With a rapidly aging population, increasing chronic illnesses, and the emergence and re-emergence of viral diseases, the need for quality medical care facilities is likely to rise. According to the Centers for Medicare and Medicaid Services, national healthcare spending in the United States is expected to exceed $6.2 trillion by 2028.
However, despite a rapidly aging population, the legacy assisted living facilities are experiencing a slowdown due to severe competition. According to many analysts, the consequences of the pandemic are still being felt in facility-based care, with operators exhibiting a second consecutive decreasing trend in rates in some locations.
