Dr Diane Burns and Prof Karel Williams discuss what is wrong with residential elder care and what would we do instead?
‘Where does the money go?: Financialised chains and the crisis in residential care’
6th June 2016
1:30 – 2:30 p.m.
The large care home chains have told a story through the media of a crisis in adult residential care caused by local authority underpayment for care home beds aggravated by increases in the minimum wage. They ask for more public money to avert a collapse of the care system with home closures leading to bed blocking in the NHS. The crisis is real enough, but the CRESC public interest report ‘Where does the money go?’ argues that putting more money in won’t fix the sector’s problems. The debt–based financial engineering of the large chains is itself creating fragility and drives them to seek a “fair price” which provides a risk free 11-12% return on capital employed.
Our report aims to open a broader public debate about the future of residential care when we have a rapidly ageing population and diminishing social care budgets so that we need to reconsider operating and business models. Issues here include: whether the 60 bed home format of the chains should be the template for the future of residential care; how to access cheaper social capital which would create new possibilities of care within existing budgets; how to ensure a diverse ecology including space for smaller and medium sized providers’ views to be heard.
A free copy of the Citizens Summary of the new CERSC report ‘Where does the money go: Financialised chains and the crisis in residential care’ will be available to registered delegates.
The event will take place in Meeting Rooms 1 &2, Sheffield University Management School, Conduit Road, S10 1FL. A light lunch will be provided from 1:00 pm.
Register for the Seminar at http://management.sheffield.ac.uk/events
Dr Diane Burns, Lecturer in Organization Studies at Sheffield University Management School, has undertaken ethnographic research into care quality in care homes for older people. Karel Williams is Professor of Accounting and Public Economy and a member of the Centre for Research on Socio Cultural Change (CRESC) at the Alliance Manchester Business School where he leads research into financialization and financial innovation.
- Sheffield University Management School
- WOERRC, Work, organisation and employment, relations research centre
- Institute of Work Psychology