Last week the community-based Not For Profit, with an annual income of $204 million (up 10%) and assets of $1.42 billion, made up of 21 aged care centres, 31 retirement villages and six home care homes across NSW, ACT and SE QLD, with 2800 employees and 850 volunteers, and 9100 customers, stated that they are pleased that they ‘broke even’ for the year (2018-19).
CEO Patrick Reid (pictured) went on to say:
“We have also chosen to forego of profit in 2019-20 so we can make additional investments across the organisation to enhance a long-term sustainability by continuing our unwavering focus on the quality of care we provide and supporting our employees”.
This is the state of aged care in Australia today.
As IRT stated last week, “44% of aged care sites in Australia made an underlying loss according to StewartBrown data – IRT delivered on its goal of moving towards sustainable financial performance.”
How many boards, CEOs and management review their positions each day, knowing they are insolvent?
How many aged care operators know they are not delivering quality care and safety – and want to hand the keys back to the Government?
How many other operators are prepared to pick up loss-making beds and home care services?
How many more Earle Havens are on the horizon?
Many more than you would guess.
