Extortion of the elderly

[Tony]

7 minutes ago, redruby said:

If a private care home is making a profit, who is payrolling that profit?  Who is benefiting from that profit?

 

Taxpayers. And non taxpayers.

Edited September 30 by Tony

[Annie Bynnol]

4 minutes ago, redruby said:

Heaven help us if ordinary people need to paid fairly.  So they can like pay bills and a mortgage or rent.  And have a meaningful and healthy life.  Heaven help us! God forbid, the sun would fall out of the sky!!  

But let’s get back on topic to care homes.  If a private care home is making a profit, who is payrolling that profit?  Who is benefiting from that profit?

     Who indeed.

     It was pointed out to me when Sheffield Council Residential/Care/Nursing Homes were being closed down that two items made Private or Not for profit homes much cheaper to run:

• a more ruthless approach to resident debt management
• employment costs: lower pay, contract work, equal pay, easier dismissal, lower levels of sick pay, maternity pay, redundancy pay and pension contributions. Union involvement would be neutered.

    The Government and to a lesser extent the Council avoided direct criticism by the voters and media of the failings of individual homes and could introduce an Inspectorate that would not blame them.

 

    That the whole issue has not been resolved is testament to failure of Governments to be involved and make unpopular decisions. 

[El Cid]

8 hours ago, redruby said:

But let’s get back on topic to care homes.  If a private care home is making a profit, who is payrolling that profit?  Who is benefiting from that profit?

 

Suppose I buy an Aspirin or Paracetamol, made by private companies. How much, about 30p in the supermarket, great service.

How do you live your life resenting companies making a profit?

 

[redruby]

1 hour ago, El Cid said:

 

Suppose I buy an Aspirin or Paracetamol, made by private companies. How much, about 30p in the supermarket, great service.

How do you live your life resenting companies making a profit?

 

Hmm, yes now you come to mention it I’ve often thought there are numerous parallels to draw on the business model of pharmaceutical companies that create a mass produced, widely available and cheaply manufactured and priced generic drug and the ongoing provision of round the clock care for elderly people with numerous frailties and conditions.  
 

 

NOT.

Just because some products as services are best managed as a for profit, private industry, others are not.  

[El Cid]

25 minutes ago, redruby said:

Just because some products as services are best managed as a for profit, private industry, others are not.  

 

Anything that is a monopoly, but anyone can open a care home.

[Longcol]

On 28/09/2024 at 13:59, Resident said:

Nearest care facility to me costs a minimum of £1100/week, has 65 rooms, currently all booked up. So rakes in £3.7million per year. 

It's operated by HC-One, who made profits of over £42 million last year.

 

Really?

 

https://www.carehomeprofessional.com/losses-rise-for-hc-one-despite-42m-turnover-growth/

 

Edited Monday at 21:45 by Longcol

[peak4]

20 minutes ago, Longcol said:

Really?

https://www.carehomeprofessional.com/losses-rise-for-hc-one-despite-42m-turnover-growth/

I can never really get my head around how this sort of stuff pans out long term; they claim not to have paid shareholder dividends for several years, but one wonders how they remain solvent with apparent year on year losses.
And then there's things like this; FT Via archive.is 2019
Care home group paid £48.5m in dividends while warning of cuts
Private equity-owned HC-One declared a loss every year except one since creation in 2011 

The payout by HC-One will add to concerns over the role of private equity in delivering care for the elderly, which have resurfaced in recent weeks after Four Seasons, the second-largest UK care home chain, was taken over by creditors and put up for sale.
HC-One, which has about 22,000 beds and 340 care homes, was founded in 2011 from the collapse of Southern Cross — then Britain’s biggest care home operator.

[Longcol]

20 minutes ago, peak4 said:

I can never really get my head around how this sort of stuff pans out long term; they claim not to have paid shareholder dividends for several years, but one wonders how they remain solvent with apparent year on year losses.
And then there's things like this; FT Via archive.is 2019
Care home group paid £48.5m in dividends while warning of cuts
Private equity-owned HC-One declared a loss every year except one since creation in 2011 

The payout by HC-One will add to concerns over the role of private equity in delivering care for the elderly, which have resurfaced in recent weeks after Four Seasons, the second-largest UK care home chain, was taken over by creditors and put up for sale.
HC-One, which has about 22,000 beds and 340 care homes, was founded in 2011 from the collapse of Southern Cross — then Britain’s biggest care home operator.

 

Doesn't sound exactly the most lucrative business though with two of the largest providers effectively needing to be bailed out. Pretty certain there are easier ways of making money with assests of over £800 million,

 

https://www.hc-one.co.uk/CMSPages/GetAzureFile.aspx?path=~\hc1_live\media\misc-media\hc-one-topco-limited-2023.pdf&hash=c5b0cbc80b7d4b977030ba2b9eb0b47ee4b4736147622833e54885cba6792a1c

 

 

[Longcol]

1 minute ago, Longcol said:

 

 

https://www.hc-one.co.uk/CMSPages/GetAzureFile.aspx?path=~\hc1_live\media\misc-media\hc-one-topco-limited-2023.pdf&hash=c5b0cbc80b7d4b977030ba2b9eb0b47ee4b4736147622833e54885cba6792a1c

 

 

 

Balance sheet on P27.

[spilldig]

11 hours ago, El Cid said:

 

Suppose I buy an Aspirin or Paracetamol, made by private companies. How much, about 30p in the supermarket, great service.

How do you live your life resenting companies making a profit?

 

There's profit and then there's greed.