Let’s Talk About Higher Wages
To succeed this decade, seniors housing and care will have to deal with its wage structure in order to succeed. The title today, Let’s Talk About Higher Wages, was actually the title of last Sunday’s editorial in The New York Times. As many of you know by now, there is not much I agree with in The Times, because of its liberal bias in general, and its frequent attacks on nursing homes. While the editorial was more from a policy perspective, believing that higher wages will drive economic growth, I still believe labor and wages will be “the” key issue moving forward in our sector, post-pandemic, of course. I keep hearing of staffing shortages in our sector, and this at a time when... Read More » Being Thankful In A Bummer Year
With a pandemic and too many other problems, it is hard to be thankful at the end of 2020. But there are reasons to be. There is no question, it has been a bummer of a year on many fronts. Without trying to be too cute, however, there are many things to be thankful for in this year of trauma. First of all, if you are reading this, you are alive, and presumably well, so that is a good start. You are not in a hospital on a ventilator at death’s door where far too many have been this year. You still have a job when so many are without. Hopefully, you have not lost a family member to COVID, or a close friend, which we can be thankful for. But I am sure many of you have lost residents and... Read More » Where Are The Gray Panthers?
Seniors in and out of seniors housing communities need to mobilize, and AARP has not been doing its job representing their members. Where are the Gray Panthers when you need them? Many of you may not remember this 1970s activist group that got its start when someone really objected to forced retirement at 65. This was a full 50 years ago today. As winter approaches and senior living providers prepare for another round of potential shutdowns, lockdowns, admission and tour bans because this pandemic is not going away, when will our senior citizens rise up and revolt? Senior living communities are “their” homes, and it is about time they stood up and said, hands off our homes. Yes, we... Read More » Valuing SNFs During The Pandemic
With occupancy at historic lows, and expenses in flux, it has been difficult to value nursing homes in today’s market. But it is happening every day despite the uncertainty. With occupancy still in turmoil and many nursing homes reliant on federal aid to pay the bills, it must be quite difficult to underwrite and value individual nursing facilities, let alone a portfolio of them. But it is happening every day. What assumptions do you make for occupancy, and census mix? What is a normalized level of PPE expenses, and will this be indefinite? And then you have labor costs and supply. With a Biden/Harris administration, is a $15 national minimum wage around the corner, and will... Read More » Is The Election Over Yet?
No matter who wins, there will be violence and we still have not dealt with Social Security and Medicare. Pathetic. Unfortunately, I am writing this just after I voted today, but before we will know the outcome for the White House and the Senate. I think it is a safe bet that the House will remain where it is, more or less. It was the first time I have ever had to wait in line, 30 minutes. I have now voted in 12 presidential elections, and I am sad to say that I voted for the winner in just four of them, with one still unknown. Not a good track record, or am I out of step with the rest of the country? Perhaps, but I don’t like to think so. But in those 12 elections, this is the first time... Read More »