Fun fact: I come from a family of caregivers with a legacy spanning three generations. Since 1962, my family has owned an Assisted Living Facility and a Family Care Business right here in beautiful North Carolina. 🏥💙 Join me as we dive into the profitability of senior living facilities, drawing from my family's experience and insights. Get ready to learn, be inspired, and uncover the secrets to success in this rewarding industry! Let's get started! 🌟 #SeniorLivingProfitability #familylegacy
If you are interested in becoming an Assisted Living Administrator, visit my website www.alfatircrawford.com/ and check out my AIT University (Administrator-In-Training) Program where you will learn:
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Foreign welcome back to the channel.
I hope everyone is doing well.
So today's video we'll talk about how profitable is owning an assistant, living facility or business get this question all the time now.
I am a third generation Assistant Living, administrator or caregiver.
My family has been in business since 1963.
We own several facilities and always get this question.
How much money can you make running Assistant Living Facility now on the flip side? Of that yes has great earning potential.
You can make lots of money, but on the flip side of that you have to care, you have to have tough skin.
You have to be a visionary.
You have to see problems before they happen.
You will earn every penny of that money.
You see the gray hair and the goatee.
You see the ball head, so you can see what the industry has done to me.
I just want you to remember.
Yes, you have lots of income potential here.
However, you will have to work for that money.
You have to earn that money, you're dealing with fragile individuals, you're dealing with individuals with different diagnosis, and you definitely have to care.
You have to be a caregiver and you have to love taking care of people.
So again, you know what we do here.
Let's share the screen and let's go so again.
This video is on how profitable is owning a senior living business.
So let's go to the next screen and let's look at some figures so again in the state of North Carolina.
If you own a seven plus bed facility, it is licensed as Assistant Living as an assistant living facility.
So anything, seven plus bids in the state of North Carolina is an assistant living facility.
Now, if your residents receive Medicaid Social Security FBA benefits, you can get up to two thousand to three thousand dollars per bid per resident, so that is an assistant living facility licensed in the state of North Carolina.
That is seven plus beds.
That can be 50 bids.
100 bids 20 beds eight beds, but if it's seven plus bids it's an assistant living facility.
Now, on the flip side, you have a family care home in the state of North Carolina.
Anything licensed from one to six beds is considered a family care home.
Now, if your residents receive Medicaid, Social, Security or VA benefits, you can earn again up to two thousand three thousand dollars per bid per resident on a lower Spectrum you're.
Looking at fifteen hundred dollars per bid per resident just depends on the residence benefits.
Now you have dementia facilities or units.
There are a lot facilities and they're a lot, because dementia residents have a tendency to wonder now.
If you have Medicaid Social, Security or VA residents, who have those benefits, you can earn up to five to six thousand dollars per bid per resident.
So now that is dementia facilities or units.
Now, on the flip side, you can have an assistant living and family care home that tellers to private pay residents.
Only you can earn up to six thousand to ten thousand dollars per resident per bid.
Now these residents have either the sold assets or they have long-term care insurance where they can afford to pay outwards of six thousand to ten thousand dollars, plus for a private setting or private facility or resident.
So again, if you were to start any of one of these facilities, I would suggest starting a family care home and one to six private residents.
Your earning potential is better because you have the potential to earn up to six thousand ten thousand dollars plus per resident, and you have lower overhead food costs, building costs, labor costs and you have more earning potential per bid.
So again, also, if you do a Family, Care Homes, you can do clusters, you can do a one to six bed here and then you can open up another facility for one to six beds and you can duplicate that.
So you can have three to five to six ten individual Family Care Homes tailoring to only private pay residents.
So your earning potential is very good here.
So again this has been a video on the income potential owning a senior living facility.
This is Al, I hope.
This information helps someone please like share subscribe to my channel and until the next video you guys take care.
I will talk to you soon and I'll see you soon.
