AgeLab Director Joseph Coughlin provides his thoughts for an article on CNBC about seismic changes in the senior living industry in the wake of COVID-19:
“This pandemic fundamentally changes the business model,” said Joseph Coughlin, founder and director of the Massachusetts Institute of Technology Age Lab.
“Amenities will remain at the top of list for consumers, but will now share that spot with ‘Is it safe?’” he said.
“Like every single industry, retirement communities will have to spend more...” “The question is will the consumer be willing to absorb the increase in cost or will it come out of [profit] margin.”
Read the full story here.