60 Seconds with Swett: The Long, Slow Brookdale Recovery
Brookdale Senior Living came out with its Q2 earnings, and the occupancy results revealed just how prolonged the post-pandemic recovery has been for seniors housing and care, making many early predictions of a swift return to pre-pandemic census sound more and more ridiculous in hindsight. The good news is that Brookdale reported its highest month-end occupancy since before the pandemic, at 78.5%, up 30 basis points from the previous month and up just 10 basis points from the previous high recorded in September of last year. The bad news is the fact that Brookdale has taken this long to get back to last fall’s level of occupancy. To us, that is not “progress” in the larger goal of getting... Read More »
60 Seconds with Monroe: Ode to Stew
An ode to an industry veteran on his 60th birthday. Read More »
60 Seconds with Swett: Two Cheers for the SNF Rate Bump
CMS came out with its final skilled nursing facility payment rates for fiscal year 2024, and the sector will benefit from a 4.0% net increase, or approximately $1.4 billion, in Medicare Part A payments. That is up from the initially proposed 3.7% net increase and reflects a 6.4% net market basket update to the payment rates. There were a couple of negative adjustments that brought the net rate increase down, including a negative 2.3% decrease as a result of the second phase of the PDPM parity adjustment recalibration. That reduction came as no surprise, as PDPM was meant to be budget neutral and has been a net-benefit to many SNFs since the 2019 implementation. But to the SNF advocates... Read More »
60 Seconds with Swett: What Still Needs to Be Done to Solve the Staffing Crisis?
Will the senior care industry ever solve its labor issues? Before the pandemic, overdevelopment led to high levels of staff poaching in certain markets and rising wages to combat it. Then the pandemic, plus the government checks that kept many workers at home, led to more severe staffing shortages and the necessity for temporary staffing agencies to fill the gap, at exorbitant prices. It was around that time when we hosted a webinar tackling the staffing crisis in senior care and the potential solutions, with panelists Barb Clapp, who had just taken the helm at Dwyer Workforce Development, and Steve LaForte of Cascadia Healthcare, which LevinPro LTC subscribers can watch here. Nearly two... Read More »
60 Seconds with Monroe: SNF Industry Needs To Police Itself
As many of you would suspect, I am no fan of New York’s Attorney General, Letitia James. She politicizes too many things and definitely has a partisan agenda, and one which I do not favor. But after reading through the 300-page court filing against Centers Health Care and related companies, as well as its owners, well, I found myself agreeing with her. The cases involve the poor “care” of residents in a few New York nursing homes, as well as the alleged misuse of $83 million of Medicaid and Medicare funds for other purposes, including, allegedly, the purchase of a large stake in the Israeli airline, EL AL. Money is fungible, and one cannot distinguish between cash from private... Read More »Schedule a demo
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