed your mind. While the NDIS registration is free, the price is for an audit. Besides these, the business setup, scale of service, employee costs and other essential investments also add to the expenditures. Want detailed information on how much does it cost to become an NDIS provider? Worry not; we have it all covered in this article. Read on.
NDIS Related Costs
While the investment of time and effort is inevitable, let’s discuss the monetary aspect for now. The first thing to consider in how much does it cost to become an NDIS provider is NDIS related costs. Let’s have a look:
Registration Cost
As mentioned, the registration and application process with NDIS is cost-free.
Documentation Cost
The document requirement to become a registered NDIS provider is large. Numerous types of paperwork must be completed for submission during registration. Getting them done also requires investment.
Audit Cost
However, the charges begin from a compulsory auditing process that influences the approval decision. The audit costs depend on the type of audit. They are:
Verification Audit: It is for low-risk and less complex support and services. It involves a desktop review of the documentation submitted to exhibit businesses’ capabilities to meet their needs. The documents include experience, qualifications, business plan, processes, methods for incident and complaint management and risk management. Examples of support in this category include personal mobility equipment, vision equipment, vehicle modifications, management of support funding and others.
Cost: Range from $900 to $1500
Certification Audit: This audit is carried out for complex and higher services and supports. Here, a detailed audit is performed to evaluate businesses’ ability to meet NDIS practice standards. The audit here involves site visits and participant interviews. The services here involve high-intensity personal activities, daily skill development, specialist behaviour support, high-intensity personal activities, higher education support and much more.
Cost: Around $3000
Insurance Cost
NDIS also makes it mandatory for registered businesses to have insurance. The aspect is examined during the process. The companies may be required to provide evidence of being insured, which can be public liability insurance, personal accident insurance, workers’ compensation insurance, professional indemnity insurance or others. The cost depends on the type of insurance and may go up to multiple thousands.
Ongoing Costs
After registration, businesses must perform self-assessment and external audits. It is to be done at a three-year registration cycle. Hence, it also involves expenditure.
Business Related Costs
Running the business as an NDIS service provider also involves costs like that of marketing, hiring workers, premises and others. So, the second major investment in how much does it cost to become an NDIS provider goes into running the business. Here are insights into the same:
Employee Hiring and Training
The hired staff workers must meet the NDIS worker clearance check to ensure that staff does not pose harm to disabled individuals. They must have the necessary training and hands-on experience to make them efficient in performing routine tasks. Further, job postings, background checks, and clearances also need to be performed. The recruitment agency or NDIS consultants can handle all of this.
Location, Utilities and Equipment
Taking up the location on lease comes at regular expenditures to be met. The scale of spending here depends on the size and business level. Further, the equipment and consumables are also used to run the business. It includes uniforms, badges, personal protective equipment, electronic gadgets and others.
Running an office further involves the usage of electricity, water, internet and other such regular expenses. In addition, software premiums are also included in expenditures. The requirements include automated billing, developing progress notes, handling complaints and others.
Marketing
Expanding the business, showcasing business presence and specialities, earning trust and reaching the right people all require strategy and investment. It can be done via self-participation in networking events or by posting on social media. However, better results are obtained if content creators and NDIS consultants deal with these responsibilities.
Benefits of Becoming an NDIS Provider
With all the mentioned costs, is becoming an NDIS provider worth it? Let’s uncover:
- With access to numerous participants and the delivery of quality services, the businesses thrive, increasing the earnings
- Helps make an impact on society by positively influencing the quality of lives of disabled individuals
- Helps get exposure to the market of the disability sector
- Be a part of the innovative and problem-solving environment as businesses filling the existing gaps proceed to register
Conclusion
The path to becoming an NDIS provider requires investment of time, effort and money. The documentation, audits, operational and administration costs, business expenditures and more are involved in monetary expenditures. But, becoming a registered NDIS provider also opens more avenues that help businesses flourish and thrive. To ensure a seamless journey, incorporate proper planning and expert guidance that can help cut unnecessary expenses while making profits.