A survey of Argentum members shows that nearly half of those who’ve been approved for funding from the CARES Act Provider Relief Fund have not yet received payments.
(Alexandria, Va.) – Despite caring for the population most vulnerable to COVID-19, many assisted living providers are still waiting for financial relief, according to a new survey conducted by Argentum. To date, assisted living providers are expected to receive about $3 billion from the CARES Act Provider Relief Fund while other providers, including hospitals and nursing homes, are slated to receive $145 billion. It is estimated that the senior living industry will see an overall impact of $15-$20 billion resulting from increased expenses and lost revenue.
“We appreciate the work HHS has done to approve assisted living providers and process relief payments. However, as financial resources continue to dwindle, these providers are having to make extremely difficult decisions,” said James Balda, president and CEO of Argentum. “We are asking that HHS process these payments as quickly as possible and to strongly consider offering additional financial relief to ensure communities can continue to operate and offer necessary care and services to millions of older adults and their dedicated employees.”
In a recent survey, Argentum members representing more than 1,000 communities across all levels of care noted the significant financial burden and related challenges brought on by COVID-19:
One respondent said: “We haven’t received the [relief] funds yet, but when they arrive, (fingers crossed), it will be an absolute game-changer for us. We could not continue through this winter without it. Our concern now is that we’re entering a period of two years of pandemic suppression. We’re going to need more support.”
To date, only 1.7% of the total Provider Relief Funds available have been allocated to assisted living communities, while hospitals and nursing homes are allocated to receive 83%. Argentum urges HHS to consider offering a portion of the remaining Provider Relief Funds to these communities to continue to offset expenses, lost revenue, and future costs related to testing and vaccine administration.
Argentum is the leading national association exclusively dedicated to supporting companies operating professionally managed, resident-centered senior living communities and the older adults and families they serve. Since 1990, Argentum has advocated for choice, independence, dignity, and quality of life for all older adults.
Argentum member companies operate senior living communities offering assisted living, independent living, continuing care, and memory care services. Along with its state partners, Argentum’s membership represents approximately 75 percent of the senior living industry—an industry with a national economic impact of nearly a quarter of a trillion dollars and responsible for providing over 1.6 million jobs. These numbers will continue to grow as the U.S. population ages.
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