You serve a societal need by helping seniors. Make terrific income of $5,000-$15,000 every month for each ALH you own.What is the profit margin of an assisted living facility? ›
On average, assisted living facilities have a profit margin of around 20% to 40%, which is higher than most other healthcare providers. For example, a smaller facility with fewer residents may have a higher profit margin than a larger facility with more residents, due to lower overhead costs.What is a disadvantage of an assisted living facility? ›
The major drawback of assisted living is its cost, as it is not covered by Medicare. Assisted living facilities often include only a small number of activities in their base monthly price. In addition to monthly costs, personal care services, such as laundry or medication reminders, are charged additionally.What age do most seniors move to assisted living? ›
Most seniors first enter their programs well after reaching the minimum residency age. In fact, the most common age for new residents falls somewhere between 75 and 84. Still, significant numbers of seniors begin their programs while in their 60s, early 70s, or late 80s.How much does board and care cost in California? ›
On average, the cost of board and care can range from $2,500 to $5,000 a month, depending on the care needs, the quality of the accommodations, and location. The average cost in a six-bed home is $3,000/month for a shared bedroom and $4,000 to $7,000/month for a private bedroom.What is the average SNF revenue? ›
As per the data provided by IBIS World, the total US nursing home industry is worth $141.8 billion and has over 36,195 facilities. This means the average annual revenue of a nursing care facility is $3,918,000.What is the highest level of care in assisted living? ›
The highest level of care in assisted living is when a resident frequently requires hands-on care and assistance for multiple ADLs. The level of care needed is more intensive and often needs more than one caregiver to assist one person.How long do most people live in assisted living? ›
The average length of stay in assisted living is about 28 months according to a report that was published jointly by the American Health Care Association and the National Center for Assisted Living.What are the pros and cons in living in an assisted living? ›
- Pro: It Allows Seniors to Get Help With Daily Activities. ...
- Con: It Can Cost a Lot of Money. ...
- Pro: It Gives Seniors the Chance to Socialize. ...
- Con: It Can Limit the Privacy Seniors Feel. ...
- Pro: It Helps Seniors Maintain a Feeling of Independence.
Independent living communities primarily focus on serving the social needs of residents, as many are able to live independently without much support. Assisted living communities support those who need assistance with activities of daily living, while allowing residents to live as independently as possible.
Level One — Low level of care.
This resident is mostly independent but may need reminders to perform ADLs. Some may require a low level of supervision or assistance to ensure that tasks are performed correctly and safely.
Be the right age
Typically, residents who qualify for assisted living are seniors. The exact age requirements will differ depending on the facility, with some serving seniors as young as 55 and others requiring a minimum age of 62 or 65 for admission.
In the United States it is generally considered that a senior citizen is anyone of retirement age, or a person that has reached age 62 or older.What is the average monthly cost for assisted living in California? ›
Assisted Living / Memory Care
According to Genworth's most recent Cost of Care Survey, the average cost of assisted living in California in 2021 was $5,250 / month. However, based on the geographic region of the state, the average monthly cost ranges from $3,450 to $7,048.
IHSS is a Medi-Cal (Medicaid in California) program that provides funds for personal care and support services, such as household chores, to those living in their homes.How much does a full time caregiver cost in California? ›
The Cost of In-Home Care in California
According to data published in the 2021 Genworth Cost of Care Survey, California residents typically pay $6,101 per month for home care, which is over $1,000 higher than the national median rate of $4,957.
While each nursing home has a unique leadership structure, the director or chief executive of nursing is usually the person ultimately responsible for everything that goes on inside a nursing home. In the majority of cases, the director of nursing is the highest-paid position in nursing homes.How much does an SNF administrator earn in California? ›
How much does a Nursing Home Administrator make in California? The average Nursing Home Administrator salary in California is $139,395 as of May 25, 2023, but the range typically falls between $123,955 and $155,120.What is the operating margin for SNF? ›
For 2021 year-end SNF sector performance was a negative 3.9% median operating margin and median occupancy at 74.0%, expected to only rise to 78% during 2022.Who regulates senior living facilities in California? ›
The California Department of Social Services, Community Care Licensing Division (CCLD) and Continuing Care Contracts Branch enforces these laws and regulations through the initial licensing process and periodic inspections.
