More than 3000 Aussies to be hit as financially challenged aged care, disability services company Annecto collapses
Annecto is shuttering its doors from July after 70 years as financial challenges and shifts in the aged care and disability sectors have forced the company to close.
'As a result, it was identified that Annecto would be unable to continue providing services in the future,' the company states on its website.
Aussies at Annecto locations across Victoria, NSW, Queensland and the ACT will be helped by the company as they search for other care facilities.
'Our focus now is working together to transition the people we support and the services they receive to other trusted providers who can continue delivering the support they need and deserve,' Annecto said.
The company is working with various government agencies to transition its patients – including the Department of Health, Disability and Ageing, the National Disability Insurance Agency and the Department of Veterans' Affairs.
Annecto said it remained committed to prioritising the welfare of its patients as they transition out of the company's homes.
'We are committed to the people we support and all Annecto staff during this time,' the company said.
'We are committed to compliance and ethical service delivery, ensuring our transition process aligns with customer, employee, and regulatory expectations.'
Annecto chair Colleen Furlanetto thanked the company's founders and community for their contributions to the company.
'As we approach this next chapter, we do so with the same spirit that inspired Annecto's beginnings—ensuring that every person has access to the support they need, delivered with dignity and respect,' Ms Furlanetto said.
The collapse comes after Labor passed its Aged Care Act which will change how different types of retirees in aged care are billed.
The major change is the lifetime cap will rise from about $82,000 to about $130,000.
Australia's aged care sector is not currently a profitable industry, but the changes in billing could lead to further investment into the growing sector as the ageing population grows.
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