What’s the care sector outlook for 2024? And how can you position yourself for success

This episode of the Care CEO Success Stories podcast features Tom Hartley, managing director of Carterwood, which represents 85% of the top 20 UK care providers in their efforts to grow their business through market and data analysis.

On the episode we discuss the outlook for care providers in 2024 - with some operators trading well while others are struggling with squeezed margins and the key factors behind this polarisation being exposure to self-pay residents, staff recruitment success, and location.

Tom outlines how his analysis shows occupancy should stabilise in 2024 but a change in government and regulations could pose unique challenges for the sector.

Tom also explains a number of growth avenues for care providers including NHS partnerships, machine learning and artificial intelligence and how best you can harness these opportunities.

Throughout the episode Tom shares his expertise and leading analysis on how you can position your care provider for success in a changing sector including:

•   How Tom sees a “polarisation” in the sector with some operators thriving and others struggling.

•   The key reasons behind this split in the market and how they will affect different providers.

•   How trading conditions “will continue to be very difficult” but could be “very rewarding” for those in the right part of the market with exposure to private paying clients.

•   The impact on fee rates and how Tom expects these to stabilise.

•   The impact of new regulation frameworks and a possible change in government.

•   Whether social care should be seen as a priority for an incumbent government and the impact of revisiting care funding reforms.

•   The importance of “exploring closer links with the NHS” and how Tom would advise all providers to explore this avenue.

•   Tom shares how “half of care providers are still operating with pen and paper systems” and how digitalising systems can offer avenues for both efficiency and growth.

•   The lasting impacts of COVID and how care homes can use digital care planning going forward.

•   The benefits for care providers of utilising data and how this has been something the care sector has “not fully embraced”.

•   Being efficient with how your staff’s time is best used and getting the maximum benefit for resident care and the operational side of the business.

•   The potential opportunities for a three-star care offering that isn’t defined as luxury in a world of rising development and building costs.

•   The opportunities presented by AI and how these could be harnessed for the benefit of your care provider