Marco Polo Aged Care has closed the nursing home section of its Unanderra retirement home.
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The last 15 residents were moved from the building, built in 1983, this week.
Marco Polo CEO Eleise Hale confirmed to The Mercury that the wing was closed as of this week, with residents and staff redeployed to other areas of the facility, including the Cordeaux Lodge on the same site and the Woonona home.
"Two years ago we decided to stop taking admission to this section because we believe that it no longer provides the style or standard of accommodation that residents want and need," she said.
"Our vision and mission are all about supporting active, satisfying ageing. We are very pleased we could help residents to relocate to upgraded accommodation which is better supporting their health and wellness."
Ms Hale said additional staff were on site to coordinate packing, transport and moving and residents would be in accommodation better suited to their needs.
"The great thing is that people have had the opportunity to move from older accommodation with shared facilities to lovely newer ensuite rooms, at no extra cost."
The nursing home previously had capacity for 85 high-level care residents and the closure compounds existing pressure on the region's health system as a lack of aged care beds means elderly patients spend longer in local hospitals.
Over 100 beds in the Illawarra-Shoalhaven Local Health District are occupied by patients who are awaiting a place in an aged care facility.
The Illawarra has been described by those in the industry as being one of the worst affected areas for a lack of access to aged care facilities.
Since 2020, the Illawarra has lost 250 aged care beds in the northern suburbs, while as of late last year 150 free beds in Unanderra and Dapto were unable to be operated due to funding constraints.
A lack of staff due to low pay is leading to understaffed facilities, even as providers take drastic measures to bring in workers from interstate and overseas and house them in their facilities.
At the same time, providers are facing financial collapse, with an industry wide survey showing that 70 per cent of aged care facilities operated at a loss last year, up from 56 per cent in September 2021.
Its latest financial report, for the 2022 financial year, published in January this year, continues to note the "material uncertainty" that led auditors to raise their "significant doubt" in the company's ability to continue as a going concern.
In the year to June 30, 2022, Marco Polo posted a $3.3 million loss.
The deteriorating financial position of the aged care provider also resulted in a drop in net assets, from $3,793,740 to $469,118. The company remains afloat due to the cash it has on hand, largely the refundable deposits of residents, who provide the facility with a cash deposit when they move in that is then refunded when they leave.
However, last year the company paid out $5.6 million more in bond and deposit repayments than it received, a drop from the $2.3 million it received after repayments in 2021.
A sanction placed on Marco Polo Woonona last year which prohibited new, government-funded residents expired in February this year, and the provider must complete a mandated period of training by April 10.
The company's financial statement states that if further government funding is withdrawn, additional sanctions imposed or cost saving measures not eventuate, Marco Polo would no longer be a going concern.
On Friday, current and former staff will look back on 40 years of the Marco Polo nursing home. A tribute book will be put together for the facility.
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