Continued from page 8 TOP 10 ASSISTED LIVING PROVIDERS
Top 100 List Provider 1
Rank on
5 4 7 8
12 9
19 15 10
Assisted Living Resident Capacity
TOP 10 MEMORY CARE PROVIDERS
Top 100 List Company 1
Rank on
5 4
39 25 32 11
48 7 8
Memory Care Resident Capacity
says. “We need to look at creative ways to maximize design The increasing need for memory care compounds the issue.
Memory care units grew by nearly 9 percent among the 80 largest companies between 2015 and 2016. Lancaster Pol- lard’s most recent senior housing survey found that the most - fortunately, dementia-related disease has continued to increase dramatically,” says Kennedy. Operators are adding secured memory care wings to existing assisted living residences, while others are pursuing standalone memory care communities,
10 SENIOR LIVING EXECUTIVE /
“a product that was relatively rare a decade ago,” he says.
Another growth opportunity is senior living de-
velopment in partnership with hospitals and health systems, Kennedy points out. “Acute-care provider involvement with senior living developments in some capacity (whether formally or informally) is under- standable given the aligned incentives between hos- pitals and senior living under a bundled payment reimbursement system.”
Workforce Challenges The growth in memory care highlights the chal- threat to the senior living industry over the next 12 months and beyond will be labor, its cost, supply, and quality,” says Stephen M. Monroe, partner and managing editor for Irving Levin Associates. “With all the new development going on, provid- seen before.” The training required to care for resi- he says, adding that providers will be challenged - erly trained. This year, the largest providers survey also request- ed details on companies’ number of employees, shed- living operations. Five of the top 10 providers employ over 145,000. Even the smallest provider on the top 100 list, SAL Managment Group employs 380. “We have a tidal wave of potential customers com-
ing at us and we need to make sure we have the tal- ent needed to serve our residents,” adds Mackey. On always the fear of oversaturation. Overbuilding may occur in certain submarkets, according to Lancaster Pollard’s Kennedy, who says “the threat is short term in nature and those markets will presumably stabilize over time via natural market consolidation.” Pathway’s Finis suggests that overbuilding may
produce opportunities. “There may be an increase in acquisition opportunities due to overbuilding in select mar- kets,” he says.
Sector Report. “With more senior housing construction un- mind for these developers, particularly in certain sub-sectors that are challenged with navigating layers of complex regu- lations,” according to the report, which also found that 34 percent of real estate executives believe the aging population
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