Better Health Network delivered a sound financial result for its first year of operations by ending the 2022-23 financial year with a strong operational surplus.
The strong financial positions is a testament to the sound financial stewardship which has been a focus of the Board, and the CEO and his team, from the time of incorporation in July 2022.
The audited financial statements are a consolidation of five entities. Delivering on the amalgamation of the entities added $2.1M in one-off expenditure for the organisation and is the primary reason for the significant increase in revenue and operating surplus for the period.
Financial Performance
Total operating revenue for the year was $96.7M and our operating expenditure for the year was $94.4M
Cashflow for the year remained positive with the business generating $2.3M in cash by operating profit and cash generation.
The Parkdale campus refurbishment at a cost $3.5M was the most significant capital expenditure during the year. This project was funded by a grant of $2.68M from the Metropolitan Health infrastructure Fund and a further investment of $875K from reserves.
Our strong financial position enables us to complete our integration plan and continue to grow our services and reach, whilst maintaining our focus on those who need our services the most.
I would like to thank our funders who have supported us over the past year and helped with our ongoing success, enabling us to work with and support our community. I would also particularly like to thank our dedicated staff who have worked tirelessly during another year dominated by integration activity to form one BHN and ensure we continue to provide all our services in a financially responsible way.
Finally, I would like to thank my Board colleagues including those on the Finance and Audit Committee, for their support and ongoing commitment.
Doris Whitmore
Chair of the Finance and Audit Committee of the Board of Directors
