June 02, 2014
Matthew Bavolack, National Healthcare Practice Leader and Frank Miceli, New England Healthcare Practice Leader, Featured in Hartford Business Journal Article, "Taming Long-Term Care's Looming Crisis."
Q&A talks about the challenges facing the long-term care industry with Marcum LLP's Matthew S. Bavolack, principal and national healthcare practice group leader and Frank J. Miceli, partner and New England healthcare practice group leader.
Q: Marcum LLP recently held its first long-term care symposium at the Mohegan Sun in Uncasville, where speakers predicted a perfect economic storm for the industry. What is that storm and what factors are driving it?
A: The future of the long-term care industry faces many challenges, but first let's identify what the long-term care industry represents. It's a broad misconception to believe that long-term care is only represented by nursing homes and other institutionalized care providers.
The long-term care industry represents the care needs of the elderly and disabled in both institutionalized and homecare settings.
At the Marcum symposium, our chief economist Anirban Basu identified numerous challenges facing the industry including increased life expectancies, significant acceleration of Alzheimer's and other dementia diseases, dwindling and aging institutionalized infrastructure, and continued reduction in workforce size.
Coupled with diminishing governmental reimbursements, these factors represent a perfect storm that will challenge our healthcare system and force the industry to find new ways to continue delivering quality care.