Primary care is when you consult with your primary care provider. Secondary care is when you see a specialist such as an oncologist or endocrinologist. Tertiary care refers to specialized care in a hospital setting such as dialysis or heart surgery.Who is the most typical assisted living resident? ›
The typical assisted living resident is a senior citizen who suffered a mild decline in their overall health, usually due to an injury, an illness or simply because of aging. They may experience challenges performing daily functions such as bathing or dressing, or have mentally declined.How many Americans end up in assisted living? ›
There are more than 800,000 Americans residing in assisted living. The majority of these residents are the "oldest old," or age 85 and older, female, and non-Hispanic white. Residents often need help with only a few activities of daily living and do not require 24-7 skilled nursing care.What percentage of Americans end up in assisted living? ›
Only 0.46% (roughly 1.5 million) people live in nursing homes in America. Around 0.21% (1 million) of elderly adults live in assisted living facilities in the U.S.What percentage of Americans live in assisted living facilities? ›
About 2% of seniors in the U.S. live in assisted living facilities. The average cost of assisted living in the U.S. is $4,300 per month. For context, the estimated median monthly cost for a 44-hour-a-week home health aide is $4,576. An additional 4% of seniors live in nursing homes.Why is aging in place important? ›
Aging in place tends to improve seniors' quality of life, which improves their physical health. It also insulates them from the bacterial and viral risks found in senior living facilities, reducing their chance of contracting a serious illness.What do you call someone who lives in assisted living? ›
Resident: A person who lives in a residential long-term care setting, such as a nursing home or assisted living community.What is a good name for an assisted living facility? ›
- Fond Creek.
- Sage Devotion.
- Home Glory Spring.
- Guardian Hope Village.
- Family Lake Living.
- New Pond Horizon.
Assisted Living Facility (ALF)
Assisted living communities provide moderate care and assistance with daily activities, aimed at maximizing resident independence. Typical support may include: meal preparation, medication management, transportation, assistance with getting dressed and help using the restroom.
Level 3 Assisted Living Care
Level 3 residents will have several physical ailments that need daily assistance. Furthermore, it is also common for level 3 residents to have mild or moderate Alzheimer's disease or dementia. Therefore, these residents will need even more supervision and care from primary caregivers.
Senior Lifestyle classifies its levels of care under six different options for senior care services: Independent Living, Assisted Living, Memory Care, Skilled Nursing, Affordable Housing, and Short-Term Care.What age do most people go to a nursing home? ›
The average nursing home resident is 81.1 years old. 83.5% of nursing home residents are over the age of 65. 38.6% of nursing home residents are over the age of 85.Which ethnic group is more likely to enter a nursing home in old age? ›
A higher proportion of non-Hispanic white respondents (0.16) enter a nursing home during our study period than any other racial–ethnic group. Notably, however, the proportion of non-Hispanic black adults (0.13) who enter a nursing home is not significantly different than the proportion of non-Hispanic white adults.What is the largest source of financing for nursing home care quizlet? ›
Medicaid. In most nursing facilities, the biggest group of staff is: certified nurse aids.Is 70 years old considered old? ›
Who is Defined as Elderly? Typically, the elderly has been defined as the chronological age of 65 or older. People from 65 to 74 years old are usually considered early elderly, while those over 75 years old are referred to as late elderly.What does turning 55 mean? ›
At age 55, you're considered a senior citizen. While the fact may make you feel old, it's actually a good thing. You're eligible for many senior citizen discounts at restaurants, grocery stores and retailers.How many seniors live alone? ›
In the U.S., 27% of adults ages 60 and older live alone, compared with 16% of adults in the 130 countries and territories studied.Does Social Security pay for assisted living in California? ›
California. In 2023, California provides an SSI state supplement of about $578 to residents of assisted living communities. Because the Social Security Administration oversees the supplement for California, beneficiaries get a single payment that combines the federal and state aid.How much does an assisted living director earn in California? ›
As of Jun 26, 2023, the average annual pay for an Assisted Living Director in California is $80,340 a year.Does the state of California pay for assisted living? ›
For persons with limited financial resources, Medicaid pays for nursing home care. For those who wish to live at home or in assisted living, sometimes Medicaid will pay for care in those locations if it can be obtained at a lower cost than in a nursing home.
