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Aging population boosts bottom line for senior living providers, data show

By: KIMBERLY BONVISSUTO

Assisted living communities saw a 34.4% increase in revenues from 2013 to 2020 as adults aged, according to the U.S. Census Bureau’s recently released 2020 Service Annual Survey.

The numbers, the bureau said, show that aging adults are boosting the bottom lines of assisted living and continuing care retirement communities, as well as some other healthcare and social service providers, and offer insights into the care choices being made by older adults and their families.

In assisted living, revenues climbed from $25 billion in 2013 to $33.6 billion in 2020, whereas continuing care retirement communities saw their revenues grow by 41%, going from $28.6 billion in 2013 to $40 billion in 2020.

Home healthcare services experienced a 50.5% increase in revenues in that time, jumping from $68.3 billion in 2013 to $102.7 billion in 2020.

Providers of services for the elderly and people with disabilities — such as adult day care, nonmedical home care or homemaker services, social activities, group support and companionship — experienced a 62.1% increase in revenues, jumping from $35.4 million in 2013 to $57.4 million in 2020.

Skilled nursing facilities had the largest revenues of the five areas — assisted living communities, CCRCs, skilled nursing facilities, home healthcare and services for the elderly and persons with disabilities — but the slowest revenue growth, at 17.4%, going from $110.8 billion in 2013 to $130.1 billion in 2020.

Estimated revenue for the healthcare and social assistance sector as a whole increased 1.5% in 2020 to $2.83 billion from $2.79 billion in 2019. Estimated expenses for the sector were $2.56 billion in 2020 compared with $2.48 billion in 2019.

The data are collected by the Census Bureau from a sample of 78,000 service businesses.

Original Article: https://www.mcknightsseniorliving.com/home/news/aging-population-boosts-bottom-line-for-senior-living-providers-data-show/

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