In the first nine months of 2020, as the COVID-19 catastrophe unfolded across Ontario, the three largest publicly traded long-term-care operators in the province made huge payouts to investors while taking millions in government funds, data shows. https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
Star analysis of the financial statements of these three for-profit companies shows that in the first 3 quarters of 2020, they collectively paid out nearly $171 million to shareholders at the same time they received $138.5 million through government funds. https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
Extendicare, Sienna Senior Living and Chartwell Retirement Residences received the funds through provincial pandemic pay for front-line workers, the Canada Emergency Wage Subsidy (CEWS) program or other pandemic funding, the data shows. https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
The new financial figures come at a time when record numbers of COVID-19 infections in Ontario are sparking fears that community cases will spill over into nursing homes in ever greater numbers. https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
Critics say long-term-care operators who run homes where hundreds of residents have died of the virus should be using money that would otherwise go to shareholders to improve areas related to quality of care, such as staffing levels, wages and training. https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
“I am disgusted,” said Suzanne Zagallai, whose mother, Peggy Hannon, 74, contracted COVID-19 at a long-term-care home owned by Extendicare where 18 residents have died of the virus.
Read the full story from @KenyonWallace, @EdTubb, @MarcoOved: https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
Read the full story from @KenyonWallace, @EdTubb, @MarcoOved: https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes
The companies say government funds received during the same period flowed directly to workers and did not go to dividends. https://www.thestar.com/news/gta/2020/12/26/big-for-profit-long-term-care-companies-paid-out-more-than-170-million-to-investors-through-ontarios-deadly-first-wave.html?utm_source=Twitter&utm_medium=SocialMedia&utm_campaign=GTA&utm_content=bigforprofitcarehomes