As of Jun 26, 2023, the average hourly pay for an Overnight Caregiver in California is $14.18 an hour.How much do live in caregivers make a day in California? ›
Average 24 Hour Home Care Caregiver hourly pay in California is approximately $18.73, which is 32% above the national average.Do you need a license to be a caregiver in California? ›
HCSB is also responsible for the Home Care Aide application process and maintenance of the Home Care Aide Registry. California law established the Home Care Services Consumer Protection Act which, as of January 2016, requires Home Care Organizations to be licensed and creates a public online registry for Home Care ...How many hours can a caregiver work in a day in California? ›
Caregivers Who Work in Facilities
These caregivers must be paid overtime for all hours they work in excess of 8 hours in a day or 40 hours in a week. In addition, they are generally entitled to double time payments for all hours worked in excess of 12 in any single day and may be entitled to meal and rest breaks.
Can Someone Serve as a Primary Caregiver for More than One Patient? An individual may serve as a primary caregiver for more than one patient as long as the primary caregiver lives in the same city or county as the patients they serve.How much does an elderly caregiver earn in California? ›
As of Jun 27, 2023, the average hourly pay for an Elderly Caregiver in California is $15.02 an hour. While ZipRecruiter is seeing salaries as high as $19.70 and as low as $12.72, the majority of Elderly Caregiver salaries currently range between $15.19 (25th percentile) to $17.69 (75th percentile) in California.What are 5 disadvantages to living in a nursing home? ›
- Nursing homes are expensive. ...
- Nursing homes can be depressing. ...
- Loss of freedom and independence. ...
- Proximity to family. ...
- Potential for sub-quality care.
Cons of Home Care
Increased Stress – Although many seniors feel most comfortable at home, the outside influences can be straining. They may feel as though they are losing their independence. Less Structure – While home care allows for patients to remain independent, it does not have the structure of a facility.
Advantages of Nursing Homes for the Elderly
Loved ones can get assistance with daily tasks, including things like dressing, bathing, eating, housekeeping, meal service, and so forth. Nursing homes can also provide around-the-clock attention for those who need a chronic condition monitored.
However, there are also potential drawbacks to residing in a nursing home. One of the most significant challenges is the loss of independence and control over one's daily routine.
Trained, medical professionals will tend to minor injuries, major injuries, and assist with the administration of prescriptions. Most importantly, long term care facilities offer emergency medical services–some even have 24-hour monitoring services so you or your loved-one will never be stranded in need.What are the problems of caregivers in elderly? ›
- Mental health concerns. - Depression. ...
- Physical health concerns. - Fatigue. ...
- Functional and cognitive impairment. ...
- Secondary strains. ...
- Care decisions. ...
- Resources and eligibility for services. ...
- Family challenges. ...
- Advocacy for care.
Problems With Mobility And Everyday Tasks
As people age, their dexterity and mobility naturally decline. This can make completing everyday tasks challenging, including things like meal preparation and feeding, bathing, grooming and dressing. In some cases, you may take on all of these tasks as the caregiver.
Caregivers are more likely to experience depression.
Caregivers take on a lot of responsibility, which can sometimes be overwhelming. The accumulation of being overwhelmed and exhausted can lead to depression in caregivers. In fact, 53% of caregivers experience depression when caring for a family member.