Homage to Owning the Lingo It is all about speaking the same language with prospects and referral...
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Industry Definitions Homage to Owning the Lingo
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
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
Slide 4
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
Slide 5
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
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
Q-What is the acronym ADLs short for ? A Activities of Daily
Living
Slide 11
Q Name all 7 ADLs: A Ambulation Bathing Dressing Feeding
Toileting Transferring Continence
Slide 12
True or False, All CCRCs 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 CCRCs offer limited on site licensed care.
Slide 13
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
Slide 14
Q What is AAHSAs new name A Leading Age
Slide 15
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.
Slide 16
Q CON stands for? A- Certificate of Need, government agency
approval for constructing or expanding a health facility or
service.
Slide 17
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 CaseShiller index.
Slide 18
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 fees- Type A all inclusive Modified discounted
care Fee for Service market rate
Slide 19
Q- The Americans with Disabilities Act (ADA) requires: 1. All
apartments in independent be ADA accessible. 2. Only AL apartments
need to be accessible. 3. Any IL apartment must be adapted at the
request of the resident. 4. 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.
Slide 20
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.
Slide 21
Q It is often said that a communitys biggest competition is a
prospects 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.
Slide 22
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.
Slide 23
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 Byers jo b!
Slide 24
Ziegler.com resources, Glossary of Senior Living Finance Terms
AASHA.org