Presentation Transcript

1. Homage to Owning the Lingo

   Industry Definitions

2. Can you Talk the Talk? 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
3. The Charlie Sheen Effect 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”
4. Game 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
5. Learning Objective? “Duh – winning!”
6. Question Point Values “Boom” – 1 step “Tiger’s Blood” – 2 steps Adonis DNA – 3 steps
7. Bonus Symbols “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
8. Teams
9. Question Value– “Boom” (1 step) Q-What is the acronym “ADL’s” short for ? A – Activities of Daily Living
10. Question Value– “B*thchin’ Rock Star ” (5 steps) Q – Name all 7 ADL’s: A – Ambulation Bathing Dressing Feeding Toileting Transferring Continence
11. Question Value– “Boom” (1 step) 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.
12. Question Value – “Tiger’s Blood” (2 steps) 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
13. Question Value– “B*thchin’ Rock Star ” (5 steps) Q – What is “AAHSA’s” new name A – Leading Age
14. Question Value– “Boom” (1 step) 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.
15. Question Value – “Tiger’s Blood” (2 steps) Q – CON stands for? A- Certificate of Need, government agency approval for constructing or expanding a health facility or service.
16. Question Value – Adonis DNA (3 steps) 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–Shillerindex.
17. Question Value – “Tiger’s Blood” (2 steps) 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
18. Question Value– “Boom” (1 step) 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.
19. Question Value– “B*thchin’ Rock Star ” (5 steps) 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.
20. Question Value – “Tiger’s Blood” (2 steps) 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.
21. Question Value – Adonis DNA (3 steps) 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.
22. Gnarly, Epic, bi-Winning QuestionValue – double your score 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 assuresachievement 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!
23. Industry Definition Resources Ziegler.com – resources, “Glossary of Senior Living Finance Terms” AASHA.org
24. Results Did you get at least 12 Steps (points)? “Winner!”