Thursday, February 18, 2021 | 1:00pm Eastern
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The seniors housing industry was hit with its worst ever occupancy decline, and it all happened in less than a year. It has been estimated that it will take anywhere from 12 to 18 months to recover to pre-pandemic census levels, to four or five years. The first step, of course, is to re-gain the confidence of the consumer that senior living communities are indeed safe, and in the future may be the safest place to live in more ways than one.
In addition, providers will be faced with the need to compete with new, emerging forms of senior living and care. And part of this will involve deciding whether to stress the hospitality or health care aspect of their model. Marketing for the future resident will have to change, and will have to start earlier than ever before. Partnerships, joint ventures with Medicare Advantage plans and much more will be necessary to get back to occupancy levels of 90% or better. COVID will be behind us later in 2021, but the lagging impact will be felt for several years to come, and to outperform the market, you will need a head start.
Steve Monroe, Managing Editor, The SeniorCare Investor (moderator)
Traci Bild, Founder & CEO, Bild & Co.
Jennifer Saxman, COO, Bild & Co.
Kris Woolley, CEO, Avista Senior Living