Post-acute and long term care providers have endured a state of distress since March 2020, not only from the challenges created by the COVID-19 virus, but also from ever-increasing regulatory compliance burdens, changes in reimbursement rates, and uncertainty in how long term care services and support will be delivered. For example, according to the American Health Care Association’s January 2023 State of the Nursing Home Industry Survey, 84% of nursing homes reported facing “moderate to high levels of staffing shortages” and more than 50% of responding nursing homes reported they are operating at a loss and do not believe they can sustain operations at the current pace for more than 12 months.
Carson Group Managing Partner of Wealth Solutions Jamie Hopkins joins Yahoo Finance Live to discuss risks Baby Boomers and other generations face when saving for retirement, long-term care concerns, and demographic shifts affecting retirees. On today's installment of Retirement Ready, we're focusing on those Americans who are nearing retirement, or in some cases, have already began their retirement, the baby boomers. Carson Group Managing Partner of Wealth Solutions, Jamie Hopkins, joins us now for this segment brought to you by Fidelity Investments. Jamie, nice to see you. According to the Bureau of Labor Statistics, boomers have not saved nearly enough. Are we facing-- are they facing a retirement crisis ahead?
A Lansdowne home health care company must pay more than $2.3 million in back wages and damages to workers after failing to provide them with time-and-a-half overtime pay, the U.S. Department of Labor said Thursday. Affectionate Home Health Care, which provides nursing care and household management to Philadelphia and Delaware County residents who need help with daily tasks, willingly shortchanged employees' overtime wages, according to a judgment filed in the U.S. District Court for the Eastern District of Pennsylvania.
The COVID-19 pandemic continues to take its toll on older Americans. A new study finds that many older adults declined medically necessary in-home care during the height of the pandemic in 2020 for fear of contracting the coronavirus, but doing so may have led to new or worsening health conditions. Home-based health care providers said they felt they lacked sufficient information and training to advise patients about whether to continue care.
By now, we are all familiar with the concepts of value-based care and the transition away from a payment system built primarily on a fee-for-service reimbursement methodology to a patient centered model that focuses on coordinated, high quality, and lower cost care. In fact, Centers for Medicare & Medicaid Services (CMS) continues to remind us that it expects all Part A and B Medicare beneficiaries to be in a care relationship with accountability for quality and total cost of care by 2030. While a lot of attention is paid to the models focused on primary care attribution, such as the accountable care organizations involved in shared savings models, CMS is also examining value-based care models at two other points along the care continuum: home health and hospice.
Increased funding may be coming to seniors and people with disabilities seeking home healthcare. The proposed bill, the "Better Care, Better Jobs Act," would dedicate increased Medicaid funding for home care, which allows older adults, people with disabilities, and injured workers to receive treatment while living in their home or community. As the "better jobs" half of its name suggests, the bill also calls for increased wages and benefits for caregivers. Currently, according to the Senate Special Committee on Aging, over 650,000 people are on waiting lists to receive home or community care.