BaptistCare NSW/ACT has recorded an $8 million net deficit for 2021-22, down from a $6 million deficit last year.
The Not For Profit brought in $348 million in revenue for the year, of which $192 million came from residential care, $120 million from home care, and $20 million from retirement living; however, expenditures totalled $356 million, of which $199 million went to residential care, $104 million to home care, and $19 million to retirement living.
In the annual report, Chair Robert Dunn and CEO Charles Moore (pictured) said BaptistCare had “not been immune” to the decline in financial viability experienced by the aged care sector.
“While we recorded a net deficit for the year, we have maintained a strong cash flow position. We have continued to incur costs associated with COVID-19 in protecting our staff and customers.
“The pandemic has also contributed to lower occupancy across our aged care homes and has restricted our ability to expand service to home care clients.
“We are confident our five-year strategy and continued advocacy for increased funding and reform for the aged care sector will realise enhanced financial viability and performance in future years,” they wrote.
Last week’s release of the Financial report on the Australian aged care sector 2020-21 showed that the sector as a whole lost more than $850 million in the 2021 financial year, and Grant Corderoy of StewartBrown expects that loss to grow to more than $1.3 billion this year.
