An assisted living facility is residential center with nursing care that meets the needs of seniors who have a moderately independent lifestyle but need some level of assistance.
Currently, Senior Consulting, LLC sees a big opportunity for potential and current assisted living managers to build and expand their businesses by adding dedicated memory care beds to their facility. At this time, our assisted living feasibility study research indicates that demand for memory care facilities and assisted living facilities that offer a continuum of care is very high because of stunted memory care facility development over the last decade.
In the 1990s, there was a boom in memory care housing that led to an over saturation of the market. Today, the demand has caught up with and exceeded the available facilities due to the aging of the large Baby Boomer population. In our recent Assisted Living Market Analysis, we have found that there is a real need for additional memory care beds, especially in the Northeast market where memory care occupancy rates are at 99%.
Assisted living facilities and assisted living management are uniquely poised to take advantage of this market need because they are already equipped with medical support and resident aides trained to work with individuals at various functional levels. Additionally, assisted living facilities that add memory care units to their campus will appeal to residents who are looking for multiple care options in the same facility. This makes it easier for couples to remain close, regardless of their individual needs, as well as an individual to receive care that can adjust to their degrading condition over time.
Our philosophy about how to develop and manage assisted living facilities was summed up best by one of the managers at a client facility. He said,