Nursing home expenditures increased by 8.3% between March and April, second only to home health.
Spending grew by 7.1% across the health care continuum year over year in April, as nursing care facilities saw a 1.8% decrease in employment compared to pre-pandemic numbers, according to a report by Stephens Inc.
Meanwhile, nursing care facilities saw an annualized 4.3% change in employment after one year, and 4.4% change in employment after two years, the report stated.
Moreover, data from the Bureau of Labor Statistics (BLS) showed health care hourly wage growth moderated as well, reducing 10 basis points month over month in April, the report noted.
Nursing and residential care wage inflation slowed similar to the trend across the wider health care industry, declining by 10 basis points sequentially since February, the report stated. The hourly wage percentage year over year was 4.3% in April, compared to 4.4% in March. The sector has seen a fluctuation in wage percentages, starting in December 2022 at 5.7%, only to drop down to 4% in December 2023. January 2024 saw the wage percentage spring back up to 4.6%, according to Stephens.
Wage inflation fell more for inpatient psychiatry and hospitals at 80 and 30 basis points, respectively.
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