Getting Ahead of Labor
The pandemic has riled operations at seniors housing communities and skilled nursing facilities across the country, and the long-term effects are still somewhat unknown. But one issue that was top of mind for many operators before COVID and will still be for years to come is labor. There are several facets to the issue too, from finding and attracting skilled labor to retaining staff to paying wages that are increasing every year. The pandemic has sent the unemployment rate straight up, but how many of those newly unemployed are really qualified to work in a senior care facility? Or want to. Probably very few. And retaining staff not adequately trained or prepared for the work is a hard... Read More »
Labor Costs During The Pandemic
Rising labor costs during the pandemic are hurting the bottom line, but there are solutions. As you may have heard, we will be hosting a webcast next week on the labor problems affecting seniors housing and care, and we hope to provide you with some solutions. The panelists include the founder of Matchwell, a relatively new company whose goal is to rid every community of agency labor and overtime. Wouldn’t that be nice. Plus, we have someone from Benchmark Living which has some of the most innovative practices out there to keep and recruit new employees. Finally, the manager of a 105-unit community will explain how for 25 years she has kept annual turnover at just 20%, something most of... Read More »
What Covid-19 Has Done
The American Seniors Housing Association, together with HealthTrust, contacted over 30 seniors housing operators that operate more than 180,000 units about what has happened to their occupancy levels, revenues, expenses and additional costs pertaining to the pandemic between March 1 and June 30. The results were eye-opening. One interesting result was that despite being the most need-driven, assisted living and memory occupancy dropped by 661 and 651 basis points, respectively, compared with 404 basis points for independent living in the four-month period. In addition, large operators (more than 3,500 units) appeared to fare worse than small (less than 2,000 units) or... Read More »
How Many Waves Will There Be?
Anyone watching the news these days is well aware that we are seeing either the second or third wave of the coronavirus pandemic. Six months ago, it was all about when the “second” wave was going to hit. Not to be a Debbie Downer, but why not three or four waves, or more, before a vaccine is approved and distributed. And the last poll we saw indicated that perhaps up to 50% of the population would not get the vaccine. Will the waves then keep on rolling in? Less than 2.5% of the U.S population has tested positive for COVID-19, and while the percentage may not grow, the absolute numbers will. No matter how careful providers are being, it could still enter their buildings. What... Read More »Seniors Housing Occupancy Hits A New Low
NIC wrapped up its virtual conference this week, and it’s safe to say that those in attendance got a good education on what it’s like to close a deal during the pandemic, to operate communities safely and successfully, and (hopefully) when business will be back to normal. At the end of the conference, NIC also released its third-quarter occupancy numbers, and they showed the industry has a long road to recovery. Across the 31 primary markets, seniors housing average occupancy fell from 84.7% in the second quarter to 82.1% in the third quarter, a drop of 260 basis points. That followed a 280-basis point decline in the second quarter. Clearly, COVID-19 and the resulting lockdowns... Read More »Schedule a demo
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