The financial viability of LTC providers is being pressure-tested like never before. Many face significant challenges related to COVID-19, including sharp declines in census and increased costs related to PPE, premium labor, and other safety measures.
Consider the following statistics:
- In 2020, nursing homes spent an estimated $30 billion on PPE.
- Nationally, the average percentage of nursing home occupancy has dropped significantly (from 85% in January 2020 to 68.5% in January 2021.) State-specific declines in census are available here.
- According to the National Investment Center, assisted living community census dropped to a record low (from 85.1% to 77.7% in Q4 2020.)
- With ~90% of nursing homes currently operating at a loss, long-term care organizations are fighting a financial crisis. Reports indicate an $11.3 billion loss in 2020 and a projected loss of $22.6 billion in 2021.
- According to AHCA/NCAL, the industry may lose ~$94 billion over a two-year period (2020-2021).
- AHCA/NCAL is advocating for additional federal government funding. Learn more about the association’s efforts here.
- Build a proactive “Strategic Work Plan” for census and network development. Providers can invest in resources to execute clinical & strategic initiatives (which should be informed by marketplace data & intel) to stabilize – and even drive – occupancy. Start with the guidance outlined in HealthPRO Heritage's Census & Network Development Toolkit.
Take advantage of HealthPRO Heritage’s dedicated expert Census & Network Development consultants + abundant resources to help grow occupancy such as:
- Data analytics highlighting hospital pain points & referral patterns
- Competitive performance metrics & intel
- Public relations & communication tools
- Strategies for inclusion in 'Preferred Provider' networks
- Home health partners’ performance metrics
- Marketing collaterals that highlight positive performance outcomes & strategic/clinical initiatives
- Education for IDT on census & network development strategies & more
- To learn more about HealthPRO Heritage’s Census & Network Development consulting expertise, click here.