The long-term outlook remains positive for the senior living industry, which is adapting to change brought on by the COVID-19 pandemic, according to a new report.
Although assisted living communities are home to residents who “are completely just as vulnerable” as nursing home residents to COVID-19, “we sort of tend to ignore them in these situations” because the communities are licensed by states instead of the federal government and don’t receive much funding from the Centers for Medicare & Medicaid Services, one expert witness told the Senate Special Committee on Aging on Thursday.
Senior living communities saw a 41% decrease in inquiries, a 27% decrease in initial tours and a 22% decrease in move-ins in April based on year-over-year averages, according to a new report.
Virtually overnight, many operators are finding themselves in the fight of their lives.
Bob Kramer transitioned from CEO of the National Investment Center for Seniors Housing & Care in mid-2017, becoming senior adviser to the organization he had co-founded in 1991. At the time, starting a new company wasn’t in his plans. But then COVID-19 happened.
Occupancy at senior living communities potentially could fall by half in the next year if move-ins come to a halt as a result of the coronavirus pandemic, according to BMO Capital Markets.
The coronavirus has not negatively affected senior living community move-ins to date, according to the results of a newly released survey conducted by Activated Insights in conjunction with the National Investment Center for Seniors Housing and Care. In fact, in some cases, occupancy has seen a recent improvement.
As COVID-19 spreads, keeping a full staff will be one of the most pressing issues skilled nursing and senior living facilities will face, experts say. That’s because caregivers who come in contact with infected patients are ordered to self-quarantine and are taken off the job, restricting the labor pool even as demand for care grows.
Assisted living occupancy increased to 85.7% in the fourth quarter of 2019, up from a recent record low of 85.1% earlier in the year as demand outpaced new inventory growth, according to data released Thursday by the National Investment Center for Seniors Housing & Care. The rate marked the strongest occupancy in assisted living in two years.
As 2020 begins, the senior living industry is preparing for the changing needs and wants of current and future residents as workforce and occupancy issues continue to challenge operators, according to leaders of several organizations serving providers, who shared their thoughts with McKnight’s Senior Living.
