The COVID-19 pandemic reshaped many industries, but one of the most profoundly impacted was senior and assisted living facilities.
In this episode, we discuss the effects of the pandemic on big-box facilities versus smaller residential assisted living (RAL) homes and what that means for residents and investors today.
As the virus spread rapidly through nursing homes and large big-box assisted living centers, leading to many devastating deaths, a light began to shine on the significant differences in care between these corporate facilities and smaller RAL homes.
During the pandemic, big-box facilities struggled with a variety of challenges. They experienced frequent staff turnover, struggled to maintain oversight over visitors, and had to cope with the isolation of residents. In contrast, RALs managed to uphold a semblance of normalcy with stringent visitor policies and efficient tracking of potential infections.
While the death counts at larger facilities were alarming and heartbreaking, RALs fared much better. With less than 8% of COVID cases, they provided better care and staff-to-resident ratios. As a result, RALs became much more popular while the reputation of big-box facilities took a significant hit.
With the baby boomer generation transitioning into senior living in the coming years, the demand for RALs, offering comprehensive wellness and compassionate care, is projected to skyrocket. This presents a prime opportunity for small providers to cater to this expanding market of potential residents seeking alternatives to big-box facilities. Seizing this opportunity now and aligning with the shift away from traditional nursing home models could pave the way for long-term success.
Listen to this episode of the Assisted Living Network Podcast here.
