A lot of economic news today, much of which was not encouraging. First, the long-awaited first estimate of GDP growth in 2Q 2020 was released by the Bureau of Economic Analysis and as anticipated the number was historic, with an annualized decline of 32.9% reported. Second, and for the second consecutive week, the number of initial claims filed for unemployment insurance rose. Third, the Chair of the Federal Reserve, Jerome Powell, encouraged Congress to act quickly to inject further fiscal stimulus into a weakening economic landscape.
In a continuation of NIC’s commitment to release data and insights on a monthly basis in response to rapid market changes, NIC released monthly data today from the NIC Skilled Nursing Data Initiative. This release incorporates key takeaways of market trends through May 2020.
A NIC report to provide insight into COVID-19 among current residents and to more clearly understand existing conditions by care setting. NIC’s monthly Executive Survey Insights: COVID-19 of seniors housing and skilled nursing operators is designed to bring awareness to the operators, their capital providers and business partners, and the general public, on the current COVID-19 penetration rates by care segment.
Amid a pandemic of historic proportions, skilled nursing properties have borne some of the greatest challenges as they fight to care for the most vulnerable Americans, many of whom are frail and have multiple chronic healthcare conditions that require monitoring and medical attention. The skilled nursing industry responded quickly and aggressively by, acquiring sufficient personal protective equipment (PPE) implementing strict protocols related to sanitation, visitation and move-ins, implementing accurate and timely testing of staff and residents, and by employing new technologies, such as telehealth, to help provide care. In the latest of NIC’s popular “Leadership Huddle” webinar series, held Thursday, July 9th, skilled nursing operators discussed how the sector has changed, and where skilled nursing properties stand as much of the country has re-opened.