LOS ANGELES — A Los Angeles County judge has dismissed all charges against memory care giant Silverado, as well as its CEO Loren Shook and two other executives. Los Angeles County District Attorney George Gascón brought the charges in March, and they were related to 14 COVID-related deaths at Silverado communities. The complaint claimed that Silverado hadn’t followed proper clinical protocols when admitting a resident in March 2020, which lead to an outbreak at one of the operator’s facilities. The charges were shocking at the time they were brought — …
CHICAGO — Welltower CEO Shankh Mitra believes it could be a few years before seniors housing development will once again be feasible for the giant healthcare REIT to undertake because of strong headwinds facing the industry, including the “out-of-control” cost of construction. Construction costs have increased 50 percent or more over the past five years, according to Mitra. “I don’t see how that [cost] comes down meaningfully unless we solve the labor situation.” There were 363,000 job openings in the construction industry at the end of July, up 10,000 from …
Data on occupancy and expenses plays an invaluable role in helping operators understand their business. Still, that data often has a sizable blind spot inside the resident rooms. That gap in knowledge was the topic of a webinar held Oct. 17, titled “Inside the Resident Room: In-Unit Data Helps Seniors Housing Operators Improve Safety & Increase Profitability.” Monitoring company EyeWatch LIVE sponsored the Seniors Housing Business webinar. The panel of industry experts included Joshua Freitas, chief research officer, CERTUS Senior Living; Susan Coppola, founder and CEO, Benessere Health Advisory; Jesse English of …
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What’s to Come: An Optimistic Outlook for Seniors Housing
By Berkadia Seniors Housing & Healthcare Like many sectors within the commercial real estate (CRE) industry, the seniors housing market faced headwinds over the past year, largely due to tightening financing conditions and widespread economic uncertainty. However, based upon research and anecdotal evidence from the clients and companies we serve in the seniors housing space, we believe the sector is well positioned to bounce back and generate positive operating results for the remainder of 2023 and into 2024. View a higher resolution version of the construction trends graph above here. Fundamentals …
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Webinar — Inside the Resident Room: In-Unit Data Helps Seniors Housing Operators Improve Safety & Increase Profitability
The Oct. 17 webinar “Inside the Resident Room: In-Unit Data Helps Seniors Housing OperatorsImprove Safety & Increase Profitability“ focused on how resident room data can help seniors housing operators improve patient outcomes and reduce operating costs. During this brief, one-hour discussion, seniors housing industry experts talked about some of the most challenging and important topics facing the world of senior living: staffing crises, ballooning costs, data gathering tactics and increasing resident safety while maintaining their privacy. Listen in to learn more about senior living technology and its role in fall prevention, …
CHICAGO — Seniors housing investors expect that capitalization rates will increase over the next 12 months, according to the inaugural edition of the Seniors Housing Investor Survey. Partner Valuation Advisors, a Chicago-based valuation firm, completed the survey in September with over 100 respondents. The purpose of the survey is to identify current trends in the seniors housing sector, which has seen numerous changes due to the impacts of increased interest rates/cost of debt and inflation, according to Partner Valuation Advisors. These factors led to declining transactional and lending volume in …
As operators build back occupancy post-pandemic, they’re also drawing up new blueprints for success. Operators are trying to figure out what baby boomers want in a senior living community. A renewed emphasis on customer service is critical. New marketing strategies are embracing the latest technology, even artificial intelligence. “Brand” and “culture” are two words that operators bring up over and over again. While the labor crunch has eased a bit, operators are still shorthanded. Effective recruitment and retention practices are vital for sound operations. Happy employees make for happy residents …
ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 80 basis points to 84.4 percent in the second quarter of 2023, according to data from NIC MAP Vision. It’s the ninth consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 660 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still short of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product of …
Call it the ripple effect. A great clinical team produces positive resident outcomes. Positive outcomes lead to satisfied residents and families, which leads to a good reputation in the wider community. That leads to more referrals, higher occupancies and organizational success. “Clinical outcomes are at the forefront of everything we do,” says Rob Moore, director of strategy and portfolio management at MatrixCare, a provider of senior living software solutions. “It is critical to maintain focus on outcomes.” The best way to ensure good resident outcomes? Give the clinical team a …
CHICAGO — Headwinds and tailwinds are driving the senior living business in a new direction. Owners and operators are bullish on the long-term prospects for the industry, but they still grapple with the aftereffects of a punishing pandemic and the struggle to regain healthy operating margins. Demand is strong and expected to only improve as baby boomers age. However, expenses, including wages, continue to rise. Rents are higher, but so are interest rates, compressing valuations. On the plus side, innovative technology and new revenue streams could help boost profit margins. …