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(WKOW) – The results of a new survey suggest a majority of nursing homes will not survive another year due to the rising costs of COVID-19.
The survey conducted by the American Health Care Association and the National Center for Assisted Living (AHCA / NCAL) found that two-thirds of nursing homes are at risk of closing given the current pace of operation due to the increase costs of COVID.
The survey also found that 90% of nursing homes are currently operating at a profit margin of 3% or less, and 65% of nursing homes are currently operating at a loss.
Staffing was the highest cost in response to COVID, with nine in ten nursing homes hiring additional staff and / or paying staff overtime. 58% of nursing homes said additional staff compensation and hiring new staff was their main cost incurred due to COVID.
The survey results show that 70% of nursing homes have hired additional staff and nine in 10 have asked current staff to work overtime and paid hero wages.
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