Nearly seven months into the Covid-19 pandemic, continuing care retirement communities (CCRCs) are assessing their financial positions and operational practices, and are beginning to execute on longer-term strategies in response to new market conditions and consumer expectations. For example, some CCRCs — also known as life plan communities — are expanding non-campus services and launching […]
While for-profit senior living providers are still expanding at a much more rapid pace, nonprofits are continuing to gain scale and sophistication in the midst of Covid-19, and are strategizing about how best to compete and command market share coming out of the pandemic. The “optimum” nonprofit senior living system of the future likely will […]
While some other senior living providers are pausing growth plans during Covid-19, one small nonprofit in a state with a fast-growing population of older adults believes the best course of action is to extend its reach. Kalispell, Montana-based Immanuel Lutheran broke ground last month on an expansion to its campus — a collection of four […]
Like other providers throughout the senior living industry, LCS battled hard when Covid-19 reached U.S. shores in early spring. LCS prioritized resident and staff safety, and dealt with the same operating pressures as the industry at large in April and May, when outbreaks were at their highest. Then, it was June that marked a financial […]
Many non-profit life plan communities in the U.S. withstood early Covid-19 pressure and are now seeking stability in these new and uncertain times. That is among the top takeaways from a new report by Fitch Ratings. The report, released Tuesday, shows that 84.5% of the 159 non-profit life plan communities in the firm’s rated portfolio […]
Thanks to a complex transaction that was four years in the making, a distressed Florida continuing care retirement community (CCRC) will have a new owner and manager — and could become a model of modern senior living at a more affordable price point. “We identified this as an opportunity because it’s kind of been untouchable, […]
Covid-19 disrupted capital market activity for senior living providers of all kinds, including nonprofit continuing care retirement communities (CCRCs). However, this summer has marked a shift, with multiple large financing deals being completed — a testament to greater confidence in bond market investors, and a reflection of CCRCs’ ability to withstand pandemic pressures. The coronavirus […]
The average salaries for continuing care retirement community (CCRC) leadership continued an upward trajectory in 2020. The average salary for CCRC executive directors overall rose from $174,000 in 2019 to $182,000, according to the latest Continuing Care Retirement Community Salary & Benefits Report from the Hospital & Healthcare Compensation Service. This marks a 4.92% increase […]
Nonprofit life plan communities — particularly those with stronger credit ratings — have done an effective job of keeping Covid-19 at bay and are withstanding immediate financial pressures. However, the sector as a whole still faces numerous challenges and uncertainties as the pandemic drags on. This was the message delivered Tuesday by Fitch Ratings, in […]
Senior care providers across the country are offering hourly wage increases, overtime pay and other incentives to encourage front line employees to continue providing care to residents during the coronavirus pandemic. In the process, this may be establishing a new wage baseline, Kendal Corporation President and CEO Sean Kelly told Senior Housing News. Senior living […]