Do owners of care homes make a lot of money?

geek84

Hi folks

Do owners of care homes make a lot of money out of it?
If so, in what way?

Thanks

Hmm71

http://www.partnership.co.uk/care/How-much-will-care-cost/

By charging an average of £27,000 a year but keeping carers on minimum wage.

geek84

Thanks Hmm71

Mojisola

My Dad pays approximately £70 a day for his care home. For that he gets bed, board (3 good meals a day plus endless beverages and home-made cake!), all his washing done and help whenever he needs it (day and night).

My OH, who travels a lot and stays away in hotels, reckons it's better value than he's getting from the hoteliers.

Tiddlywinks

Mojisola wrote: »

My Dad pays approximately £70 a day for his care home. For that he gets bed, board (3 good meals a day plus endless beverages and home-made cake!), all his washing done and help whenever he needs it (day and night).

My OH, who travels a lot and stays away in hotels, reckons it's better value than he's getting from the hoteliers.

You dad pays over £25k a year for his care - now multiply that by the number of residents, some of whom will require more or less care.

Those three meals are cooked in bulk, the care is shared amongst all the residents, it isn't 1:1.

The workers will be paid minimum wage.

I'm glad your dad gets help when he needs it - unfortunately, that has not been my experience with my relatives in supposedly good private care homes... as the staff numbers are kept to a minimum so they don't eat into the profits.

ILW

Tiddlywinks wrote: »

You dad pays over £25k a year for his care - now multiply that by the number of residents, some of whom will require more or less care.

Those three meals are cooked in bulk, the care is shared amongst all the residents, it isn't 1:1.

The workers will be paid minimum wage.

I'm glad your dad gets help when he needs it - unfortunately, that has not been my experience with my relatives in supposedly good private care homes... as the staff numbers are kept to a minimum so they don't eat into the profits.

Build in the value of the premises (especially in the SE) and there is not a lot of profit to be made. Most residents are funded by councils and they do not pay a penny more than they need to.

dandelionclock30

Yes especially specialist residential places like rehabs and detoxs, residential child care homes(private) not local authority, and EMI homes.
Some of these can charge well over £5,000 per week per person.Its all about profit for the owners.Lots of people who have money to invest, buy into care homes as owners because the return is very high.

cockaleekee

I do the accounts for a group of nursing homes and I can state categorically that, in the case of smaller owners, the answer is an emphatic no - they don't make a lot of money.

The £27,000 figure is nonsense - I have no idea where it has come from because it is not supported by the figures they quote at the bottom of the article.

Blackpool_Saver

Yes, but it isn't easy money and carries a lot of responsibility

cockaleekee

dandelionclock30 wrote: »

Yes especially specialist residential places like rehabs and detoxs, residential child care homes(private) not local authority, and EMI homes.
Some of these can charge well over £5,000 per week per person.Its all about profit for the owners.Lots of people who have money to invest, buy into care homes as owners because the return is very high.

Rehab and detox units are not care homes!

ILW

Mojisola wrote: »

My Dad pays approximately £70 a day for his care home. For that he gets bed, board (3 good meals a day plus endless beverages and home-made cake!), all his washing done and help whenever he needs it (day and night).

My OH, who travels a lot and stays away in hotels, reckons it's better value than he's getting from the hoteliers.

Premier Inn will charge around £80.00 per night just for the use of the room.
Around £2400.00 per month.