February 14, 2024- Marcum LLP’s annual report has revealed the significant trends and challenges within the nursing home sector. In The 2024 Three-Year Nursing Home Statistical Review, Marcum provides an overview of industry trends from 2020 through 2022. The study showed improved patient patient recovery post-pandemic, with a 5.33 percent increase in occupancy rates since 2022.
However, staffing costs have continued to soar, creating challenges for the industry, along with strains from The Centers for Medicare and Medicaid (CMS) proposal, which requires nursing homes to meet minimum staffing standards. According to Marcum’s report, CMS’s proposed staffing mandate revealed that 75.46% of nursing homes do not meet the recommended standards, which potentially adds substantial costs.
In fact, according to the Marcum report, the net cost reported operational loss per patient day for nursing homes increased by 16.78% in 2022. The report highlighted that economic pressure is undoubtedly an issue within nursing home care sector.