Comments on: Retirement home plans $78 million expansion http://www.richmondbizsense.com/2009/12/23/retirement-home-plans-78-million-expansion/ Richmond's Homepage For Business News Fri, 10 Feb 2012 02:28:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: john graham http://www.richmondbizsense.com/2009/12/23/retirement-home-plans-78-million-expansion/comment-page-1/#comment-11199 john graham Fri, 25 Dec 2009 01:58:18 +0000 http://www.richmondbizsense.com/?p=14285#comment-11199 Covenant looks like a great place. Average nursing home rates across the country are over $6500 per month. That is just the average. Your community looks like a great value even for the South. Great nursing homes with compassionate resident focused care are hard to find. While I understand family members sometimes think a large part of their monthly fees would go to something like an expansion. That is rarely the case. The nursing home operation on a CCRC campus has very slim profit margins if any. The remainder of the campus generally subsidizes this care area. Secondly, for senior living campuses to remain viable; growth, innovation and constant improvement are key. We are beginning to see the first glimpses of baby boomers at our community and their expectations are very high. I think you should be proud that Covenant provides excellent care and is committed to their mission to serve more seniors in a quality way. It looks like they have been pheonomenally successful and it would be easy to sit on their laurels and get comfortable. Be glad your management team is progressive and looking to future viability. Financing and building projects are no fun. If you have experienced one, you have to love seniors to undertake another. Communities who don't have this progressive approach, seem to stagnate and become dated. This situation leads to occupancy challenges and problems attracting high quality staff. Occupancy challenges can lead to much higher rate increases to cover fixed costs. I think you probably made a great choice and a great investment. Kudos to your mom for raising a smart kid who cares for her mom! Covenant looks like a great place. Average nursing home rates across the country are over $6500 per month. That is just the average. Your community looks like a great value even for the South. Great nursing homes with compassionate resident focused care are hard to find. While I understand family members sometimes think a large part of their monthly fees would go to something like an expansion. That is rarely the case. The nursing home operation on a CCRC campus has very slim profit margins if any. The remainder of the campus generally subsidizes this care area.

Secondly, for senior living campuses to remain viable; growth, innovation and constant improvement are key. We are beginning to see the first glimpses of baby boomers at our community and their expectations are very high. I think you should be proud that Covenant provides excellent care and is committed to their mission to serve more seniors in a quality way. It looks like they have been pheonomenally successful and it would be easy to sit on their laurels and get comfortable. Be glad your management team is progressive and looking to future viability. Financing and building projects are no fun. If you have experienced one, you have to love seniors to undertake another. Communities who don’t have this progressive approach, seem to stagnate and become dated. This situation leads to occupancy challenges and problems attracting high quality staff. Occupancy challenges can lead to much higher rate increases to cover fixed costs.

I think you probably made a great choice and a great investment. Kudos to your mom for raising a smart kid who cares for her mom!

]]> By: 804-HACKSAW http://www.richmondbizsense.com/2009/12/23/retirement-home-plans-78-million-expansion/comment-page-1/#comment-11192 804-HACKSAW Wed, 23 Dec 2009 13:23:47 +0000 http://www.richmondbizsense.com/?p=14285#comment-11192 So that's where our $6k goes each month. My mom is in the nursing care unit there and I have to say Cov. Woods is an amazing place. They really do give good, compassionate care. But it is already huge. I've gotten lost once or twice roaming the halls. How much bigger can it get? So that’s where our $6k goes each month. My mom is in the nursing care unit there and I have to say Cov. Woods is an amazing place. They really do give good, compassionate care. But it is already huge. I’ve gotten lost once or twice roaming the halls. How much bigger can it get?

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