Growing Old in America
Instead of nursing facilities, a New York Times article goes after assisted living. As many of you are aware by now, there was a not too complimentary op-ed article last Sunday in the New York Times called “How Not to Grow Old in America.” The bottom line, according to the author, is that assisted living is not the answer for our elderly. One can argue about some statements and characterizations in the article, as ASHA did in a response to the paper, but at least one central theme is something I have been saying for a while. And that is, we are putting too much money into the physical plant and not enough into staffing and training. It’s kind of like golf, where you drive for show and putt... Read More »
The Labor Problem and Culture
As we approach Labor Day, we really need to work on solving the industry’s labor problems. I know it’s a bit of a cliché to talk about labor just before Labor Day, but what the Hell. To me, this is the most pressing issue for the entire seniors housing and care industry. Not only because labor represents well more than half of your costs, but because your employees are so critical in their interaction with your customers, both the residents and the family members. And to your success. But you know all this. Why is it that every time I walk into a hotel, from the bellhop to the desk clerk to the housekeeper walking down the hall, they all greet me with a smile and a hello? Are they... Read More »
Is Alaska’s Problem A Look At Our Future?
Cuts to Alaska’s elderly funding was front-page news recently. I figured it was fate when, on my first day on vacation in Alaska last week, the headline of the major newspaper talked about the elimination of senior benefits. Then, in the hotel lobby was a separate publication, Senior Voice, and a story about the ABCs of selecting an assisted living “home.” Let’s just say, I felt right at home. That lead story told how more than 13,000 Alaskan seniors would be losing a monthly benefit check of just under $200, with the governor vetoing a plan to restore it with just three days’ notice. Sounds like chump change, until you consider that many of these people relied on that and a social... Read More »
The Skilled Nursing Rebound
Average prices per bed ticked up over the past four quarters, and Genesis Healthcare posted better results. In this month’s SeniorCare Investor, I talked about the recent rise in the average price per bed for skilled nursing facilities for the most recent trailing four quarters. A small rise, but up nonetheless. Perhaps the start of a SNF rebound. And then Genesis Healthcare reported its second quarter results, and while they still have a ways to go, they too have seen some improvement. Small, but we will take it. Compared with the year-ago quarter, occupancy was up 250 basis points to 86.6% and the EBITDAR margin was up 79 basis points to 13.6%. Now, some of this improvement most likely... Read More »
The Great Development Slowdown
Everyone is talking about development slowing down, but over development is just part of the problem. We have been hearing it for a few months: seniors housing development is slowing down, based on fewer new construction starts. We have heard it from NIC MAP, from HCVenTower, and now Brookdale Senior Living. They are all saying that in many of their markets, they are seeing light at the end of the over-development tunnel. Maybe. It is one thing if new starts are declining, but it is quite another to fill the current empty units plus the new supply that is currently opening, and going to open. Let’s just say, we are not out of the woods yet, and census is only one part of the problem. Not... Read More »Schedule a demo
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