Managing Director and CEO Dr Linda Mellors acknowledged the opportunity the ageing population and the consumer preference to age in place behind its decision to buy the Knowles Group's in-home services business, launched in 2007.
BodeWell Community Care, based in Moorabbin, 15km southeast of Melbourne's CBD, has more than 2,500 clients in Victoria and Southeast Queensland.
“BodeWell is a well-regarded home care service which enhances Regis’ existing operations by providing greater scale in Melbourne and extending operations into South-East Queensland,” Linda said.
Completion of the acquisition of the business and all its assets is subject to regulatory approvals and other customary conditions. The acquisition will be funded by Regis’ existing cash and is expected to be complete in the fourth quarter of FY25.
The move comes as the Albanese Government holds firm on its 10% care management cap under the new Support at Home program starting from 1 July this year, despite the Department of Health and Aged Care's latest financial snapshot showing operators’ care management fees for all Home Care Packages are 17% per Package.
As The Weekly SOURCE has previously discussed, the introduction of higher ‘user pays’ for lower-level services will likely see a consumer shift towards using their Package for higher-level services such as clinical care.
In August, The SOURCE reported Regis Aged Care, Australia's last remaining publicly listed aged care provider, exceeded the $1 billion mark in revenue for the first time.
