The decline in nursing home beds has been even worse than previously believed, according to a new analysis.
Marcum LLP on Monday issued its inaugural statistical analysis of nursing home trends between 2013 and 2017. The 72-page book is aimed at providing a practical tool for operators to establish baselines and compare themselves against the competition.
Overall occupancy percentages declined from 83.07% at the beginning of the study down to 80.24% in 2017. Almost all U.S. regions experienced decreases in patient days, driven partially by patients turning to other care options, such as home health and assisted living, the report found.
“We always know that there are sales and consolidations in the industry, but I think the shrinking reimbursement and lower occupancy levels have really caused the non-chain or the smaller nursing home groups to pause and say, ‘what am I doing here? I can’t compete in the marketplace anymore,’” Matthew Bavolack, national healthcare services leader for the firm, told McKnight’s. “You’re seeing a lot of single-entity operators either close or sell off their operations.”
The good news: Given the current population trends, the lull in nursing home census numbers will only be temporary. Still, “the nursing home of tomorrow will not operate, look or feel anything like the nursing homes of today,” the report notes. For instance, boomers will not want to share rooms and will expect hotel-like amenities.
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Find the original article here. mcknights.com By Marty Stempniak, February 26, 2019
George is the Chief Financial Officer and Chief Operations Officer for Odyssey Rehabilitation. He has a BBA in accounting from Eastern Kentucky University and his MBA in management from Vanderbilt University. He began his healthcare career working in the hospital setting as a Chief Accountant and progressed to both CFO and COO roles for various hospitals. George also has several years of experience in home health and physician office management services.
Most recently George was the CFO for a large multi-state rehab company and managing partner for a consulting company in the post acute health care arena. George is a member of the American College of Healthcare Executives (ACHA) and an advanced member of the Healthcare Financial Managers Association (HFMA). George is also a lifetime member of the Kentucky High School Coaches Association. He currently resides in Knoxville, TN with his wife and family.
Greg Hayes is the Managing Member and founder of Odyssey Rehabilitation. Prior to starting Odyssey Rehabilitation, Greg attended Fairmont State University where he received his Associate’s Degree as a Physical Therapy Assistant.
His career as a PTA began in a local out-patient clinic before transitioning into Long Term Care for a contract therapy company. Greg quickly moved up the ladder, becoming a Regional Assistant Manager, overseeing operations throughout WV.
In 2006, Greg decided to expand his career into ownership, and started Odyssey Rehabilitation. In a short amount of time, the company has grown to be one of the most recognizable contract therapy companies in the state of WV. Greg currently lives in Worthington, WV with his girlfriend Betsy and their four wonderful kids, Hannah, Tyler, Dillon, and Dalton. He enjoys hunting, golfing & Steelers football in addition to spending time with his family.
Greg is also the business owner of two family owned companies specializing in appliance sales and service, as well as, Twisted Oaks, an outdoor company specializing in hunting products.