LTC and the economic downturn: The good, the bad, and the surprising
Contemporary Long-Term Care Weekly, January 8, 2009
Long-term care providers are certainly feeling the negative effects of the economic recession but, amidst the funding cuts, financial pressures, and worry, a few glimmers of hope can be found, according to a recent survey conducted by the American Association of Homes and Services for the Aging (AAHSA). Although the sample size of the AAHSA survey is small, with only 28 respondents, it produced some rather interesting results.
In regards to the impact of the recession, 84% of survey participants reported losses to endowments and reserves, 40% reported reduced occupancy, and 28% reported decreased state and local funding. However, respondents also identified some opportunities accompanying the economic downturn, such as the possibility to acquire new businesses, potential increases in home care and adult day services, and better staff retention.
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