Understanding the healthcare needs of residents of senior housing communities and nursing homes is imperative to best serve the population. In order to garner a better understanding of these healthcare needs and associated spending, NORC at the University of Chicago on behalf of NIC conducted a landmark study. Many residents use high-cost healthcare services including emergency rooms, acute inpatient hospitalization, and post-acute care, and across nearly every dimension analyzed, the data indicates frail and high healthcare cost residents. These factors all highlight an opportunity for value-based care organizations to partner with senior housing and skilled nursing operators.
During four consecutive quarters of increasing occupancy, from 78.0% in the second quarter of 2021 to 81.4% in the second quarter of 2022, the NIC MAP® Primary Markets recovered about 37% of the senior housing occupancy lost during the pandemic, equivalent to 3.4 percentage points (pps) overall.
Reframing Health and Healthcare NIC Co-Founder and Strategic Advisor Robert Kramer has identified “Six Key Drivers” that will shape the senior living industry over the next 10 years. Kramer is also Founder & Fellow at Nexus Insights, a think tank advancing the well-being of older adults through innovative models of housing, community and healthcare. NIC Notes is publishing a bi-weekly series detailing each key driver. View the first three installments of the "Six Key Drivers" blog series. What follows is an analysis of the fourth key driver: Reframing Health and Healthcare. Our new customers, as discussed in Key Driver #3, have a different take on longevity. They are not content to just live longer, they want to live better. They want their lifespan to as nearly as possible to match their “healthspan” or “wellspan.”
Data from the recently released 2Q2022 NIC MAP Vision Actual Rates Report showed that for the sample of Actual Rates data contributors, all three care segments (independent living, assisted living, and memory care) hit record high year over year growth of asking rates for the second quarter in a row. In the recently released report, monthly data of actual rates and leasing velocity are presented through June 2022, including data on rate discounting and move-in/move-out trends. Read on for further key takeaways from the recently released report.