Aged care investigation misleading says Aveo

AVEO, one of Australia's leading aged care providers, has slammed recent reports that allege financial abuse of its vulnerable residents as misleading.

Fairfax Media and the ABC's Four Corners released a joint investigation into the industry that interviewed several residents that felt "patronised, marginalised and ripped off."

But Aveo, which admits to past mistakes, said the reports focused largely on the "industry business model" and "ignored" the work the company had produced to meet the growing needs of Australia's ageing population.

 "In 2015, in an industry first, Aveo completely restructured its standard purchaser contract that residents sign when moving into an Aveo retirement community," the company said in a statement regarding the allegations.

"This was done following extensive consumer research to address ways we could better serve our consumers' interests."

The new contract, commonly known as the 'Aveo Way', "has been strongly endorsed by the retirement industry peak body" and directly defends the allegations from residents who were trying to sell their properties and suffered "stress in the past".

"A significant benefit of the 'Aveo Way' contract … occurs when a resident leaves their retirement community with a buyback guarantee and the removal of many of the variable unit resale costs," Aveo said.

"They are designed to appeal to all new buyers with a simple clarity that customers have long wanted.

"None of the current (allegations) given involve the Aveo Way contracts: indeed the circumstances sited would not have occurred under an Aveo Way contract."

However, Aveo admitted that former contracts "may have been confusing" for residents and that the company "may fall short of expectations".

But the company said they "would engage" with any resident adversely affected by these contracts and try to "address any concerns they may have".

Read the 21-page statement HERE.

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