New data shows that thousands of nursing homes across the country are months away from closing after huge financial hits in 2020.
and 65% say they’re operating at a loss or negative total margin, and just 34% say they can operate for a year or more with their current pace.
Many facilities have incurred huge costs to supply PPE, build protective infrastructure and hire additional staff or pay existing employees overtime during this pandemic.
“We did have to invest, you know, things like the PPE, and the tents, and the infrastructure, and all the technology we’ve had to invest in, probably is an extra 50 to $60,000 of operating expenses for us in a year,” said Cordia CEO Karen Anderson. “While that’s impactful, it’s not it’s not devastating.”
According to data, 9 out of 10 homes, including Boardman Lake Glens, have incurred major costs to pay their employees and recruit new ones.
“The nursing budget probably has doubled, you know if not more, tripled, sometimes,” said Ann McMann, the home’s marketing coordinator. “If you don’t have appropriate staff, then you can’t have the appropriate amount of residents, then there’s lost revenue,”
McMann says they have their lowest residency numbers in five years, with many new seniors reluctant to move anywhere right now.
However, the home is thankful to be doing well financially and they’re not at all worried about threat of closure.
Besides the immense challenges and ever-changing restrictions, Anderson says 2020 has been a lesson and a blessing.
“Being able to work with an older with the senior population has been a gift. The wisdom that comes with age, and the courage and the determination, and just the elegance with which the 125 people who live here have embraced this situation…they teach me how to move forward…because they’ve done it all before,” she said.
Cordia says they plan to partner with Walgreens to vaccinate all consenting residents when supplies become available.
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