There is good in aged care
27th September 2017
Michael Bachelard’s four-part series on aged care is detrimental to more than residential aged care providers.
Providers who aren’t doing the right thing should be held accountable. But, for those providing a genuinely high level of care, as a society, we need to not add to the guilt families already feel when a loved one moves into an aged care home.
In the article, Benetas is stated as earning $8.8million surplus in 2016. This comes from a range of different streams, including from our Home Care and Retirement Living services, and a number of investment portfolios, not just from residential aged care.
As a not-for-profit, all our revenue is invested back into improving the lives of our clients. In 2016/17, Benetas invested over $1.2million into our social divided program. This program is made up of:
- The One Wish program which supports our clients to live out a dream,
- The Hardship Fund where Benetas pays for needed items that our clients cannot afford such as replacing a broken washing machine,
- The funding of our Research & Innovation Department that undertakes research that improves the quality of life for all older Australians,
- Our Pastoral Care Team which provides all our clients and their families with emotional and spiritual support,
- And a number of other programs that positively impact on our clients.
Additional profits were invested into the redevelopment and upgrades of our services. Over the past two years Benetas has invested in the following upgrades of our facilities for our clients:
- 140 new aged care beds: $31 million
- 75 refurbishes aged care beds: $5 million
- 47 new retirement living units: $12 million
Over the next three years it is proposed to deliver:
- 375 new aged care beds: $116 million
- 242 new retirement living units: $119 million
- 150 refurbished beds: $11 million
In total, this a $294M investment in growth projects over a ten year period.
Further to this, recent government clawbacks of $1.4billion and changes to Consumer Directed Care in Home Care mean that provider profits will not continue in the manner of 2016. Whilst this article talks about profit as a negative, because all our surplus is invested back in our services, our clients are really the ones impacted by declining revenue.