Being a registered NDIS service provider in Australia provides you with a good opportunity to help people with disabilities. However, the process of becoming one involves significant financial, operational, and compliance commitments. You will come across audit fees, insurance costs, staff training, system upgrades, and more. Providers must be prepared for both upfront and ongoing expenses. So, it is important to know how much does it cost to become an NDIS provider.
In this article, you can easily learn about the true costs and set your organisation up for long-term success under the NDIS framework.
Becoming an NDIS Registered Provider: Breakdown of Key Costs
Are you thinking about how much does it cost to become an NDIS provider? Here is a comprehensive list of expenses involved:
Application Fees
When researching the registration process, you will come across the fact that every potential NDIS provider must first fill out an online application. You must complete it via the NDIS Commission portal. However, you must complete the application within 60 days of starting it, or it will be deleted, and you will have to restart. During this process, provide relevant details about the support services you wish to offer. Also, provide accurate key personnel and corporate structure information.
Cost Involved: Application Costs are $0
External Audit Cost
After you submit your application for registration, you will receive the scope of audit information via email. This will inform you of the type of external quality audit required. Remember, the audit is compulsory, and it can be either a verification or certification audit. So, when researching how much does it cost to become an NDIS provider, considering this cost is a must.
- Costs for Verification Audits: $900 – $1,500. Usually, for low-risk support services, which involve therapeutic services or the offering of assistive technology devices.
- Costs for Certification Audit: May exceed $3,000. Performed for high-risk support services, which include live-in carers and specialised childhood educators.
Insurance
Tough situations can arise out of nowhere for your NDIS business. Thus, it is better to obtain adequate insurance coverage for it before starting the operations. It can include protection against:
- Theft
- Public Liability Insurance
- Employee Fraud
- Workers’ Compensation Insurance
- Cybersecurity Insurance (If you are handling sensitive data)
- Professional Indemnity Insurance
Costs Involved: $600 to $3,000, depending on the size of your NDIS business
Staffing Costs
When you are calculating how much does it cost to become an NDIS provider, it is vital also to consider the wages. Depending on the qualifications of the staff, you may incur training costs. However, many NDIS businesses also access free online training courses.
Costs Involved: These may vary depending on staff size
- NDIS Training: up to $500 per person
- Police Check: $50 or more, depending on the state
NDIS Documentation and Consultation Fees
Although the registration application is free of cost, the preparation of necessary paperwork carries a cost. It can include policy preparation and documentation charges, along with consultation fees. NDIS consultants charge fees to assist with the registration process by making it seamless and saving a lot of time.
Costs Involved:
- Policy Making and Documentation Charges: Crafting policies and preparing documents that match NDIS Standards can cost from $2,000 – $4,000.
- Consultation Fees: NDIS consultants may charge between $2,000 – $10,000, depending on the assistance level.
Software and Systems Costs
When computing how much does it cost to become an NDIS provider, never forget to consider the software and system costs. NDIS businesses often invest in the latest software licensed programs to manage clients and invoices. It helps streamline the operations, making things easy for NDIS providers.
Costs Involved: From $30 to $500 per month
Other NDIS Business Operation Costs
When thinking about how much does it cost to become an NDIS provider, know that you may also have to incur the following operational costs. These help in enhancing business performance. However, when it comes to the following costs, it is the NDIS providers who decide whether take things up a notch or tone them down:
- Marketing and Advertising: To stay competitive, NDIS business providers need a strong online presence. It helps access a larger participant base. For this, businesses may incur SEO and professional website design charges, online ad costs, and more.
- Rent for Office Space: When talking about how much does it cost to become an NDIS provider, these costs range from $150 per week to $1000 per week.
- Equipment Cost: When operating an NDIS business, several office supplies are used, including computers, stationery, etc. Thus, depending on the scope of business, these expenses may vary. If you talk about a rough estimate, it may be $1500 per employee.
Conclusion
When starting an NDIS business, every registered provider thinks about how much does it cost to become an NDIS provider. Having estimates in hand can help one plan and budget their strategies better. Thus, if you are also a potential NDIS registered provider in Australia, consider the costs mentioned in this post. Analyse whether your business can meet them and strategise effectively. If you require further assistance, consider consulting a professional NDIS consultant.
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