Senior Housing Demand Continues To Outpace New Supply

/in , , /by

The senior housing market appears set for a steady and ongoing recovery, with occupancy levels in 2024 expected to meet or exceed pre-pandemic levels, provided no unforeseen difficulties occur.

That is the conclusion of an analysis of 3Q 2023 data by the National Investment Center for Seniors Housing and Care (NIC).

Senior housing occupied stock is now 2.6% or 15,026 units above the pre-pandemic 1Q 2020 level, NIC found. Demand continued to outpace new supply for the ninth consecutive quarter. In primary markets, net absorption rose 1.3%, or 7,583 units, from the previous quarter and 4.3%, or 24,627 units, over the prior year. The stock of senior housing in these markets rose 0.4% from 2Q 2023, and 1.3% above the prior year, NIC stated.

However, construction remained below pre-pandemic levels, and the 11,133 units under construction in the year ended 3Q 2023 amounted to less than half the starts reported during all of 2019. A new measure of senior housing, the Absorption-to-Inventory Velocity ratio, stood at 28:10 for primary markets, which implies that for every 10 newly added units, 28 were absorbed. This indicates that the senior housing market has been able to absorb a significantly higher number of units than were added during the third quarter of 2023.

The senior housing all-occupancy rate rose to 84.4% in 3Q 2023. It remained below the 87.1% rate of 1Q 2020. However, it is expected to reach or exceed that level in 2024, NIC predicted. Risks remain in the form of economic uncertainty and the possibility of a future threat to public health.

However, current capital market conditions and the resulting lending environment, today’s relatively limited construction pipeline, and elongated delivery times of new projects suggest that supply growth is manageable and is not expected to outpace demand through 2024, the report noted.

It also pointed to differences in the all-occupancy rate between independent and assisted living facilities in primary markets. It stood at 86% for majority independent living properties, a 0.7% increase from 2Q 2023. For assisted living, it stood at 82.6%, up 0.9%. Though occupancy for both was above pandemic lows, in neither case did it reach pre-pandemic 1Q 2020 levels.

In secondary markets, though, the occupancy rate for majority assisted living facilities reached 84.3%, slightly above its 1Q 2020 level of 84.2%, indicating a full recovery explained by limited inventory growth and restrained supply pipelines. The one good thing that did emerge from the pandemic, NIC commented, is increased recognition of the value proposition that senior housing offers. It also highlighted the resilience and adaptability of senior housing operators.

 

Source: GlobeSt.

Tepeyac Community Health Center in Denver’s Elyria-Swansea Neighborhood Celebrates Grand Opening

/in , /by

A new health center is bringing much-needed services to families in Denver’s Elyria-Swansea neighborhood.

The new state-of-the-art 24,500-square-foot Tepeyac Community Health Center opened at the corner of E. 48th Avenue and Vine Street.

“We’re in a neighborhood that hasn’t had a grocery store in it for over 50 years; we’re in a neighborhood that hasn’t had a pharmacy,” said Kristin Weber, director of development at Tepeyac Community Health Center.

That changed, now that the non-profit health center opened its doors.

“When we say we were built by the community, for the community, that is the truth. And that’s an awesome story to tell,” said Weber.

Their story started out of an 800-square-foot home on Denver’s north side 30 years ago. And now the new clinical facility, which shares space with 150 units of affordable housing, is bringing healthcare to families separated from the rest of the city by Interstate 70 to the south and Interstate 25 to the west.

The convenience means everything to Tycora Jones, who lives right next door.

“We don’t have to worry about catching buses and doing the bus stops and the kids driving us crazy on the trips,” said Jones.

Inside the clinic, patients of all ages can receive medical care, dental care, x-rays, and behavioral healthcare. There’s even an on-site pharmacy and access to fresh food.

The clinic’s providers are bilingual and accept health insurance or self-paying patients who pay what they can for care that is needed. Tepeyac expects to serve 23,000 patients in the next five years.

“This is a beautiful space and this is care that everyone deserves,” said Weber.

View the Denver7 News video ‘A New Health Center Is Bringing Much-Needed Services To Families In Denver’s Elyria-Swansea Neighborhood‘ below.

Source: Denver7 News

New Specially Designed Facility Planned For BayCare’s St. Joseph’s Children’s Hospital In Tampa

/in , /by

BayCare, West Central Florida’s leading health care system, announced that it is planning to build a new, specially designed facility for St. Joseph’s Children’s Hospital in Tampa by 2030 as part of a strategic effort to increase the region’s access to high-quality, state-of-the-art pediatric health care.

BayCare is the region’s largest provider of pediatric services and St. Joseph’s Children’s Hospital (SJCH) is its largest-volume pediatric hospital. The investment in a new facility for the hospital is part of BayCare’s comprehensive plan to enhance local pediatric expertise and to create a destination hospital for high-acuity pediatric services, research and medical innovation for West Central Florida and beyond.

In addition to the capital plan, BayCare will grow its multi-specialty, non-hospital pediatric clinics to improve access to care for patients and their families closer to home. BayCare is planning to expand its pediatric graduate medical education programs, including teaching, research and training to fuel continued medical innovation and help ensure the region continues to attract the best and brightest to practice medicine here.

“From its founding, BayCare has been about serving its communities, who deserve the highest-quality health care,” said BayCare CEO and President Stephanie Conners. “BayCare wants West Central Florida’s children and families to continue to have access close to home to the best in medical care that combines the latest treatment innovations with our unmatched compassionate care. These investments will make that possible.”

From birth — nearly 13,000 baby deliveries in 2022 — to adulthood, BayCare offers everything for children from primary care and specialist physicians to state-of-the-art interventions. Particularly of note is The Daniel J. Plasencia, MD Children’s Chronic Complex Clinic at SJCH, which treats children and supports their families as they face the most challenging of chronic conditions. The clinic has been the role model for federal legislation to encourage such clinics at hospitals across the country. Similarly, a longstanding relationship with University of Pittsburgh Medical Center/Children’s Hospital of Pittsburgh has made SJCH a destination for congenital heart care for children, where there has been great progress in children surviving to adulthood.

The Tampa hospital also is home to St. Joseph’s Children’s Hospital Steinbrenner Emergency/Trauma Center with the region’s largest team of board-certified pediatric emergency physicians.  The state-designated pediatric trauma center provides the highest level of care for children.

“In health care, to stand still is not an option when medical innovation is providing new opportunities every day to impact our patients’ lives,” said Sarah Naumowich, president of St. Joseph’s Children’s and Women’s hospitals. “We are investing in our region’s future, its children, to help them be as healthy as possible.”

The St. Joseph’s Children’s Hospital Foundation is planning a philanthropic campaign to support the new hospital facility. Currently the hospital is adjacent to St. Joseph’s Hospital and shares some common spaces. By building a new, dedicated structure, the pediatric hospital will be able to further evolve specialty care and research dedicated to children’s health and the support of their families.

“The best pediatric care is family-centered care that treats the child but also supports those who love and care for them,” Naumowich said. “A new facility will allow us to do that even better, marrying the best in medical innovation and options in an environment built to the needs of patients and families.”

A new SJCH facility would be the fourth new hospital project BayCare has undertaken in the past five years. BayCare has already announced plans to build its 17th hospital in fast-growing Manatee County, where the health system has already opened BayCare Medical Group offices. BayCare opened its 16th hospital, BayCare Hospital Wesley Chapel, in March 2023 and will open a replacement facility for South Florida Baptist Hospital in Plant City in early 2024.

“Our growing region deserves the very best in health care and BayCare is committed to continuing to be the leader in serving our communities’ youngest patients,” Conners said.