Care home costs
Discussion
Just out of interest seeing as "average" weekly costs are £700 thats £35000 a year.
Obviously staff are the biggest cost but what are the staff ratios to patients? 24HR cover needed as well which makes it far costlier than other care type environments like a nursery. And staff are much higher qualified.
There must be a point where scale can make it quite cost effective?
Obviously staff are the biggest cost but what are the staff ratios to patients? 24HR cover needed as well which makes it far costlier than other care type environments like a nursery. And staff are much higher qualified.
There must be a point where scale can make it quite cost effective?
vulture1 said:
Just out of interest seeing as "average" weekly costs are £700 thats £35000 a year.
Obviously staff are the biggest cost but what are the staff ratios to patients? 24HR cover needed as well which makes it far costlier than other care type environments like a nursery. And staff are much higher qualified.
There must be a point where scale can make it quite cost effective?
That’s four pounds an hour for care , and you get a bed, all your heating , food made , everything cleaned etc etc . It’s a bit of a bargain Obviously staff are the biggest cost but what are the staff ratios to patients? 24HR cover needed as well which makes it far costlier than other care type environments like a nursery. And staff are much higher qualified.
There must be a point where scale can make it quite cost effective?
Tagteam said:
That’s four pounds an hour for care , and you get a bed, all your heating , food made , everything cleaned etc etc . It’s a bit of a bargain
But care is not provided 24x7 and £700 is the average for weekly residential care costs not nursing home costs.Interesting reading here:
https://lottie.org/fees-funding/care-home-costs/
Bottom line, they are generally working on a 30% Net Profit before Tax.
There's a good deal of money in it.
Edited by sgrimshaw on Tuesday 22 November 15:59
21TonyK said:
Theres obviously money in it but two I have worked for/with the nursing costs are astronomical, fees were £70-80K a year and one was still having to be supported as a charity.
A new care home has just opened opposite where I work,the cheapest room is £1700 per week so 88K a year, it's very posh more like a luxury hotel but that's a lot of money to find per year.
Its worth a read of Duncan Bannatyne's autobiography, 'Anyone can do it'. He moved into the care home business when most were run from existing converted large houses. By constructing purpose-built care homes he was able to get a lot more residents in the same space and ended up with a business he sold for £26M in 1997.
I think you also need to differentiate between a care home and a proper nursing home,care home is expensive,where as a nursing home with qualified nurses and a visiting doctor is f
king expensive.
In the early 2000s both my Grandmothers were in care,the care homes was £400/week for a 1 bed ground floor flat in an annexe. The other was paying £700/week in a nursing home for a simple en suite room.
I can imagine prices have risen alot since then.
king expensive.In the early 2000s both my Grandmothers were in care,the care homes was £400/week for a 1 bed ground floor flat in an annexe. The other was paying £700/week in a nursing home for a simple en suite room.
I can imagine prices have risen alot since then.
There's enough money in care homes if you do it right to buy and run your own sports car company to go racing with and your own helicopter fleet..
https://en.wikipedia.org/wiki/Lawrence_Tomlinson
https://en.wikipedia.org/wiki/Lawrence_Tomlinson
MaxFromage said:
If it's run well. And with massive increases in energy costs and another 10% on minimum wage next year, plenty are leaving the marketplace.
Currently paying around £4k a month for my Mum's care home, it's one of the cheaper ones. Just waiting for them to dump a big increase due to energy cost increases.
GliderRider said:
Its worth a read of Duncan Bannatyne's autobiography, 'Anyone can do it'. He moved into the care home business when most were run from existing converted large houses. By constructing purpose-built care homes he was able to get a lot more residents in the same space and ended up with a business he sold for £26M in 1997.
I remember reading that,he started by selling ice creams from a van if I remember correctly. But certainly the care homes made him a mint.
GliderRider said:
Its worth a read of Duncan Bannatyne's autobiography, 'Anyone can do it'. He moved into the care home business when most were run from existing converted large houses. By constructing purpose-built care homes he was able to get a lot more residents in the same space and ended up with a business he sold for £26M in 1997.
That's more what i was getting at.Also the person who posted the 4 to 1 ratio lets you see the staffing costs.
Custom building all ground floor but can have upstairs for all staff areas, storage, etc.
I wasn't looking to get into it more thinking how could you use economies of scale to make it cheaper whilst still paying staff well (ie careers not minimum wage) and good level of care.
dontlookdown said:
sgrimshaw said:
Currently paying around £4k a month for my Mum's care home, it's one of the cheaper ones.
Just waiting for them to dump a big increase due to energy cost increases.
Ca 5k a month here. Also waiting for big price rise, surprised not to have had one already tbh. Just waiting for them to dump a big increase due to energy cost increases.
My father who is 95 has just been discharged from hospital to a nursing home in Coventry
The costs for the home are 950pw for residential but then are offset by around 200pw through NHS continuing care so he now needs to fund 750 a week for 24/7 care in their nursing wing.
Luckily he has a good income still so the uplift from being at home with carers coming in a few times a day is about 1k pcm
Personally don't feel that this a over the top for the 24/7 nature of a care home and the company/safety it provides.
The costs for the home are 950pw for residential but then are offset by around 200pw through NHS continuing care so he now needs to fund 750 a week for 24/7 care in their nursing wing.
Luckily he has a good income still so the uplift from being at home with carers coming in a few times a day is about 1k pcm
Personally don't feel that this a over the top for the 24/7 nature of a care home and the company/safety it provides.
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