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NEW CONCEPT FOR ASSISTED LIVING, INDEPENDENT LIVING, SKILLED NURSING & COMMUNITY CARE RETIREMENT COMMUNITIES

The current Baby Boomer generation reaching retirement feels younger, will live longer and demands meaningful activities and experiences in a Retirement Home as they leave their careers and active social life behind them. They are still healthy, but their physical stamina has changed and requires some assistance or service. There are currently 78 million Baby Boomers in the U.S. and 8000 turn 65 everyday. They expect better housing and amenities in their first entry into an Assisted Living or Independent Living facility, even though eventually they require the same medical care & services as generations before them.

ASSISTED LIVING, INDEPENDENT LIVING, SKILLED NURSING FACILITIES MEET BABY BOOMERS DEMAND

Owner/operators must meet the demands of this “back to the dorm” crowd and compete for their considerable buying power. Not only do they need to invest in technologies that insure life safety but also in technologies that insure life quality.  These new technologies will emphasize life style and wellness. Owner/operators must adapt also to the current aging generation’s demand for diversity.  When first entering retirement the Boomer generation does not want to co-mingle with just Seniors.  They prefer to live in a community of diverse ages, allowing them to co-mingle with all ages:  youth, middle age, and older. To meet this demand, Community Care Retirement Community Developers are building their Independent Living Facilities and 55+ communities close to developments, which incorporate all ages.

Whether building a new community or adding to an established one, retirement facilities feature

  •         Neighborhoods for 55 plus
  •         Neighborhoods for single families within blocks
  •         Apartment complexes in another sector
  •         Community areas for all ages  (Parks, stores, recreation areas etc.)

Assisted Living and Skilled Nursing facilities are often found in the neighboring location completing the Continuing Care Retirement Community concept.

RESTRUCTURING OF BANKRUPT FACILITIES TO MEET THE NEW “BOOMER” DEMAND

Purchasing a troubled facility that has declared Bankruptcy in Chapter 11 creates an opportunity for the owner to restructure the facility to meet the new demands of the culture and the demands of the emerging Boomer generation. Improving the physical plant, adding amenities, services and new technology must be addressed in the restructure with emphasis on life style and wellness.

For counsel, acquisition or disposition of a Healthcare Facility you please contact Shep Roylance of JCH Consulting Group and Roylance Senior Housing, whose expertise and knowledge will guide you through a successful transaction in or out of Bankruptcy.

Shep Roylance –  Roylance Senior Housing, JCH Consulting Group    
Direct 805-633-4649      Cell 818 515-0530         Fax 805 392-5171       Email Shepshep@shepjch.cch

There are many notable trends in the nursing home marketing for 2014. Find out what the top five are and why they changed.

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Top 5 Trends of 2014 to Watch for in Nursing Homes for Sale

When you are looking for nursing homes for sale, it is important to pay attention to the latest trends. These ensure the property you want is up-to-date with the technology, design, and needs of its residents. In short, it makes it easier to create a profit. Along with this, it can also help adjust the pricing before purchasing. If, for example, the home does not meet these trends, you may consider negotiating to a lower price. Though there are many appearing, these are the top five to look for.

1. Increased Marketing for Not-for-Profit Nursing Homes

Not-for-profit assisted living homes for sale and established will be changing their marketing strategies in 2014. Currently, most non-profits rely on the good will of others such as support groups, religious organizations, or other donations. As the debate over not-for-profit and profit homes grows, non-profits will need to add capitalized marketing strategies such as radio, TV, and print advertisement. It may even be necessary to utilize social media and other Internet marketing tools. The marketing will increase as the debate between the two types of homes does as well.

2. Efficiency in Technology

Smart technology like tablets and phones is now utilized everywhere including nursing homes. Health monitors now connect to the Internet as well for easy access to data. This means all nursing homes are going to need efficiency data collecting and sorting technology. Some properties have the data collected, however, it is not shared and remains separated from other important information. An efficient nursing home utilizes a shared wifi and data collection point so all information is shared across the network. This allows for open communication through any technology, creating an effective operating system. If you are looking to buy healthcare property, ask what type of technology it has.

3. Interest Rates Rise on Nursing Homes for Sale

With the improving economy come higher interest rates for all property types including nursing homes for sale. This makes the homes harder to finance as other costs rise along with the interest such as those necessary for improvements. There is a smaller margin for error since your monthly mortgage payment is going to increase. To offset this, you will notice that the rents and rates given to its residents need to go up as well. While it helps cover your bottom line, it may make it harder to fill vacancies.

4. Customize the Space

Rather than being constrained in the property’s first design, many assisted living homes for sale can now be customized. This means changing finishes on hardware, paint colors, or countertop material. While it may seem simple, residents are going to demand flexibility and quick results. The property that allows customization is going to win the resident.

5.  Increase in Lawyer Needs

If your best friend is not a lawyer, you may want to find one who is. Lawyer needs are going to go up in 2014 and with this so will your budget. Any assisted living brokerage professional will recommend to significantly increase how much money you plan to spend. Lawyers are needed to ensure state and federal regulations are met on a daily basis.

