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Care Homes finances

nitram

Registered User
Apr 6, 2011
20,060
North Manchester
"...There had been concerns about (name removed) business model for years and it struggled to balance the books as local authorities reduced the amounts they were spending on social care.

The firm was brought down by having to pay a £250m rent bill as councils made cuts.

After its collapse, other operators had to step in to take over the care of more than 30,000 people...."

http://www.bbc.co.uk/news/health-20564151
 
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Saffie

Registered User
Mar 26, 2011
22,507
Near Southampton
I read in the financial section of a newpaper a week or so go that there are at least 4 other care home provider groups who have have massive debts at present and the fear is that they will go the way of (name removed). Really worrying.
 
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JPG1

Account Closed
Jul 16, 2008
3,396
"Care home companies would have to open up their books to inspectors to ensure they were financially sound, under government plans for new regulation."

Named Doctor deleted chief executive and general secretary of the named college deleted said the proposals were a "welcome step forward".

"For some time we have been concerned about the ability of providers to deliver high quality care and run on a sound financial footing," he said.

"When a patient or service user is moved from one care setting to another due to providers failing, it can have catastrophic effects on their mental and physical health."

He added: "It is right that robust plans are put in place to minimise the risk of services failing and that there is scrutiny of their business models. We look forward to seeing these plans in more detail."


Excellent move, in my opinion, and long overdue.
 
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