Dublin, Sept. 21, 2021 (GLOBE NEWSWIRE) -- The "U.S. Post-Acute Market Report 2021" report has been added to ResearchAndMarkets.com's offering.
Post-acute facilities were hit hard by COVID-19. Occupancy declines, revenue losses, death of residents, and additional personal protective equipment costs all had significant impacts on the market. COVID-19 vaccinations for residents sparked a turnaround as cases and deaths declined and occupancy increased.
The 2021 Post-Acute Market Report summarizes the significant challenges faced by post-acute facilities during the pandemic, analyzes current trends, and discusses the path to recovery over the next several years.
Key points include:
Skilled nursing facilities are estimated to lose $94 billion over the two-year period 2020-2021.
Nursing homes account for 32% of all U.S. COVID-19 deaths.
44% of post-acute organizations see occupancy returning to pre-pandemic levels in 2022.
Prior to COVID-19, the post-acute market was valued at $375 billion. However, long-term care facilities accounted for nearly one-third of all COVID-19 deaths, occupancy fell, and life-expectancy saw year-over-year declines all impacting future market value projections.
COVID-19 was difficult for the post-acute market; estimates show skilled nursing facilities (SNFs) losing $94 billion through 2021. Reasons include lost referrals, lower occupancy, increased staffing needs, and additional personal protective equipment (PPE) needs. In 2020, the assisted living market value dropped 12% from 2019 to $21.5 billion. The Department of Health and Human Services (HHS) estimates that long-term care providers received $21 billion from the federal government to aid with the losses.
Key Market Trends:
(1) All Post-Acute Market Segments See Occupancies Plummet During Pandemic
The pandemic caused occupancy declines in all post-acute segments, but hit nursing homes the hardest. Skilled nursing facility occupancy fell to a low of 71.2% in January 2021, down from 85% in February 2020. Reasons for the declines included COVID-19 deaths, fewer hospital referrals, and families removing loved ones from nursing homes. In March 2021, after vaccines became available, SNF operators began reporting occupancy increases.
Assisted living facilities experienced the second-highest post-acute occupancy declines behind nursing homes during COVID-19, losing 6.1 percentage points since the beginning of the pandemic. The death rate among assisted living residents with COVID-19 was 21%, well above the general population's rate of 3%.
(2) Nearly 90% Of Post-Acute Residents Are Vaccinated Against COVID-19 But Some Workers Hesitant
By late March 2021, post-acute organizations reported vaccination rates of 88% among residents and 55% of staff. After several weeks of vaccinating nursing home residents there was an 83% decrease in cases and a 65% decline in fatalities. Thirty-five percent of nursing home/assisted living staff are undecided or do not plan to be vaccinated.
(3) SNF Staff Shortages Worsen During COVID-19
COVID-19 worsened already prevalent workforce shortages as staff became sick, tested positive or quit to take care of family. To help offset the shortages 68% of SNFs hired additional staff, 94% asked staff to work overtime, and 86% paid bonuses to staff.
(4) Senior Housing Merger And Acquisition Deals Drop To Seven Year Low
In 2020, 352 senior housing acquisitions were publicly announced worth a cumulative $7.9 billion, a more than 50% decline from $16.9 billion in 2019. Average prices for assisted living decreased 30% year-over-year and average prices for skilled nursing facilities declined 14%.
Key Topics Covered:
Skilled Nursing Facilities Account For Over One Million COVID-19 Cases
Nearly 90% Of Post-Acute Residents Are Vaccinated Against COVID-19
Over One-Third Of Long-Term Care Workers Hesitant To Get COVID-19 Vaccine
SNFs Lose Estimated $94 Billion During Pandemic
SNF Occupancy Levels Plummet During Pandemic
Post-Acute COVID-19 Cases Fall Sharply After Vaccines
Over Half Of Post-Acute Facilities Were Testing Staff Weekly In March 2021
Supply Of PPE At Nursing Homes Increasing
Life Expectancy Declines Amid The Pandemic
Occupancy And Staffing Top Challenges For SNFs
PDPM Increases Reimbursement For SNFs
Staffing Shortages At SNFs Worsen During Pandemic
Medicaid's Contribution To SNF Payer Mix Decreases
SNF Medicare Spending Declined In 2019
Over Half Of Nursing Facilities Invest In Technology During The Pandemic
Post-Acute Market Declines While Home Care Spending Increases
Senior Housing Merger And Acquisition Deals Drop To 7-Year Low
Medicare Spending On Inpatient Rehabilitation Increases 8% In 2019
Number Of LTAC Cases And Facilities Continue To Decline
CCRC Occupancy Outperforms Non-CCRCs During Pandemic
Assisted Living Occupancy Falls Sharply While Cost Increases
Memory Care Occupancy At Its Lowest Due To COVID-19
Clarivate Lists Top Post-Acute Care Products Sold Through Distribution
For more information about this report visit https://www.researchandmarkets.com/r/tn24cl
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