The Nursing Home Owner Managers we work with are running complex businesses turning over £5m on narrow margins.
They run multiple locations, so there are premises to be financed and maintained. They provide care to over 100 patients, each with individual funding to be managed. And expenses are many, from staffing and catering to supplies and equipment.
Over the past years we have helped the owner manager of the homes to:
financial planning and cashflow forecasting
preparing reports for the banks to support the ongoing funding of the business
Negotiate funding for patients from councils and local authorities for patient care, by preparing costs for nursing care assessments and re-assessment for CHC negotiations
staffing related financial matters eg. Payroll, Pensions, Training, Recruitment and awareness of visa requirements for foreign workers and similar HR matters.
compliance with the plethora of financial regulations, and awareness of the many other regulations that care homes need to comply with eg CQC, Health & Safety, Fire Safety
increase occupancy rates and reduce voids through better planning and control systems
support the financial case for self-funded care for discussions with family members
assist management to maximising profits by identifying additional income potential and identifying areas where cost savings could be made
property ownership aspects, charging rent as an expense to the business, depreciation etc. and the P&L, balance sheet and related tax aspects.
Through these relationships we’ve built up a detailed knowledge of the issues and challenges of running nursing and care homes. This puts us in a really strong position to support other nursing home owner managers who would like a financial partner to work with to help them run and improve their care business.
