The sudden onset of the COVID-19 pandemic sent many seniors housing operators scrambling to find new technologies that could help them adjust to quickly changing market needs. “Over the last nine months, COVID forced seniors housing to accelerate its implementation of technology,” said Russ Horowitz of sales call analytics company Marchex. “It created a reactive need for how to adopt technology around things like safety and security, and how to support leads with things like virtual tours.” However, there may be a long-term silver lining. As operators adjust to their …
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ANNAPOLIS, Md. — Private-pay seniors housing occupancy fell 260 basis points in the third quarter of 2020, from 84.7 percent to 82.1 percent, indicating a steady decline since the outbreak of the novel coronavirus. This is the second quarter in a row where occupancy fell more than 250 basis points, meaning the seniors housing sector is now experiencing its largest drop in occupancy on record. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered …
NIC Panel: Simple Solutions Can Shorten Pandemic, But Seniors Housing Has Bright Long-Term Future Regardless
by Jeff Shaw
The COVID-19 pandemic has been an existential crisis for the seniors housing industry, where the people most susceptible to the disease are the same who live in the communities. But many still believe in long-term viability and success of the sector. That was the message of panelists in a discussion titled “Four Weeks Out from the General Election: A Policy Discussion” held at the 2020 NIC Fall Conference. Being held virtually this year due to the pandemic, the event is still going on this week. Panelists included moderator Soledad O’Brien, …
Technology, Wellness Define Seniors Housing of the Future, Say Exclusive Webinar Panelists
by Jeff Shaw
As the seniors housing industry prepares for the incoming wave of future residents — the oldest baby boomers are now 74 years old — operators are adapting their strategies. “Being able to pivot your business is really key,” says Kelly Keefe of seniors housing software company MatrixCare. “There’s been an increasing shift, more of a light put on wellness initiatives.” Keefe’s comments came during a webinar panel she moderated on Sept. 17 titled “How the Pandemic, Baby Boomers and Technology are Changing the Senior Living Business.” Presented by Seniors Housing …
NCAL Survey: Assisted Living Facing Same Revenue Crisis as Skilled Nursing During Pandemic
by Jeff Shaw
WASHINGTON, D.C. — Half of assisted living communities are currently operating at a loss, with 73 percent of them operating at a profit margin below 3 percent. The “frightening” revenue numbers reflect the even more dire results in skilled nursing, where more than half of communities are operating at a loss. That’s according to a recent survey by Washington, D.C.-based National Center for Assisted Living (NCAL). Respondents included 193 assisted living providers who took the survey between Aug. 8 and Aug. 10. Among other results, 64 percent of assisted living …
AHCA Survey: Over Half of Skilled Nursing Facilities Operating at a Loss Due to Pandemic
by Jeff Shaw
WASHINGTON, D.C. — Over half of skilled nursing facilities are currently operating at a loss, with 72 percent saying they won’t survive another year at the current pace. That’s according to a recent survey by the Washington, D.C.-based American Health Care Association (AHCA) and National Center for Assisted Living (NCAL). The survey polled 463 facilities between Aug. 8 and Aug. 10. Of the respondents, nearly 90 percent said they are on either a razor-thin profit margin or operating at a loss, with 55 percent saying they are currently operating at …
ASHA, ProMatura Survey: Potential Residents Haven’t Changed Opinions of Seniors Housing During Pandemic
by Jeff Shaw
OXFORD, Miss., and WASHINGTON, D.C. — Despite a slew of bad press related to the ongoing COVID-19 pandemic, prospective residents and their families have largely not changed their opinion of seniors housing. That’s according to a new survey released by D.C.-based American Seniors Housing Association and Oxford-based research firm ProMatura. The survey polled prospective customers of 131 participating communities, all private-pay seniors housing. Respondents were over 75 years of age with an income over $35,000 per year living in one of 15 metropolitan areas. Of the respondents, 63 percent said …
Exclusive Webinar: Seniors Housing Valuations Have Bright Long-Term Future Despite COVID-19 Challenges
by Jeff Shaw
Although the coronavirus pandemic has created unprecedented challenges for the seniors housing sector, on the valuations side of the equation the future is still promising. That’s according to a panel of industry experts on an exclusive Seniors Housing Business webinar titled “Market Valuation: How are Seniors Housing Valuations Weathering the Pandemic?” Moderated by JP LoMonaco, president of appraisal and consulting firm Valuation & Information Group, the panel included Kevin Pascoe, chief investment officer at seniors housing REIT NHI; Rich Lerner, executive vice president at Housing & Healthcare Finance; Chris Kronenberger, managing …
Seniors housing operators have responded to the COVID-19 pandemic through a variety of changed procedures, such as increased infection protocols, limited visitations and meal deliveries. Now, the next step is to make sure those procedures are sustainable for the long term, as the virus shows no signs of going away in the near future. “I think back to when we were first realizing COVID-19 was really going to affect us. If we all locked down for a few weeks, the curve would flatten and we could all go back to …
Survey Shows Bipartisan Support for Increased COVID-19 Funding for Senior Living Industry
by Jeff Shaw
ALEXANDRIA, Va. — A new national survey, conducted by McLaughlin & Associates, shows 80 percent of voters support COVID-19 relief funding for senior living communities. The strong support is consistent across party lines and shows that three-quarters of the electorate are more likely to vote for a candidate who supports increased COVID-19 relief funding for senior living providers in the 2020 elections, according to Alexandria-based seniors housing association Argentum. “These past few months, COVID-19 has significantly impacted the residents and staff of our nation’s senior living communities, with many communities …