How Covid-19 Will Change Aging and Retirement
As the pandemic wreaks havoc on our mental and physical health, it is also quietly reshaping how Americans will face retirement and old age in the years to come.
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In the long term, nursing homes may need to explore entirely new models of care, Brown assistant professor Elizabeth White added, pointing to the Green House model, which establishes smaller scale facilities and emphasizes self-sufficiency and community, as an example. “There’s work around really innovative solutions out there.”
“Knowing how community ties can help providers obtain capital, and what type of loan is most industry-friendly can be successful steps towards garnering capital for senior care projects. Taking steps to minimize risk for the lender is another huge factor in attracting capital, according to experienced lenders and those involved in nursing home projects said during a recent webinar hosted by the Green House Project.”
“She calls it the Einstein option, and includes in her standards for innovation commitments to person-directed care, especially training; small home models; alternative payment policies; and development of a stronger direct care workforce. Even a $600 million investment to kick off such catalytic change, she said, would cost just one-tenth of 1% of SNF spending over the next three years.”
“Innovative models are going to present themselves in some way to stop this train,” said Dan Hermann, president and CEO of Ziegler, a specialized investment bank. “The dual eligible folks are going to break the back of all the states, so this train is coming, but it’s going to happen organically.”