I thought this might be interesting to some here. I hope the link works alright.
When Private Equity Takes Over a Nursing Home
https://www.newyorker.com/news/dispatch/when-private-equity-…
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ugh. If this happened to my mother’s place, I’d have to consider moving her to my house and having her pay her share of caregivers (would need 12-hrs/day coverage as she’s even less mobile than the hubster).
Mom is currently at the most attentive place hereabouts (Lutheran), although not the newest/spiffiest looking. The care is already kinda marginal on weekends when there’s less staff and no social worker. But it never smells like a nursing home there–everybody is bathed often. No matter what time of day or day of the week I show up, she looks well groomed, nicely dressed, and comfortably seated. It’s expensive.
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RHinCT: When Private Equity Takes Over a Nursing Home
https://www.newyorker.com/news/dispatch/when-private-equity-……
Our retirement home is a for-profit set-up. I sense some discontent brewing - they want a 6% increase in the monthly fee. I wrote a (nice, polite) letter pointing out that there are still a large number of empty apartments, and more especially in the less expensive apartments. The solution to the perceived cash flow issue is obvious: Rent those empty apartments. … It’s magic! Fill those apartments and cash flow goes up! Then we can discuss profits.
CNC
… helpful
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Just curious–what makes some units less expensive? Are they simply smaller (eg, one bedroom or studios)? Monthly rentals instead of buy-in? In an older/less fancy building? Include fewer amenities?
Just curious–what makes some units less expensive?
You nailed it - it’s the size. The smallest here is one bedroom, but even so there are different size units. Our two bedroom is smaller than some of our neighbors. There are also three bedroom plans. Then there are “Villas” - more like duplexes (with a private one-car garage), in various sizes. In between are the “Terraces” - These seem to all be two bedroom units, looks like a condominium. Three story, multiple apartments. They cost more than our “regular” apartments. Better common areas (gardens, courtyards). Yes, the move-in (buy-in) is graduated, as well as the monthly fees. There is a basic move-in, then a monthly “Rent”(?) A second (or third) person adds more. This is not an eleemosynary institution, as aforesaid. We pay extra for a reserved car port. There are also a few garages available - at a price. (Long waiting list.)
We thought our two bedroom apartment was expensive until we found out how much the Villas cost.
We have been told that since I am now “cured” of my cancer, I am now eligible for moving to the extra care “Orchard” - assisted living, mental care, etc. I was eligible before, but would have to pay the “market rate” - which is assininely expensive. As it is, we (all residents) pay an extra $400 a month toward that eventuality, but there is no financial impact if we have to move. But naturally, no one actually “wants” to move to the mental care unit, etc.