How the Pandemic Is Reimagining Senior Housing Quality
The senior housing industry remains one of the fastest-growing sectors, despite the many challenges brought on by COVID-19. As we discussed earlier this month, senior housing is considered a pretty solid investment choice for 2021, primarily as facilities continue to navigate the pandemic and adapt to update operations. Among the most significant changes, a renewed focus on resident wellness and an increase in tech spending.
COVID-19 Continues to Impact Senior Housing
However, one area of concern that has plagued assisted living operators has to do with quality. Of course, the quality of care provided to residents is at the center, but we are also talking about the facilities themselves, staff, internal operations, and future developments. Unfortunately, the pandemic took a toll on our nation’s nursing homes and long-term care facilities in the early months, accounting for a third of all deaths from the virus. And in at least 18 states, assisted living communities accounted for more than 50% of COVID-19 deaths. But operators have risen to the challenge by leveraging tech and taking steps to make these facilities once again safe.
Data Giving Hope, Renewed Focus to Assisted Living Operations
Thanks in part to continued data analysis and multistate reports, senior living providers have gained invaluable insight into the inner-workings of their operations. Since those initial months of the pandemic, operators have learned that the road ahead would not be an easy one. However, not all the news is so glum. The pandemic has completely shaken up the senior living industry, breathing new life into future developments and allowing operators to reassess and make improvements. Not only are more communities embracing telehealth and implementing remote health monitoring practices, but they are really honing in on what contributes to good quality of care - and life.
When discussing quality, we must mention how deeply the daily lives of residents and staff have been affected by the pandemic. The importance of engaging in meaningful activities and social interactions has been one of the biggest eye-openers for providers and something that many are now committing to reinventing. Keep an eye on our blog to update how senior housing quality is changing, and contact Sherman & Roylance Real Estate Investment Services to learn more about potential investment opportunities.