ST. PAUL, Minn. – Many Minnesota nursing homes and assisted -living facilities are in financial peril and may close, according to a survey by the association Long-Term Care Imperative. The findings are staggering: More than 150 nursing homes statewide are considering closing. That’s 11%. So too nearly 180 assisted living centers statewide. That’s 20%. Why? Significant increases in expenses, the association said. Nursing homes are especially vulnerable because their fees are capped by government regulation. In March the survey found, the median operating margin for nursing homes was negative 8.7%. Although long-term care facilities can control their fees, many have tapped into their reserve funds, some completely draining them, to increase wages to retain and attract workers, the association said. Many assisted-living facilities, the association said, are feeling market pressures not to increase fees.