Other trends to watch for include

  • Higher Media Influence
  • Increased Staffing Need
  • Familiarity with Brands
  • Continued Caps on High End Real Estate
  • Older residents

Though nursing homes for sale increased in price with the real estate market, now is the time to buy if you want to get in. The prices are going to only continue in their rise. If you follow these trends, you may find it easier to stay current in the market.

Five Tips to Make Smart Choices About Assisted Living

Five Tips to Make Smart Choices About Assisted Living

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Many seniors find themselves in an in-between land, where they are still capable of handling most of the daily tasks of living independently but may need help with housekeeping, preparing meals, or managing medications. If family members are unable to provide ongoing help, your loved one may fear that they will be forced to exchange their independence for 24-hour medical supervision in a skilled nursing facility. Luckily, there’s an alternative: assisted living.

How can you make smart choices about the assisted living facility you choose for yourself or a loved one? Consider these five tips, many of which are the same factors assisted living brokerage clients would consider when looking to buy an assisted living or skilled nursing facility.

1. Make Sure Assisted Living is Appropriate

An assisted living facility provides a monitored living environment, housekeeping, medication management, all of you meals, assistance with transportation and help with the activities of daily living. The more independent residents have the option to handle the majority of daily activities on their own. Seniors with serious medical issues and those who are restricted in their ability to take care of themselves may be better suited for a skilled nursing or long term care facility, which offers skilled supervision and will have medical staff members to handle residents’ needs.

2. Carefully Observe the Facility When You Visit

It’s easy to be swayed by an elegant foyer and a lovely chandelier in the dining room, but use the same critical eye you would if you were a buyer looking at residential care homes for sale. Are all of the rooms clean and in good condition? Are furnishings, doors, and windows in good shape? Are there safety features like grab bars located throughout the facility? Are there anti-slip flooring materials everywhere a resident is likely walk? Overall, do you get the impression that it is well maintained?

3. Carefully Observe the Staff When You Visit

Turn your attention to interactions between staff members and residents. Are they friendly, cheerful, and respectful? Would you be comfortable if you were routinely talked to in the same way the residents are?

4. Look for Places Where Residents Gather

Are there places provided for easy socializing and planned activities for residents? Residents should not be reluctant to leave their rooms. If recreation spaces are empty, it could also mean the facility is not full, which does not bode well for its financial stability and may indicate that there are issues that lead other seniors to choose to live elsewhere.

5. Ask to Review the State Surveys & Admissions Agreement If the administrator is reluctant to share this information , consider it a warning sign, just as a health care brokerage professional would. The annual State surveys will show you and your family if the facility is in compliance with the State rules and regulations.  The residence Admission Agreement will explain the rules explain fees, costs, and residents’ rights. It will also outline expectations about medical reassessments and circumstances when a resident may be asked to move to a facility that could provide medical services and supervision that the assisted living facility does not. These documents will help you compare costs and offerings with other assisted living facilities.

Multiple Ways to Grow Your Skilled Nursing and Assisted Living Business

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Multiple Ways to Grow Your Skilled Nursing and Assisted Living Business

People who successfully operate skilled nursing and assisted living facilities often assume that the only sure way to continue to grow is through mergers and acquisitions. But before you start looking for new residential care homes or retirement homes for sale, consider taking a more organic approach to growth.

Why M&A Appeals

When your favorite nursing home brokerage firm approaches you with tales of an underperforming or distressed facility that can be purchased at a steep discount, it’s hard to resist. Refurbishing the property and improving operational efficiency can seem like a direct route to increasing your bottom line. You may also choose to pair up with your assisted living brokerage company to make strategic acquisitions that enable you to reposition your company within the residential care market. But according to a recent report from the Assisted Living Federation of America, you may want to consider multiple approaches to growth as the market changes over time.

Alternative Routes to Growth

Organic growth provides another avenue to explore. Instead of choosing to buy a new skilled nursing or assisted living facility, choose to focus on building your census and payor quality mix at your existing facilities.  You may also want to consider the value added play, by adding on to your existing facilities.. The development of independent living cottages or a memory care unit can allow you to attract younger residents or allow you to retain your residents as their level of care increases.  New construction will be especially helpful for those seeking growth in “high end” or “upscale” residential care markets, as their potential clients are likely to be unimpressed with conversions of less opulent facilities. Being able to explain that from the foundation to the roof, the building was designed for the express purpose of providing high-end senior living options.  This could prove invaluable.

Another way to grow your skilled nursing or assisted care company can be revealed by evaluating the services you provide and comparing them to current demand in your market. If your facility frequently receives referrals for seniors seeking a particular type of care, it may make sense to specialize. This way, you can focus your resources on the areas that keep beds full and pull resources away from areas that generate less profit.

Along those lines, you can also look into offering additional services for additional fees. Examples might include wellness activities, fitness facilities, and spa services. You could also convert space that is currently underutilized to provide higher value-added services, such as a memory care unit.

Make Growth Work For You

Whatever path you choose to expand your business, it’s important to work with competent professionals who will share their expertise to help you make the best decision possible. Among It is important, to partner with a senior housing brokerage firm that is known for both integrity and innovation.