Transcript Document

Homage to Owning the Lingo
It is all about speaking the same language
with prospects and referral sources
Terminology is ever changing and often
interchangeable
Not just senior living, but:
Healthcare
Financial
Operational
Real Estate
Disclaimer
Game to Test Your Ability (and have fun)
The Sober Valley Lodge 12 Step Game
Where primary participants achieve radical
success through industry lingo B*tchin’-ness”
Three Teams
Potpourri of topics and sources
Answer questions correctly to earn steps
Lose steps for wrong answers
Bonus steps for “wedging” other team
Goal – Complete the 12 step program and
earn bonus “rock star” steps
“Duh – winning!”
“Boom” –
1 step
“Tiger’s Blood” –
2 steps
Adonis DNA –
3 steps
“Golden Sombrero” –
Lose 3 steps for wrong answer
“Ride the Mercury Surf Board” –
Opportunity to steal
a question after a wrong answer
B*thchin’ Rock Star 5 step answer
Bud Fox’s
Wild Thing’s
2 ½ (wo)Men
Greg
Kathy
Karla
Nicki
Larrie
Elissa
Julie
Maria
Nicole
Kirsten
Nancy
Q-What is the acronym “ADL’s” short for ?
A – Activities of Daily Living
Q – Name all 7 ADL’s:
A – Ambulation
Bathing
Dressing
Feeding
Toileting
Transferring
Continence
True or False, All CCRC’s offer a Full
Continuum of Care?
A – False, a full continuum is generally
considered independent living, assisted
living, memory support and skilled nursing all
on site but some CCRC’s offer limited on site
licensed care.
Q – AAHSA is the largest non-profit industry
association lobbying for the Senior Housing
Industry. What does “AAHSA” stand for?
A- American Association of Homes and Services for
the Aging
Q – What is “AAHSA’s” new name
A – Leading Age
True or False, Endowment Fee, Resident
Deposit and Entrance Fee refer to the same
thing?
A – True, all are terms for a fee paid in full at
time of independent living occupancy. While
these can be used interchangeably, contracts
vary by community.
Q – CON stands for?
A- Certificate of Need, government agency
approval for constructing or expanding a health
facility or service.
Q-The Case-Shiller index is an industry standard for
measurement and tracking of what trends?
A- Actuarial trends in aging and healthcare
B- SNF Medicare survey deficits
C- National and regional home prices
D- CCRC financial performance
•
A – C-An index calculated from data on repeat sales of
single-family homes, behavioral science and economic
bubbles developed into tradable indices based on the
data for the markets which are now commonly called
the Case–Shiller index.
Q – True or False, all life care communities guarantee
set monthly fees regardless of care level?
A- False, life care community is sometimes used
interchangeably with CCRC. Life care communities
usually offer one of three types of contracts for
higher care level feesType “A” – all inclusive
Modified – discounted care
Fee for Service – market rate
1.
2.
3.
4.
Q- The Americans with Disabilities Act (ADA) requires:
All apartments in independent be ADA accessible.
Only AL apartments need to be accessible.
Any IL apartment must be adapted at the request of
the resident.
A percentage of IL apartments are adaptable to ADA
based on local requirements.
A – 4- A percentage of IL apartments are ADA
accessible in accordance with local requirements.
Sponsors may also have corporate
standards relating to this.
Q – When is the feasibility study is conducted ?
A – This is a study done prior to financing
encompassing a review of PMA, pricing,
competition, sales history and projections,
market penetration etc. Prepared by an
accounting firm, this is considered the
benchmark for future performance.
Q – It is often said that a community’s biggest
competition is a prospect’s own home. This option
of staying at home rather than a community is
called?
A- Aging in Place, a retirement option that allows a
senior to stay in their home as long as possible
through home design and services.
Q- Stabilized occupancy is typically assumed to be:
A- 75 %+
B- 85 -90%
C- 92-95%
D- 100%
•
A – C-This is the assumed final occupancy level
that the community will operate at identified in
the feasibility study.
Q – Bond Covenants, the sales and marketing targets
established at financing to measure sales and marketing
progress, are calculated in the following way:
A – A sophisticated financial model that assures
achievement of stabilized occupancy
B – By calculating the historic sales pace at financing and
applying it
C – These are standardized and the
same for all communities
D- None of the above.
A – Trick question, none of the above.
If you know the correct answer you can have
Bruce Byer’s job!
•
Ziegler.com – resources, “Glossary of Senior
Living Finance Terms”
AASHA.org
Did you get at least 12 Steps (points)?
“Winner!”