Wednesday, December 15, 2010

Dividends for for-profit LTC homes

What is wrong with this picture? Every month the same thing.

Our tax dollars go towards maintaining seniors in LTC and they are sending more money to shareholders.

Leisureworld Announces December Dividend

MARKHAM, ONTARIO--(Marketwire - Dec. 15, 2010) - Leisureworld Senior Care Corporation (TSX:LW) today announced that the Company's for December, 2010 will be $0.0708 per share, representing $0.85 per share on an annualized basis. Payment will be made on January 17, 2010 to shareholders of record December 31, 2010.


Leisureworld 

  • third largest licensed long-term care (LTC) provider in Ontario. 
  • operates 26 LTC homes, 
  • represents about 4,314 beds across Ontario, Canada. 
  • owns and operates one retirement home with 29 beds 
  • one independent living home with 53 apartments.  
Subsidiaries include:
  • Preferred Health Care Services, an accredited provider of professional nursing and personal support services 
  • Ontario Long Term Care, a provider of purchasing services, dietary, social work, and other regulated health professional services
  • Tealwood Developments, a provider of laundry services to the Leisureworld Homes.

1 comment:

April Begg Goodis RN/PEC said...

You're so right about public misconceptions regarding for-profit and not-for-profit LTC homes. And that includes LTC residents, family members and even the staff who work in them. Few realize how tax dollar funding provided to the big corporate for-profits actually makes it easier for them to fulfill investment dividend obligations to their shareholders. Corporate bonus policies often provide personal financial rewards to Adminstrators and DOCs who can come in at or under annual budget allocations.
And this, from a September 2010article in the Globe and Mail:

" Extendicare is one of North America’s largest long-term-care providers with 258 senior care centres. It received just under $200-million from the Ontario government last year, according to the provincial public accounts. Tim Lukenda, its chief executive officer, was paid compensation totalling $1.5-million last year.

Chartwell Seniors Housing REIT, another private long-term-care home operator, received government funding of $63-million. Its CEO, Brent Binions, received $697,000 in compensation."

(Link: http://bit.ly/a7NqSt )

My five years managing an LTC unit (including the wonderful residents and their families for whom I provided care - on THEIR terms) informs my present role as an RN health educator. I'm committed to promoting consumer awareness of these under-reported issues about long term care - glad to see I'm not alone.
Keep up the good (and important!) work.