Awareness of “ESG” is growing as investors become interested in how companies relate to sustainability matters. “ESG” stands for “environmental, social, and governance”, three aspects of running a company, and “ESG in Healthcare” was front and center at a recent conference hosted by Joele Frank and Pfizer.
Brookdale President & CEO Lucinda “Cindy” Baier was the sole representative of senior living and she stressed the increasing role of this industry in addressing America’s growing healthcare challenges. Baier shared that, not surprisingly, the healthcare spend for seniors is big and that it’s not just for the extremely frail or very old. She pointed out that treatment for managing chronic diseases is a big part of this. Baier said that the shift in healthcare costs from a “pay for service” to a “pay for outcome” model is impacting senior housing. It has driven the shift from Medicare to Medicare Advantage as Medicare Advantage plans are starting to include some benefits to support seniors like unskilled labor at home and transportation to medical appointments. These are services and care that senior living routinely provides.
Baier spoke as a panelist in a session called “Places: hospitals and not hospitals”. She said that it’s important to always remember that senior living communities are places that provide care and services to PEOPLE. She said, “We are not just buildings, not just land or property. Brookdale is mission-driven – enriching lives.”