BOOM! The captivating sound of the coming generational tsunami of seniors as it rolls upon the shores of the United States. The Baby Boomers are aging, and the statistics are showing the needs of the massive ground shakers.
It is estimated that nearly 70% of the Baby Boomers will require long-term care at some point. Some estimates say nearly 68% of these Boomers will experience some degree of cognitive impairment while in long-term care.
What does this mean? What clearly needs to happen to support these individuals? Their families? Our nation?
The need for memory care must be a foremost focus on the senior living industry. Is it? Now is the time for those seeking a meaningful investment opportunity to seize the moment.
WHAT IS MEMORY CARE?
A memory care community is a residential care home that is designed specifically to meet the needs of people who have Alzheimer’s disease or other dementias.
Residential assisted living homes that provide memory care are devoted to memory care and have highly trained staff to attend to the needs of this sensitive population.
The overall goal of memory care is to:
- Reduce symptoms associated with progressive decline:
While the prevalence of cognitive impairment continues to increase, the ability or quite frankly the interest of many existing facilities ignores the necessity for specialized care. Therefore, it is the aim of a visionary, the one who can see an impending circumstance, to make adequate investment to support the needs of others. And as it is often said, to the victor go the spoils. The profit is and will continue to be well worth the investment.
A Residential Assisted Living home has the capability to uniquely meet the needs of memory care residents more so than big-box facilities.
The RAL home can adjust to the progressive nature of memory care patients in a way that larger facilities are unable to achieve.
The investor who has vision and compassion for this growing population of seniors should be well prepared. Seek support and training from the Residential Assisted Living Academy and learn how to get started today.
WHY INVEST IN A RESIDENTIAL ASSISTED LIVING HOME WITH MEMORY CARE?
Aside from being a great business, owning and operating a RAL is validated by the sheer statistics.
- Presently, nearly 60% of nursing home residents have moderate to severe cognitive decline.
- Over 40% of current nursing home residents have a diagnosis of dementia.
- Between 15 – 17% of nursing home facilities offer beds/units specifically for dementia care.
With statistics like these, the need is obvious. It is not that big-box facilities do not want to assist these types of residents.
The opposite is true.
Many enhance security measures, group dementia residents together in a particular hall, if a unit is not available, and even train certain staff to accommodate their needs.
However, these are attempts, retrofitted plans, not a concerted effort to formalize care that enhances the resident’s quality of life.
A RAL home can easily make memory care a focus. A RAL home can go beyond security, accommodations, or specialized training for select staff.
Residential assisted living can establish the optimal environment, one conducive for truly caring for and meeting the needs of boomers experiencing cognitive decline. A RAL home can offer the degree of care and therapy for memory patients that is superb.
The services can be:
- Meaningful activities that promote memory retention
- Therapy pets that enhance emotional stability
- Musical entertainment or the opportunity to make music
- Gardening of all sorts
- Simple tasks and activities that help combat the progressive cognitive decline
These activities and many others are easily instituted in a RAL home as opposed to a big-box facility.
The RAL owner is on the cutting edge of memory care for the coming BOOM.
WHAT SHOULD YOU KNOW ABOUT MEMORY CARE?
The overall cost of memory care is astronomical for a family. Costs range between $1,500 a month to $9,000.
The range is contingent upon the type of care required from part-time daycare to full-time housing. It is also dependent on whether the full-time housing is a private room accommodation or a shared one.
Why is this important?
The potential RAL homeowner and operator should know that these figures undergird the financial revenue potential of a home. In other words, depending upon how many residents can be safely accommodated in your home, the revenue generated could be nearly $9,000 a month per resident, if your home is focused on memory care.
While many families attempt to accomplish optimal care in their home, the decline in activities of daily living can be devastating.
Injuries, damage, hygiene, hoarding, and security are results of an attempt to care for a dementia patient by nonprofessionals.
Here is the opportunity for the RAL owner – provide families with a home, not a facility, in which their beloved senior, challenged by memory decline, can age safely and dignified. The best facility able to accomplish this is no facility at all. It is the specific role of the RAL home.
What are the results of a dementia-resident in an RAL home?
- A higher quality of life
- Less likelihood of tube feeding
- Less use of physical restraints for patients
- Less use of antipsychotic medications
- Improved medical care for other health issues.
Are you ready to explore the investment opportunities of a memory care focused RAL home for the BOOMERS? Consider the following 5 steps when in preparation for extensive planning.
- Care Coordination specified to adequately support memory residents.
- Staff Competency in every aspect of operation for memory residents.
- Specific Activity Programming for memory residents.
- Behavior Management that is constructive for memory residents.
- Safe Environment with Significant Support that advances the quality of care for residents with memory challenges.
Learn how to build a RAL home that is focused on providing memory care support for the coming Boomers.
MEMORY CARE ENVIRONMENTS
The RAL home that optimally delivers dementia care maintains an environment indicative of the needs of such residents.
Memory care residents have a different set of needs. They are vibrant, active, and in need of exercise.
Secondly, dementia residents struggle with sleep. This is called Sundowners Syndrome. Therefore, exercise is very important to help ease this issue.
Lastly, dementia residents need significant support with activities of daily living, initially with higher-level functions such as:
- Paying bills
- Meal Preparation
- Driving and Navigation
- Maintaining conversation
They also need support as time progresses with Activities of Daily Living (ADLs)such as:
Therefore, a RAL home should offer the following enhancements to ensure the best care possible for a memory resident.
- Community spaces that are welcoming for socializing, with clear opportunities to seek privacy if needed.
- The option to personalize a resident’s space with photos or other memorabilia.
- A space that is easy to navigate, with signs or numbers that let residents know where everything is.
- Exit doors that are camouflaged to limit wandering or trying to leave.
- Low-contrast flooring to limit agitation.
- Adjustable lighting, with options that closely match natural lighting.
- And many other specific considerations.
ASSISTED LIVING COSTS VS. MEMORY CARE COSTS
The RAL homeowner with a home focused in memory care stands the chance to generate a significant amount of revenue.
The residential assisted living community typically charges a base monthly rate, which generally covers rent, housekeeping, some transportation, and daily meals.
The memory care focused RAL charges for these services in addition to everything associated with caring for the patient’s dementia needs.
Assisted living costs range between $3,000 to $7,000 per month. While this may seem sizable, the memory focused RAL charges this amount in addition to all the services and accommodations associated with caring for memory challenged residents.
Memory care can peak at $10,000 to $13,000 a month depending on the RAL home, staff, and location.
The range is indicative of the increasing need for additional services, which accompany the worsening of dementia.
In essence, memory challenged senior living is normally a 20-30% increase above a traditional residential assisted living resident and this provides an incredible opportunity for those who want to begin investing in this amazing industry.
HOW TO GAIN THE GREATEST SUCCESS FROM YOUR RAL HOME
Will you be a part of the Boom or miss this explosive residential assisted living opportunity?
As noted above, RAL homes can gain greater success when they focus on memory-challenged residents in a smaller environment.
Furthermore, a family will receive a better quality of care in a residential assisted living home focused on memory care than a big box facility.
The quality of care is incomparable.
Learn more about the RAL industry and what it takes to make this a profitable business. The Residential Assisted Living Academy is here to support you today.