US’ leading senior living peak body warns impact of COVID-19 could reach $50 billion in 12 months
“We’ve been working with Congress, as well as the White House and the administration, to make the case that our providers need financial support just as the hospitals had received support and just as skilled nursing facilities had received...
Argentum President and CEO James Balda says the fallout from the pandemic could amount to $40 billion to $50 billion over the next year, saying the crisis will continue until a vaccine is found.
“We’ve been working with Congress, as well as the White House and the administration, to make the case that our providers need financial support just as the hospitals had received support and just as skilled nursing facilities had received support,” Mr Balda told Yahoo Finance’s On The Move panel.
The CEO said their projections show the sector’s labour costs have increased by more than 20% during the pandemic, while supply costs grown by more than 100%. Operators have also seen a drop in income thanks to limited access to buildings and restrictions on move-ins to prevent or contain the virus. Mr Balda stated that while states across the country are easing their restrictions, senior living communities will “continue to be in crisis mode” as they try to protect their residents. Despite this, the CEO sees a positive future for seniors living in the US, saying that people will be looking for supports and social connection in the wake of the pandemic. His members are now looking at the design of new projects and at how they can provide enhanced infection control protocols moving forward.
