Financial Solutions for Care Providers
The Problem
Many care providers would argue that local authority funding rates are now well below the cost of providing the assessed care. As a care provider you may feel that you have a moral obligation to keep a resident in your home, even if their funds run out. This will either see your business or charity funding the difference, or you will be forced to increase fees for your private residents. This may be counterproductive as it could cause them to run out of funds earlier.
The Solution:
The
Foresight Report
The Foresight Report is a financial assessment that is carried out by Charndon Care Consultants.
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When a new resident wishes to move into your care home, we will speak with them or their representatives and ask for details of their financial situation. We ask to see recent bank or investment statements and we will search the Land Registry to check the ownership of any property.
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We can see whether there are additional owners, trusts, mortgages or equity release loans, which can all impact on the ability to pay.
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Your residents finances are kept entirely confidential.
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We provide you with a simple single page report, showing how long the care can be funded based on a set of assumptions.
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Your resident receives a report that includes the financial details we have used, our assessment of the time that the care can be funded and tips about applying for any state benefits that may be available.
How it Works
In practice, many of our care providers take new residents on a trial period or on respite and ask that the report is completed before the trial completes. The presence of a financial assessment process often acts as a gatekeeper anyway as those who suspect they will fail, will not approach you.
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The assessments are usually carried out remotely, through secure online services, or by post.
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Before you accept a new resident, you will know whether funding is available, and how long it may last.
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We can also refer residents to care specialist financial advice with the aim of securing the care for life.
Please contact us for more...
Please call us on 01903 442377 for an initial conversation,
Email: hello@charndoncare.co.uk
or complete the form below.
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