Further proof that it is possible to make a profit from residential aged care – with size and scale.
The Not For Profit has released its annual review for 2019/20, and it shows that aged care is the major source of revenue for the organisation.
Check out the table above.
As you can see, Catholic Healthcare’s 41 aged care homes accounted for $281.9 million of its revenue on 2019/20 – that’s $6.875 million per home or $98,291 per bed.
Compare this to the latest StewartBrown’s financial performance survey which shows the average revenue in June 2020 was $181.42 per day – around $66,000 per bed.
Also by contrast, their 12 retirement villages made just $6.5 million – or $581,000 each.
While its surplus has grown smaller over the past three years – from $9.8 million in 2017/18 to $4.2 in 2019/20, its overall revenue and income has grown by $70 million in the same period.
In total, Catholic Healthcare’s net assets are now at $436.9 million – an increase of $34.9 million on last year.
The provider has more than 2,800 aged care beds, over 4,500 home care clients plus 4,200 staff, and 460 retirement living units across NSW and southeast Queensland.