On March 17th, 2022, Steve Monroe, Managing Editor of The SeniorCare Investor, spoke with three expert panelists on the state of the senior housing and care industry now two years into the pandemic. Steve was joined by three association heads: David Schless, president of American Seniors Housing Association (ASHA), Mark Parkinson, President and CEO of American Health Care Association (AHCA/NCAL) and James Balda, President and CEO of Argentum. In the hour-long discussion, they covered a wide range of topics, including consumer education, labor, census, affordability and how to prepare for the future should any emergencies arise.
Mr. Monroe kicked off the webinar by asking the panelists about their top priorities over the next few years. All three panelists emphasized the importance of setting short-term goals. Mr. Balda discussed starting a strategic planning process, in which you would look at what the industry will look like in 10 years and build out a plan to move forward. He also mentioned the importance of data and transparency as a means to articulate the quality of care to consumers.
The panelists also discussed what can be done to improve the labor shortage that continues to dog the industry (and country), particularly at nursing homes, which took a bigger hit during the pandemic than other senior care and healthcare-related sectors. President Biden’s new proposed overhaul of the industry through a minimum healthcare staffing bill doesn’t seem to be helping the situation either, coming at a time when labor within the industry is already so strained and nursing homes are struggling to fill shifts. Mr. Parkinson, however, seemed hopeful that they can get the Biden administration to look at the bill again and roll back some of the proposed regulations, and we hope, for the sake of the whole industry, that Biden plays ball.
Census was another topic of concern highlighted in the webinar. According to Mr. Parkinson, we can’t solve the census problem, but we can help and find ways to address the census through different mechanisms, such as state and federal policy changes that could provide additional funding to buy providers more time to find worthwhile solutions before they go under.
Consumer education is an important topic covered by our panelists as well. Mr. Schless emphasized the importance of utilizing new mechanisms to educate consumers in a constantly shifting digital landscape. His ‘Where You Live Matters’ initiative was started in 2016 with a goal to educate older adults and their families about senior living.
The conversation eventually turned towards the future, and how those in the industry can prepare for any future emergencies that may arise, locally or nationally, and how care home residents can be better supported through future disasters. After two years of a pandemic that has disproportionately affected senior living residents, triggers and safeguards must be put in place to ensure that this industry is never left behind again. To learn more about the proactive solutions proposed by our moderator and panelists, you can view the webinar here. Keep an eye out for our next webinar in April, which will cover healthcare REITs, their strategies and their impact on the senior care market.
