In a National Center for Assisted Living survey of 122 assisted living communities, 49% said they are operating at a loss, and the same percentage said they have made cuts this year due to increased expenses and lost revenue.
Seventy-four percent of assisted living respondents said they are losing revenue due to fewer people seeking long-term care, 44% said they are losing revenue due to move-outs and 37% said they are losing revenue because of fewer admissions from hospitals.
“Even though COVID cases in long-term care are at historic lows, providers are struggling to recover from the economic crisis the pandemic has induced,” Mark Parkinson, president and CEO of NCAL and sister organization the American Health Care Association. “Too many facilities are operating under shoestring budgets simply because policymakers have failed to dedicate the proper resources and this can have devastating consequences.”
Assisted living providers still are incurring COVID-19 costs from higher wages (73%), additional staffing (48%) and personal protective equipment (47%) despite the availability of vaccines, according to respondents. The association previously laid out proposals in its Care for Our Seniors Act to enable providers to address staffing shortages.
Lawmakers and public officials must prioritize residents and caregivers by sending immediate resources through what remains of the federal Provider Relief Fund, Parkinson said.
AHCA also surveyed 616 nursing homes. Together, only one-fourth of assisted living communities and nursing homes said they are confident they can last a year or more. See more nursing home results on the McKnight’s Long-Term Care News website and more about all survey results in the McKnight’s Business Daily.
Source: K. Bonvissuto, "49 percent of assisted living providers operating at a loss: survey," McKnight's Senior Living (June 30,2021).
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