Last week, our Editor Lauren Broomham spoke to the CEO of the Victorian-based aged care, home care and retirement living provider for The Daily RESOURCE.
You can read the full interview here.
Sandra made the important point that Benetas is slowing down its developments and upgrades of its aged care homes and retirement villages as a result of COVID-19 – and she predicts that we will start to see a significant drop in the number of residential services and homes within years.
“I think in three to four years, we will see a lack of residential services in this country,” she said. “People just won’t be investing … it was already slowing down before COVID-19 because the government funding wasn’t there and I think that will be a real issue.”
While Benetas has not had to draw down on its RADs to fund its day-to-day operations, Sandra is aware many other providers have and says this would be a major concern for them, especially if they are not taking on new residents (Benetas is, subject to a two-week self-isolation requirement for those that have come from hospital).
Sandra says Benetas will now be looking at the direction of their business, including developing a risk management framework for the next three, six and 12 months and re-evaluating their current strategic plan (already reviewed every three months) and whether it is fit for purpose.
“I think it is still fit for purpose but we have got to measure and identify any opportunities in terms of the financial situation now,” she said.
“We will try to do less but focus more.”
“Some providers are going day by day but I think that is death if you are just going day by day.”
Are you planning to do the same for your business?