Nursing homes, senior living facilities, hospices, and home healthcare companies offer a special level of personal care to their clients. For senior care, the most important matter is giving the best care. As boomers approach retirement and aging, they bring higher expectations for the housing and healthcare industry, along with questionable ability to pay for them. As senior housing and the healthcare industry examine boomer’s expectations, it forces companies to reassess how to provide costly services because some boomers have limited financial resources; both personal savings and entitlements. As assisted living and senior care continue to grow, the concerns of senior care related issues grow as well.
Current Industry Challenges
Besides the obstacles of everyday operations, other obstacles the senior care industry faces are healthcare reform, growing expenses, and increasing regulations which require more documentation, training, and improved staffing.
The top five challenges we see in senior care are:
- The impending baby boomer “boom”
- More facilities that need more staff
- Need for improved reputation and quality of care post COVID-19
- Payor and regulatory oversight challenges
- Improved technology and security
Wright Ford Young & Co. wants to help you with those challenges while you give attention to the more important matter – focusing on deliver quality care.
Why is Wright Ford Young & Co. right for you?
Whether you operate a retirement community, skilled nursing facility or other organization related to senior living, you need the assistance of professionals who know the industry and can help you optimize financial performance. At Wright Ford Young & Co., we understand the senior care sector needs extra attention since regulations and complicated documentation continue to increase. We are here to help. We understand not every facility is the same, so we never apply the same approach when it comes to each of our client relationships. Our team of accounting professionals can help give you guidance in maximizing your benefits and navigating through the rapidly changing healthcare system while you focus on providing exceptional care year after year.
Nursing homes, senior living facilities, hospices, and home healthcare companies offer a special level of personal care to their clients. For senior care, the most important matter is giving the best care. As assisted living and senior care continue to grow, the concerns of senior care-related issues grow as well.