The Coronavirus pandemic has brought a new financial squeeze to the care sector.
Many care businesses were already working to tight margins due to austerity measures on public finances. Now they are in danger of being pushed over the edge.
In recent years, care businesses have experienced higher workforce costs. Not only have they had to accommodate wage inflation due to the National Living Wage, but they’ve suffered recruitment and retention issues.
Staff shortages are set to be compounded by Brexit and the reduced availability of European workers.
This has all happened at a time when there’s been less state funding in the system, and is a big headache for those businesses dependent on local authority placements.
Then the pandemic brought extra staff and equipment costs. Many providers have had to pay more for agency staff to cover gaps, and ensure they have adequate PPE supplies.
High death rates in residential care sector have also created a stigma, so occupancy levels are down.
One industry expert is predicting one in ten care homes could go bust.
This session will explore steps care businesses can take to get on a sustainable footing and promote profitability.
Gold Sponsor: The Care Hub
Supporting: The Care Workers Charity
Jon is a Director of Pinders, the UK’s leading specialist business appraisers and valuers. Jon has specialised in the healthcare sector for the last thirty years and has been involved in large portfolio valuations as well as individual homes of...
With over 20 years nursing experience in a variety of care environments, Charlie overseas many of the projects undertaken by BKRCC. As part of this role she manages the day to day operations of the 30 consultants who are involved in our various...
Dr Sanjeev Kanoria is founder Chairman of Advinia Health Care – a large provider of dementia care with 3300 beds, owner/Vice Chairman of Austrian Anadi Bank and Suasth multispeciality hospital in India.
Travelling back from London in 2016, Scott was sat opposite Peter Hodkinson, MD of Westward Care. Peter explained that recruitment and retention was a big issue for his business and the wider sector. High agency costs, lack of time, and not hiring...