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Physician real estate investors are always on the lookout for investment opportunities that not only provide a good return on investment but also have a positive impact on society. One such area that has been gaining traction in recent years is investing in assisted living homes. Assisted living homes are facilities that provide care to elderly or disabled individuals who require assistance with daily tasks such as bathing, dressing, and eating.
There are several types of assisted living homes that physician real estate investors can invest in including independent living facilities, residential assisted living, memory care homes, skilled nursing facilities, and more. So, you will want to read this post to learn all of the different types of assisted living homes that exist to find the right investment for you!
Types of Assisted Living Homes
Independent Living Homes
Independent living homes are for seniors who are able to live independently but want the convenience and socialization of living in a community with other seniors. These facilities provide residents with their own private apartments or houses. They are equipped with the necessary amenities for independent living, such as a kitchen, living room, bathroom, and bedroom. Also, they offer amenities such as housekeeping, transportation, and social activities. They are ideal for seniors who are still active and want to maintain their independence. Think of senior apartments or a large Brookdale facility.
Assisted Living Facilities
Assisted living facilities are for seniors who need assistance with daily living activities such as bathing, dressing, and medication management. These can be residential assisted living facilities, which we love. Or, a big box facility. These facilities offer 24-hour care and supervision, as well as meals, housekeeping, and social activities. They are ideal for seniors who are not as active, need some assistance, but want to maintain their independence as much as possible.
Memory Care Homes
Memory care homes are for seniors with Alzheimer’s disease or other forms of dementia. These homes offer specialized care and supervision to provide a safe and secure environment for the residents. These facilities typically offer more safety features such as alarm systems, auto-locking doors, and non-slip flooring. Memory care homes offer specialized care by staff members who have undergone specialized training in dementia care. These facilities also offer structured programs and activities, such as memory-enhancing games, music therapy, and art therapy, to help residents maintain cognitive function and engage with others. They are ideal for seniors with memory impairments who require more specialized care. than a residential or traditional assisted living facility. Often, a memory care home would house fewer residents than a residential assisted living home.
Skilled Nursing Facilities
Skilled nursing facilities (SNF) are designed for seniors who require 24-hour medical care and supervision and cannot live independently. These facilities have specialized physicians, nurses, and healthcare professionals that offer a range of medical services, including medication management, wound care, and physical therapy. They are ideal for seniors who have complex medical needs and require ongoing medical attention.
A hospice care home is a specialized care facility that provides compassionate care and support to patients who are nearing the end of their lives. It aims to manage pain and symptoms, provide emotional and spiritual support, and promote dignity during the end-of-life journey. The care team works closely with the patient and their family to develop a personalized care plan. Hospice care homes offer a home-like environment that provides a sense of comfort and peace to patients and their families. They are ideal for patients who require specialized end-of-life care and support. Hospice care has been one of the best things that were done for my grandmother who passed away with ALS, and I will be forever grateful for the care they provided. Of course, in-home hospice care is another option as well.
Adult Day Care Facility
On the other end of the spectrum to hospice care is an adult day care facility. This is exactly what it sounds like, daycare for adults. This is typically a community-based home that offers supervised care and support to adults who need assistance with daily activities but don’t require 24-hour nursing care. It provides opportunities for socialization, recreational activities, exercises, and meals. These facilities serve various individuals, including those with disabilities, chronic illnesses, or recovering from injury or illness. Adult daycare facilities are ideal for individuals who need assistance with daily activities and can offer respite for caregivers.
A behavioral home is a type of facility or home that offers specialized care and support to individuals with mental health or behavioral conditions. This could be residents with autism, down syndrome, or schizophrenia for example. There can be homes specifically for children or adults. These homes often offer counseling, medication management, and life skills training to help residents manage their conditions and live as independently as possible.
Transitional Living Home
I saved this one for last because we now own two of these homes and I love the value and opportunity that it provides our residents. A transitional living home is a home for someone in transition. Simple right? These homes offer a temporary residence for individuals sometimes for a few nights or a few months. Typically the residents are completing a rehabilitation program, such as an intensive outpatient program. They can also be residents that have served time in prison, or experienced homelessness or other crises.
The goal of a transitional living home is to provide residents with a stable and supportive living environment where they can build the skills and resources needed to live independently in the community. Services provided by these homes can include job training, education, counseling, and access to community resources. Transitional living homes are ideal for individuals who require temporary support and resources as they reintegrate back into society.
There are many different types of assisted living homes that you can invest in! Which one sounds most appealing to you, let me know in the comments! If you are just getting started in your assisted living journey we would love to meet you and hear more. Join our Facebook community or contact me to share your story! Read more about assisted living here! And, if you found this article impactful share it with a friend!