How much of an obligation does the senior living industry have to solving the middle income problem?
By Steve Moran
In this final part of my interview with Bob Kramer, the CEO of NIC, about the Middle Income Assisted Living Challenge, he lays out the path to figuring it all out. You can watch Parts 1 & 2 by following the links beiow:
The Winning Path
In this final part of my interview with Bob, he talks about the path to figuring it all out. Here is what he has to say:
The first thing we need to do is understand the size and scope of the opportunity. How many folks are in the middle income category? How much can they pay and for how long?
We also need common terminology. Does middle income mean government subsidy or something else? Does middle income mean moving to a low cost part of the country and all is good?
The goal would be to provide middle market senior living in a small town in Kansas or in New York City or San Francisco. While what constitutes middle income would vary from market to market, the need is there in every market.
I asked Bob his thoughts on using residents as staff as a way to both provide some staffing shortage relief and helping to make senior living more affordable. He sees potential but points out that it represents some very real liability risks.
If we don’t find some solutions to this problem it will cause huge problems for the federal and state governments. In addition, the folks who have been served historically by programs for the low income population will end up suffering the most.
You can watch Part 3 here:
It is now your turn. What are your thoughts on the how much of an obligation this is for the industry and what the possible solutions/opportunities are?
If you are looking for capital for your next senior living community or are wanting to hear what industry leaders are thinking and saying about the industry, the 2017 NIC Spring Investment Forum is the perfect place for you to be. I will be there and would love to grab a cup of coffee; the first cup is on me.