Do owners of care homes make a lot of money?

sparrer

geek84 wrote: »

Hi folks

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

Thanks

I can state categorically that I didn't make big fat profits from my residents. Fees were the minimum for which we provided all the comforts you would expect for your elderly relative, plus basic clothing, toiletries, hairdressing, trips out, birthday parties, even dog/cat/bird/fish food as we allowed residents to bring well behaved small pets with them. (It was fun having wheelchair walks along the promenade with a couple of dogs in tow, and an ice cream for everyone afterwards). Meals were freshly cooked every day, leftovers only ever went to the animals, we had a weekly residents meeting to discuss what they would like on next week's menu, what activities they would like, trips they wanted to go on. Staff consisted myself, my then OH, my teen daughter at weekends, two care assistants and a cleaner. The time I had 'off' was spent at the cash and carry, taking residents to G.P. appt's etc.

Take the cost of 6 residents, a huge business mortgage, wages for 3 staff and all the usual bills and there was very little monetary reward, but the pleasure and fun I got from from those years was priceless. There are corporates who charge £k's a month but there's no care or emotion coming from board room members. It's just my belief that the elderly should be treated as one of the family or at the very least the human being they are and not a cash cow.

Mojisola

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.

A lot of that is true of hotels as well.

SueC_2

geek84 wrote: »

Hi folks

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

Thanks

That's much like asking whether the owners of shops make a lot of money out of it.

In some cases the answer will be yes, and in others, it will be no.

And in either case, there will be a multitude of factors contributing towards the profit or loss. As with any other business, running a successful care home is dependent on making a successful balance between revenue, costs, and service levels.

Mojisola

My Dad is in a home run by a not-for-profit company so, while I'm sure the people at the top take home a very nice salary, they're not squeezing the company to pay shareholders.

Russe11

Its how Duncan Bannatyne went from ice cream vans to multi millions, not as lucrative as it used to be, but if it didn't make money there would not be so many private care homes, so long as there is demand and the local authority picks up the bill there will be profits in investing in care.

loulou123

I think the people at the top of the "group" care homes, (where they own lots of homes, sometimes around the country) earn very well, I'm sure the