EP15: Determining the Financial Stability of a Continuing Care Retirement Community

Choosing the right senior living community is a big decision, and knowing the financial stability of the community is essential! Today’s guest, Joe Chambers, the AVP of Sales for Vi, discusses how to determine the financial stability of a Continuing Care Retirement Community (CCRC). Joe has more than 30 years of experience in the senior living industry, including 15 years with Vi in various roles.In this episode, they talk about:The importance of knowing occupancy rates when evaluating senior living communitiesHow to check the financial stability of different senior living optionsThe difference between for-profit and not-for-profit senior living communitiesKey questions to ask to ensure that a senior living community is financially stableThe impact of state regulations on the financial stability of senior living communitiesVi Living’s position as a debt-free CCRC and the benefits it provides to the residentsMemorable Quotes:“Occupancy is the main driver for the financial success of any senior living community because occupancy drives the monthly fees that pay the bills that provide the lifestyle that the residents have signed up for.”“You want to make sure that that community is going to be there for you when you need that care, right? So make sure that not only have they had a history of positive financials, but they’re also going to continue to have that.”“If you’re going to choose to live in a senior living community, that’s in theory for the rest of your life; you want to make sure that community is financially stable for the rest of your life.”“At Vi, we’re completely debt-free, so we’re a bit of an anomaly in the industry. We operate completely debt-free, and our residents do not pay debt service, which is a benefit.”Resources:Joe Chambers on LinkedIn: https://www.linkedin.com/in/joe-chambers-1302817Find out more about Vi Living at our Website: https://www.viliving.com/ Hosted on Acast. See acast.com/privacy for more information.