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Nursing homes and long-term care facilities, Where 182,000 Americans died During the COVID pandemic, government regulators, residents, and their families were deprived of heat. Today, the industry is hearing from unexpected sources: investors.
Investors who now own a lot of shares in nursing home companies are demanding that operators improve the working conditions and quality of care of their staff.
Nearly 100 investor groups managing $ 3.3 trillion in assets in the US and abroad become nursing home companies Recent letters They should raise staff levels, raise staff wages, provide paid sick leave, improve resident safety programs, and enable staff to unite.
Latest Pressure on reform Nursing home industry accused of epic failure of infection control that spread COVID-19 and killed residents and staff throughout the United States
Investor movements were unexpected. Because it can reduce their financial interests. However, they are worried about the future of the nursing home industry, which has experienced a wave of death in facilities that account for 34% of COVID tolls nationwide. It’s not good for business.
“These are good principles that aren’t always in the best financial interests of investors,” said David Grabowski, a professor of healthcare policy at Harvard University who studies long-term care. “But it’s hard to tell if this has teeth.”
Nursing home industry group itself Called for reform, But they emphasize the need for higher Medicaid payment rates.
Investor expectations statements have been sent to major for-profit companies and real estate investment trusts that own nursing homes such as Genesis Healthcare, Ventus, Brookdale Senior Living and Caretrust REITs. It was signed by a large group of investors such as BMO Global Asset Management, Aviva Investors and the Interface Center for Corporate Responsibility.
“This is the moment to say” See what happened during COVID. I don’t want it to happen again. ” Christie Hoffman, general secretary of the UNI Global Union, a labor-related group that organized investor letters, said. “These workers have been treated very badly, which has led to so many unnecessary deaths.”
Nursing home care assistants who provide most hands-on care Earn about $ 12 per hour.. Most are colored women and often work in multiple institutions to organize a full-time schedule. This has increased COVID infections between facilities. These workers usually do not take health benefits or paid sick leave and are forced to come to work even if they are ill. Few unions are promoting stronger security protection. The industry’s annual sales occasionally reach 80%.
Nursing homes do not provide workers with appropriate personal protective equipment such as face masks and gowns, too few workers are on duty to properly care for residents, and COVIDs are given to residents in the same room. None.
BMO Global Asset Management has already contacted 13 nursing home companies and REITs for proper staffing, improved health and safety standards, proper use of PPE, fair wages, pandemic hazard pay and union freedom. ..
If she doesn’t live up to expectations at a reasonable speed, her investment group, which manages or advises $ 755 billion in assets, could take shareholder action against management and eventually sell it from the company. Yes, Ross said.
“We are grateful to see investors take a significant interest in quality of care and workforce issues,” the American Healthcare Association, which represents a commercial nursing home company, said in a statement. It was. However, he added that “more reliable resources” from the federal and state governments are needed for nursing homes to offer more competitive wages and benefits.
While higher payments help, UNI Global’s Hoffman said nursing home companies “have a responsibility to act correctly by workers, regardless of public policy. When the government tells them to do so, they do so. I just don’t want you to say that. “
Defenders of nursing home residents said that when the government’s payment rate increased, New transparency rule Nursing homes need to show that additional money is being spent on increasing staff and improving services, rather than increasing executive profits and salaries.
In line with this, an investor expectations statement called on nursing home companies and REITs to publicize their compliance with staffing and quality of care goals.
Investor letters show that the COVID catastrophe has made them aware of the inevitability of nursing home reform and want to stay ahead of the wave, Gravowski said. “They are wondering,’Why don’t you increase transparency and improve quality?’ Otherwise, information from the government can be ugly.”
Large Investors Push Nursing Homes to Upgrade Long-Term Care Facilities and Working Conditions-WUSF Public Media
Source link Large Investors Push Nursing Homes to Upgrade Long-Term Care Facilities and Working Conditions-WUSF Public Media