Dear Mr. Yedinak,
On behalf of LeadingAge and the many nonprofit CCRC’s we represent, I appreciate Senior Housing News’ coverage of the issues that are important to our members. However, I found that the article entitled “Will CCRC’s see billions more lost in bankruptcies?” presented a narrow view on the future health and viability of the CCRC model.
The article was apparently based on one workshop highlighting the success of those who profited from the failure of a small number of CCRC’s. Generalizations can hardly be drawn from such limited experience.
The article failed to mention the fact that only two dozen out of more than 1,900 CCRC’s nationwide have gone bankrupt in the past 20 years. In none of these cases did residents not receive the services they paid for. The bankruptcies that have occurred have been largely due to the recession, often to CCRC’s that had just opened or were in the process of filling when the recession hit the sector.
As a reputable source of information for more than 6,000 LeadingAge members nationwide, as well as the general public, I hope that you will consider a broader perspective and provide more context in future articles that have the potential to impact an entire sector.
President and CEO, LeadingAge