The seniors housing industry’s priority is to serve the senior community. It provides a variety of diverse services that are essential for a higher quality way of life. Thousands of families throughout the country rely on the seniors housing industry to provide safety for their elderly family members. As the years go on, more and more seniors are placed in facilities causing a boom in the industry. Unfortunately, natural disasters over the past few months have caused issues for the facilities and the industry as a whole.
Cities have been torn apart by flooding, hurricanes, wildfires, and more. Luckily, a large portion of operators were able to survive the storm while still providing dedication and care for the facility patients and residents. Despite this, the national emergencies revealed some operators’ lack of responsibility and care.
14 Seniors Died in Hurricane Irma
Thousands were displaced from their homes when Hurricane Irma hit Florida in late August 2017. Many people lost resources such as electricity and gas for days. This was the case for a skilled nursing facility as well.
At this facility, the operator failed to evacuate and provide further care for the patients. The facility was left without air conditioning that was needed for relief from the heat and constant flooding, causing the deaths of 14 seniors.
Every physical plant within the seniors housing industry must be outfitted for emergencies at the discretion of the operator. In the event of a natural disaster, an evacuation plan must be executed where operators move residents to another location (facility, hotel, etc). However, the costs of this evacuation plan come out of the operator’s pocket. The price increases rapidly once food or water is added to the plan. Therefore, negligent operators hesitate to implement the emergency protocol.
The 1% that Tarnishes the Seniors Housing Industry
There are operators of skilled nursing facilities on a daily basis who choose to overcharge the residents, provide unnecessary services for inflated billing, or withhold services to save costs. While this description fits only a small number of operators, these are the ones who prioritize profit over resident health and safety.
Although negligent operators are a small percentage, they are a large enough group to taint the reputation of the industry as a whole. Because of news stories like that of Hurricane Irma, many family members are less likely to trust healthcare facilities with their elderly loved ones. Not only does the industry suffer, but this prevents seniors from receiving the professional care that they need.
Successful Operators Know their Responsibilities
Operators must pass various background checks before they can run facilities in the seniors housing industry. Even one small violation can stop an operator from participating in the industry. These high standards are why negligence in the industry is rare.
Successful operators in the seniors housing industry are aware of their huge responsibility. They are happy to provide high-quality care to meet the needs of their residents. They are always working to make their facilities a better home for their patients or residents. These operators are why the industry is so strong.
Do the Right Thing with The Stahler Group
The Stahler Group is the top brokerage in the seniors housing industry because our team supports ethical operations. We provide for the senior community and we encourage operators who uphold high-quality care and performance.
Whatever investment you pursue in the seniors housing industry, make it the right move. Our team’s resources and information are valid and straightforward, so your investment operates with integrity. Contact one of our investment specialists for more information.