Revenue and Profits
National Investment Center for Seniors Housing & Care (NIC) states the value per-bed rose to $92,000 from pre-pandemic $78,000. The Center for Medicare Advocacy (CMA), a not-for-profit advocacy organization, argues that LTCFs have the funds to increase wages for caregivers. Health Affairs discovered that no staffing increase during the first nine months of the pandemic. Staffing did not go up despite the federal trillion dollar bailout. Incredible.
Providers have until June 30, 2021, to spend any unused Provider Relief Fund money. Unfortunately, “creative” financing with subleases, mezzanine loans, revolving lines of credit, and preferred equity options continue. These sham deals with related entities divert funds away from living wages and quality care. AARP published an article called: “Nursing Homes Are Getting Billions in COVID Aid—Where Is It Going?” Not to the residents or the caregivers.
Nursing home residents and staff account for 34% of all COVID-19 deaths. They make up less than 1% of the population.
The loss of family caregivers during visitor bans and daily activities negatively affected the residents. Obviously, COVID precautions required safe and sufficient staffing. Staff have been overburdened, overworked, and burned out during the pandemic. The reported stated:
“Without visits from caregivers, nursing home staff were forced to fill in these activities, adding tasks to their already stretched days. In addition, it is possible that although the number of hours worked remained stable, there were fewer staff members working those hours, resulting in the perception of increased shortages and burnout.”
The facilities need to hire more staff to meet the needs of the residents. The latest labor report showed a drop of about 19,500 nursing and residential care facility jobs. Infection Control Today® reported on cheap solutions with a case study of innovative techniques to prevent infections. Meanwhile, the Association for Professionals in Infection Control and Epidemiology (APIC) wants states to mandate that nursing homes employ full-time infection preventionists.