Choosing the right senior living community is a big decision, and knowing the financial stability of the community is essential! Today’s guest, Joe Chambers, the AVP of Sales for Vi, discusses how to determine the financial stability of a Continuing Care Retirement Community (CCRC). Joe has more than 30 years of experience in the senior living industry, including 15 years with Vi in various roles.

In this episode, they talk about:

• The importance of knowing occupancy rates when evaluating senior living communities
• How to check the financial stability of different senior living options
• The difference between for-profit and not-for-profit senior living communities
• Key questions to ask to ensure that a senior living community is financially stable
• The impact of state regulations on the financial stability of senior living communities
• Vi Living’s position as a debt-free CCRC and the benefits it provides to the residents

Memorable Quotes:

“Occupancy is the main driver for the financial success of any senior living community because occupancy drives the monthly fees that pay the bills that provide the lifestyle that the residents have signed up for.”

“You want to make sure that that community is going to be there for you when you need that care, right? So make sure that not only have they had a history of positive financials, but they’re also going to continue to have that.”

“If you’re going to choose to live in a senior living community, that’s in theory for the rest of your life; you want to make sure that community is financially stable for the rest of your life.”

“At Vi, we’re completely debt-free, so we’re a bit of an anomaly in the industry. We operate completely debt-free, and our residents do not pay debt service, which is a benefit.”

Resources:

Joe Chambers on LinkedIn: https://www.linkedin.com/in/joe-chambers-1302817

Find out more about Vi Living at our Website: https://www.viliving.com/

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