Industry News

• The assisted living sector is showing signs of recovery.

• Forecast: Occupancy rates expected to return to pre-pandemic levels by the end of 2024.

• Driving Factors:

  • Shift in consumer preferences among the baby boomer generation.

  • Nearly 60% of baby boomers are considering a move to senior living within the next few years.

California's recent legislation aims to enhance care quality and oversight in assisted living facilities through stricter regulations and accountability measures, set to take effect on January 1, 2025.

• Stricter Staffing Requirements: Facilities must maintain higher staffing levels, particularly during peak hours, to ensure adequate resident care.

• Enhanced Accountability Measures: New protocols for reporting incidents of abuse or neglect, ensuring timely investigations and accountability.

• Mandatory Training for Staff: Additional training on resident rights and specialized care for staff members to improve overall service quality.

• Transparency in Operations: Facilities are required to publicly disclose information about their care practices and any reported violations.

• Increased Penalties for Non-Compliance: Higher fines and potential license suspensions for facilities that fail to meet the new standards.

• Mindfulness and Meditation Programs: Assisted living facilities are incorporating mindfulness and meditation sessions into their wellness offerings. These programs aim to reduce anxiety and stress, improve mental clarity, and enhance emotional well-being among residents by providing them with tools to manage their mental health.

• Nutritional Enhancements: Many facilities are revamping their dining options by working closely with dieticians to create balanced meal plans tailored to residents' specific dietary needs, such as low-sodium diets for heart health or diabetic-friendly options. This focus on nutrition aims to improve overall health outcomes and enhance residents’ quality of life.

• Telehealth Services: The expansion of telehealth services allows residents to have virtual consultations with healthcare providers, including specialists, from the comfort of their own homes. This initiative not only improves access to medical care but also reduces the need for transportation, making it easier for residents to manage their health conditions and follow-up appointments.

Private-Equity firm buys 29 Iowa Nursing Homes

• Owned by the Chicago-based private equity firm Cascade Capital Group.

• The transaction was valued at $85 million, making it the largest nursing home sale in Iowa's history

• This represents 7% of the 410 nursing home facilities in Iowa.