A Continuing Care Retirement Community (CCRC) is a residential facility that provides multiple support levels for seniors. A CCRC houses units for memory care, assisted living, independent living, and skilled nursing options in a campus format all under the same business entity.
Today, there is an increasing market demand for memory care and assisted living services, yet many CCRCs are struggling to increase their occupancy and diversify their payer mix.
One of the best things these facilities can do is commission a Senior Living Market Analysis so that they can better analyze and respond to their community’s economy as well as their local competitors. The latter can be a major but overlooked contributor to occupancy rates, especially in more established CCRCs who may be uneducated in the services and quality of their newer area competitors.
In the past, gauging the affordability of or feasibility of a Continuing Care Retirement Community is defined by whether the average entrance fee equaled the average home value in the community. People could sell a home and comfortably roll the proceeds into the entrance fee. However, since the real estate crash in 2008, this measurement has become out dated and must be redefined. Senior Consulting, LLC can work with you to find ways to keep a CCRC affordable and the preferable market choice in an increasingly competitive atmosphere.
Contact Us for more information if you are considering expanding or modifying your continuing care retirement community.