According to a new poll by the National Council on Aging (NCOA), most seniors are confused and unaware to important aspects of health reform, or the Affordable Care Act, including its impact on their own Medicare coverage, the growth of Medicare, and the budget deficit.  The survey asked adults 65 and older a series of twelve questions about the new law and the results reveal that only 17% of seniors knew the correct answers to more than half the factual questions posed about these key aspects of new law and only 9% knew the correct answers to at least two-thirds of the questions. None of the 636 older adults interviewed for the poll knew the correct answers to all twelve of the factual questions.  The highest number of correct answers came on questions relating to expansion of coverage for uninsured Americans (43% said yes) and that the law would gradually close the Medicare prescription drug coverage gap (“donut hole”) with 42% answering correctly.

Some of the highlights from the survey include:

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Five Star Quality Care, Inc. (NYSE Amex: FVE) announced its financial results this week for the quarter and six months ended June 30, 2010 that showed total revenues for the second quarter of 2010 increased 5.7% to $311.9 million from $295.0 million for the same period last year.  FVE’s net income for Q2 2010 was $8.1 million compared to $8.5 million for Q2 2009. 

Operating highlights for the communities include:

• Senior living occupancy for the second quarter of 2010 was 86.2% compared to 86.5% for the same period last year and 86.2% for the first quarter of 2010.

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End of July is already here…how the summer flies.  See this week’s high flyers on Movers and Shakers…let us know about the VIP’s on your staff, community and world.  Send us the details at movers-shakers@seniorhousingnews.com

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Referrals are the best source of business and nursing homes are no different.  The 2009 National Survey of Consumer and Workforce Satisfaction in Nursing Homes, recently released by My Innerview, shows a majority (85%) of consumers (residents and their families) report their willingness to recommend their facility as either “excellent” or “good.” Sixty-eight percent (68%) of employees recommend their facility as a place to work as either “excellent” or “good.” The recommendation of nursing homes shows incremental improvements every year since My InnerView began conducting research on these trends in 2005.  The report shows an increase in employees willing to recommend the facility as a place to work and satisfaction among nurses and nursing assistants remains lower than the satisfaction of employees in other job categories.

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The Center for Technology and Aging recently announced that five organizations will receive grants for remote patient monitoring (RPM) technology projects that will demonstrate how RPM improves the quality and efficiency of chronic disease management and post-acute care of older adults.  The Center’s RPM initiative goals are to demonstrate that the technologies involved can reduce costs, burdens on caregivers and the use of emergency rooms and hospitals by older adults. 

The grantees for the projects are:

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Sun Healthcare Group, Inc. (NASDAQ: SUNH) announced its operating results for the second quarter ended June 30, 2010 that showed an increase in revenues of 1.3% compared to the same period in 2009.  The company posted second quarter net income of $9.97 million or $0.22 per share, compared to $10.1 million or $0.23 per share in the prior year period.  Sun’s results showed an improvement in reimbursement rates and revenue growth in hospice and rehabilitation.  The company’s medial staffing services business saw a decline in revenues for reflecting the economic slowdown and its impact to the temporary medical staffing industry.  During the quarter, Sun expensed the implementation of a new billing system for $900,000 and took a $2.2 million charge for transaction costs associated with the separation of its operating and real estate assets.

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New data released by the U.S. Census Bureau shows that rental vacancy rates in the US remained nearly the same in the second quarter as compared to the same time period in 2009 at 10.6 percent.  As a further sign of the continuing shift in housing market, the homeownership rate of 66.9 percent was 0.5 percentage points lower than the second quarter 2009 rate (67.4 percent) and 0.2 percentage points lower than the rate last quarter (67.1 percent).  The number of vacant homes for sale remained steady at 2.5 percent compared to the second quarter of 2009 but remains elevated when compared to historical levels.  In 1996, the homeowner vacancy rate was at 1.6%.

According to the Standard & Poor’s/Case-Shiller home price index of 20 metropolitan areas for May 2010, prices of previously owned single-family homes rose 1.3% in May over April and 4.6% over May 2009.  The increase represents the second straight month of price increases but with the expiration of the homebuyer tax credit, future trends for prices remain uncertain as some homes subject to the tax credit will take until September to close. 

CB Richard Ellis Senior Housing Services announced two senior housing transactions in June and July totaling $16 million that were sold by affiliated entities of Sunwest Management, Inc.  During the past two years, CBRE Senior Housing Services has represented Sunwest Management affiliates in the sale of 57 facilities. 

Canyon Crest, a 132-unit senior housing community located in Tucson, Arizona, featured assisted living and Alzheimer’s care options.  Seattle-based Columbia Pacific Advisors purchased the community in June for $9.48 million and will have the community managed by Emeritus, one of the largest assisted living providers in the United States. Originally built in 1997, the community was 37 percent occupied at the time of sale.

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Think senior living is big in the United States?  Expand your horizons.  Senior housing is a world wide phenomenon and the Asia-Pacific rim has the largest concentration of the global aging population.  Retirement Communities World Asia is hosting a retirement property development and investment forum that brings together developers, healthcare operators,

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Last month, local community leaders in Minnesota celebrated the start of construction on the The Waters Senior Living of Minnehaha.  The new development is targeted for the underserved senior population of South Minneapolis that includes 77 assisted living and memory-care residential apartments and care suites.

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Rates are rising by 1.7% for nursing home payment rates according to a recent announcement by the Centers for Medicare & Medicaid Services (CMS) that will increase Medicare payments to nursing homes by an estimated $542 million during fiscal 2011. 

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Senior Living Investment Brokerage recently announced the sale of two senior living facilities in Florida and in Washington state. The Tides, a former luxury hotel  located in Florida, was sold as an REO asset for the Private Bank for $4.5 million to a partnership between Senior Management Advisors  and ValStone Partners.  The partnership intends to convert the hotel into an assisted living facility and plans to spend $1.75 million to convert the property that includes conversion of 50 studios into 25 one-bedroom units (for a total of 100 units), landscaping, and elevator upgrades. 

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