The Centers for Medicare & Medicaid Services said that “chronic under-staffing remains a concern,” in a Sept. 1 statement outlining the proposed rule, which includes requiring a registered nurse onsite 24 hours a day, seven days a week. About 75% of US facilities would need to make adjustments under the new rule, CMS said. Nursing homes could receive a hardship extension “in limited circumstances.
“I 100% agree that there should be adequate staffing at nursing homes,” but “this is an added cost on an already-strained sector,” said Lisa Washburn, managing director at Municipal Market Analytics. CMS estimates that the costs over 10 years to meet the mandates will be $40.6 billion.Four nursing homes that have borrowed in the municipal market have had payment defaults this year, according to data compiled by Bloomberg Intelligence.
The proposed rule will “likely force more closures given the low reimbursement rates that have failed to keep up with rising labor costs,” said Dora Lee, director of research at Belle Haven Investments, which invests in the sector. “Never mind whether operators can afford the increased costs, they are already having a difficult time finding qualified people.”
“We’re downsizing at a time when the baby boomers are just outside the window and are going to need services,” said Lester, whose firm forecasts the population of Americans over the age of 85 to double by 2035.
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