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The senior living industry is on the brink of a capacity care crisis, according to Gardant Management Solutions Co-President Greg Echols. The industry must do more to cater to middle-market older adults in the future to avoid a challenging scenario.
Gardant, a leading assisted living provider, emphasizes affordability by offering a blend of private-pay senior living and Medicaid waivers. However, the industry still faces challenges in providing affordable options for the middle-income demographic.
Challenges in affordable senior living growth
With the incoming baby boomer generation increasing demand for senior living, the industry needs to ramp up development to meet future needs. Gardant has been proactive in building Medicaid waiver programs in different states to enhance affordability.
Despite efforts to improve Medicaid participation, challenges remain, especially in states with low reimbursement rates. The industry must raise awareness and explore financing options like HUD Low-Income Housing Tax Credits to make senior living more affordable.
Staffing efforts continue into 2025
Staffing remains a key focus for Gardant, with retention strategies in place to keep employees committed. Efforts include “stay interviews” and bonus programs to retain talent and boost operational performance.
Gardant is also looking at engaging younger adults in the workforce by partnering with educational institutions to promote senior living as a viable career path. By tapping into younger talent, the company aims to address the aging population’s future care needs.
As Gardant plans for 2025, new partnerships and staffing initiatives will play a crucial role in sustaining growth and addressing the challenges facing the senior living industry.
