Nursing Home On The Brink Due To Costs Associated With COVID-19
A survey of nearly 1,000 nursing homes found that two-thirds of them won’t make it another year if Congress fails to pass another COVID-19 relief package.
The American Health Care Association and National Center for Assisted Living, which represent long term care facilities across the country, asked members about their financial situation.
It found that 90% of nursing homes are currently operating at a loss or at a profit margin of just 3% or less. The reason: COVID-19.
Staffing has been a top cost with nine out of 10 facilities paying staff overtime or hiring additional staff. Personal protective equipment and testing are also costly factors.
Several facilities in Arizona are in dire financial straits, according to the CEO of the Arizona Health Care Association.