The coronavirus pandemic has slowed, but its effects are still being felt. Continuing Care Retirement Communities (CCRC) continue to recover from the deadly virus, while also dealing with the impact of inflation.
According to “Fitch Ratings,” CCRCs face higher wages, food prices and construction costs. The finance and insurance company says a lack of adequate staffing could also be an issue.
Despite that, Fitch believes occupancy will remain stable and could improve for some in the new year. But what can be done to try and create more success among CCRCs in 2023 and beyond?
Eva Bering, MSN, MHA, RN, NHA, joined a recent Netsmart CareThreads podcast, The Future of Life Plan Communities: What Senior Leadership Needs to Focus On. As the president of Bering Consulting, LLC, she talked about the future of CCRCs, also referred to as life plan communities and how they can find success in the future.
“I think the board chair needs to have frank discussions with the CEO,” Bering said. “As a board chair, what I’m focusing on to be successful…is to stay alert to the external changes. The environments are dynamic.”
Bering added that one factor standing in the way of CCRCs is cost. She said many people cannot afford the retirement communities.
“For those people that stay at home, the CCRC needs to change its mentality to be a senior care provider,” she said, “not just a place where people come and live permanently.”
She suggests CCRCs provide educational sessions for people who live at home. Bering says another option is to develop a partnership with a senior service center. Doing so enables seniors to get services through a home health agency developed within the CCRC which becomes part of the CCRC’s revenue base.
No matter what lies ahead for life plan communities, Bering’s No. 1 piece of advice for leaders is to stay resilient and develop a sense of urgency to move forward.
“Understand the dynamic environment for seniors and their expectations,” she said. “Seniors are changing all the time as the generations move through the continuum themselves.”
Listen to the full Netsmart CareThreads podcast for more actionable tips from Bering, including why she says value-based reimbursement is here to stay.
Visit our website to find out how Netsmart consulting services can help your organization maximize the benefits of your technology solutions.
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