The leader of the New Hampshire Health Care Association expects the state’s acquisition market for nursing homes to be very active thanks to the rough operating environment and workforce struggles for nursing homes caused by the COVID-19 pandemic.
“I fear we’re going to see a fire sale of New Hampshire nursing homes,” Brendan Williams, the association’s president, told local media this week. “There’s a lot of buyers that are circling.”
His comments come as many facilities continue to report severe revenue losses and expenses — a situation that has played out for thousands of providers across the country.
A September survey conducted by the American Health Care Association found that 78% of providers are concerned about having to close if workforce challenges persist. Three Maine nursing homes earlier this month announced their pending closures, citing staffing challenges and the ongoing pandemic.
In New Hampshire, many providers have cited staffing issues and high costs of using temporary staffing agencies as a huge cause for concern, according to a report by WMUR. The state has also issued a moratorium on beds in long-term care facilities due to staffing struggles, and Williams said he fears it will only make things worse and lead to sales or closures.
“Even if you’re a nonprofit, you can’t continue to lose money. So, I think people are going to be surprised by some of the facilities that either close or change hands,” Williams said.