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The nursing home industry faces a financial crisis due to overwhelming pandemic-related costs. More than 65 percent say they will be forced to close within the year. The care of thousands of older Americans, many of whom are women, could be jeopardized.https://19thnews.org/2021/01/nursing-homes-pandemic-financial-crisi/?utm_campaign=19th-social&utm_content=the_nursing_home_industry&utm_medium=social&utm_source=twitter …
The United States recorded its first COVID-19 death in February 2020 as the virus swept through a Washington nursing home. Within one year, the country has reported more than 136,000 coronavirus deaths linked to long-term care facilities.https://bit.ly/2MuQ8jI
About 90 percent of nursing homes are also operating at a loss or less than a 3 percent profit margin, according to a recent survey conducted by the American Health Care Association and the National Center for Assisted Living.https://bit.ly/2MuQ8jI
Lisa Sanders, a spokesperson for @LeadingAge, an association of health care providers dedicated to older adults, said the country’s aging services industry was not equipped to combat the virus. https://bit.ly/2MuQ8jI pic.twitter.com/gQ0Ox9zmdk
Last March, lawmakers passed the CARES Act, which distributed tens of billions of dollars in federal aid to help nursing homes and other health care providers. That relief money never covered the full cost of care during the pandemic, Sanders said, and the costs continue.
Many nursing homes across the country — including in California, Indiana, Connecticut, Massachusetts, Colorado, Kansas, Michigan, Nebraska, New Hampshire, New York and Rhode Island — have already permanently closed their doors in recent months.https://bit.ly/2MuQ8jI
As nursing homes close, family caregivers — overwhelmingly women — will likely feel the additional strain. Almost 42 million Americans, or 16 percent of all adults, serve as caregivers for relatives 50 and over.https://bit.ly/2MuQ8jI
According to data compiled by @AARP, most of the people doing this unpaid, labor-intensive work are women, and, on average, they are just shy of 50 themselves.
Many have jobs outside the home, or are also primary parents for young children.https://bit.ly/2MuQ8jI
“We don’t tend to think about long-term care until we need it,” Sanders said. “Long-term care has traditionally not gotten the ... recognition it deserves for its vital role in the health care system. I hope that as a result of the pandemic, that changes.”https://bit.ly/2MuQ8jI
Devastating to the nursing home biz model: "Many providers rely on short-term residents, including those recovering after surgeries, to cover the cost of long-term residents. That funding stream quickly dried up at the beginning of the pandemic as hospitals halted surgeries..."
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