The report found that in Virginia, about two-thirds (61 percent) of CCRCs have been open for 26 or more years. A majority of Virginia CCRCs are not-for-profit (90 percent) and roughly half (54 percent) of Virginia CCRCs are part of multi-site...
CHICAGO, IL (PRWEB) August 23, 2016
Ziegler, the nation’s leading underwriter of financing for not-for-profit senior living providers, and My LifeSite, an online provider of consumer-focused resources related to continuing care retirement communities (CCRCs), today released a comprehensive report analyzing Virginia’s CCRCs, titled “A Profile of Virginia Entry-Fee Continuing Care Retirement Communities.” The report is the second in a state-by-state series developed by the two companies. The first report was on Maryland CCRCs.
The Virginia CCRC report serves as an industry benchmark for CCRCs, and was developed to help business service organizations, senior living providers and consumers gain easy access to reliable and objective information to compare certifications, tax statuses, financial ratios, price ranges, and more.
The report found that in Virginia, about two-thirds (61 percent) of CCRCs have been open for 26 or more years. A majority of Virginia CCRCs are not-for-profit (90 percent) and roughly half (54 percent) of Virginia CCRCs are part of multi-site organizations.
Independent living residences represent approximately 62 percent of Virginia’s total CCRC residence on average, with assisted living, memory care and skilled nursing care making up the other 38 percent. Furthermore, two-thirds (67 percent) of Virginia’s CCRCs are not Commission on the Accreditation of Rehabilitation Facilities (CARF) accredited. Founded in 1966 as the Commission on Accreditation of Rehabilitation Facilities, CARF International is an independent, not-for-profit accreditor of health and human services in the following areas: Aging Services, Behavioral Health and Opioid Treatment Programs.
Select key findings include:
- Nearly two-thirds (62 percent) of Virginia CCRCs are Medicare and Medicaid certified
- Virginia’s entry fees ranged from an average low of $150,240 to an average high of $540,289 (compared to an average low of $158,043 to an average high of $519,229 in Maryland). Monthly fees in Virginia ranged from an average low of $2,337 to an average high of $4,595 (compared to an average low of $2,070 to an average high of $4,207 in Maryland)
- The most common contract type offered by Virginia CCRCs are fee-for-service contracts, which require residents to pay the full market rate for the cost of care in assisted living and skilled nursing care and typically entail an entry fee. Although this is the most common contract type, more than half (52 percent) of Virginia’s CCRCs offer at least one other contract type.
- On the low end of pricing, the median entry fee for a lifecare contract is around 33 percent higher than for a modified fee-for-service provider (entry fee contract whereby the resident will be responsible for a portion of the increased expense associated with assisted living and/or skilled healthcare services), and about 55 percent higher than a fee-for-service contract. On the high end the median entry fee for a lifecare provider is also about 14 percent higher than for a modified fee-for-service provider, but almost 70 percent higher than for a fee-for-service contract
For additional data on Virginia CCRCs, please view the full report at http://info.mylifesite.net/free-report-profile-of-virginia-ccrcs.
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
About My LifeSite:
My LifeSite develops web-based tools and resources designed to help families make better-informed decisions when considering a continuing care retirement community (CCRC), including detailed community profile reports on hundreds of CCRCs across the United States. My LifeSite is utilized by consumers, professional services providers, and continuing care retirement communities.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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