Approximately three-fourths of not-for-profit long-term senior housing and aging service providers report that when they add up all they have received through the Provider Relief Fund and all other pandemic-related funds, they still need more financial support to weather the ongoing expenses and reduced revenues resulting from battling COVID-19.
In fact, 17% now say they would be forced to close or sell if no additional funds were forthcoming. That’s according to a LeadingAge Provider Relief Fund survey conducted last month.
The poll, conducted March 19 to 30, included responses from almost 165 aging service provider organizations. It found that the range of need among providers varied from as little as $10,000 for an adult day services program to as much as $20 million for a full continuing care retirement community delivering services in multiple states.
“Yet, if the adult day service program closes because it doesn’t receive funds, it may impact fewer people, but the effect will still be profound for those families struggling to care for their loved ones with dementia while trying to hold down a job,” said Nicole Fallon, vice president of health policy and integrated services at LeadingAge. She added that it’s equally important to help sustain the multi-state aging services provider who serves thousands of older adults and supports their families.
The survey results highlight that the breadth of impact varies by provider size and type and whether they were allowed to be open or required to be closed during the pandemic, and that it also varies from state to state and in regions within states, Fallon said.
The organization noted that a handful of providers did report that they may have received more than they can spend by June 30. “For this reason, we believe future allocations should be based upon demonstrated need,” she said.