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12 Replies Last post: Apr 23, 2009 12:57 AM by localshoppers

Starting an Alzheimer’s Assisted Living Facility

Apr 10, 2009 5:16 AM

Click to view curemet's profile Professional curemet 4 posts since
Apr 6, 2009
Looking to start an Alzheimer’s Assisted Living Facility in my area (Chicago NW suburban area. Good background in the field. But needs help on how to go about an investment loan. Please help.
Tags: business_plan, business, business_start_up, capital, design, funding, marketing, starting_a_new_business Report as inappropriate
Click to view benlor's profile Professional benlor 2 posts since
Apr 9, 2009
1. Re: Starting an Alzheimer’s Assisted Living Facility Apr 10, 2009 9:36 AM
in response to: curemet
I don't think assisted living is the way to go with Alzhiemer's patients. They wander, get lost, and die. They also fight and have been known to cause serious harm to their caregivers because later on in the disease they think everyone is trying to kill them and they fight back with everything they have.

For Alzhiemer's patients, the families expect safety for their loved ones. They want them watched 24/7 and they want them locked into an area where they can't get hurt or wander off. Assisted living is different than a nursing home and the rules and regulations are different. Some states won't allow a licensed health care provider to work in an assisted living facility and others require them to be there.

Alzhiemer's is a terrible disease that I wouldn't wish on my worst enemy. I'm an RN in critical care and you couldn't pay me enough to start the kind of facility you are talking about. You will need a lot of money and a good insurance policy if they wander off and something happens. The disease progresses differently in different people. Some lose all cognitive function rather quickly and others lose it more slowly. Good luck to you. You'll have your hands full.

You can check with the Small Business Administration. You will need a business plan. You will need a facility that is safe. A friend of mine wanted to start a day care center and they required that she have a buliding, fully equipped and staffed before they would even consider not only loaning her any money but also in licensing her for day care. Needless to say she gave up the idea. You might have better luck finding private investors, but I have no clue how to find them.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
2. Re: Starting an Alzheimer’s Assisted Living Facility Apr 10, 2009 7:46 PM
in response to: curemet
Starting an Alzheimer’s Assisted Living Facility, Welcome

Who are you?? We love Chicago. I am Treasurer of an Assisted Living Facility.

Do you have a Business Plan that I can read??

LUCKIEST
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
3. Re: Starting an Alzheimer’s Assisted Living Facility Apr 11, 2009 10:01 AM
in response to: curemet
Might try two things:

Search for foundations that specialize in Alzheimer or those which are health related. They may provide grants. Could also approach your city or county for economic development funds if your facility is a needed service in your area - they could fund you.

Business Money Today
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Click to view curemet's profile Professional curemet 4 posts since
Apr 6, 2009
4. Re: Starting an Alzheimer’s Assisted Living Facility Apr 19, 2009 12:05 PM
in response to: benlor
Thanks for your response. I’m a nurse with an advanced degree. I also have a strong background in CCU, long- term care nursing and administration.

I’m comfortably aware of the proms and cons of this kind of business because I have dealt with almost any issue related to security as an employee and as a consultant. I’m sure everyone in healthcare industry is aware that security is the outmost priority when working with this group of clients. But - please keep in mind that elderly people with Alzheimer’s are humans and they should be treated just like any other. Therefore, it is important to make them feel supported by giving them a full life while keeping them safe.

I do not see anything to worry about as long as the business operations abide to what is required by regulators.

Currently, there are only two facilities offering this kind of services in Illinois and most of the facilities offering Alzheimer’s services are in long term care facilities where they treat this population as thought they were prisoners or quarantined for having Alzheimer’s disease.

Additionally, remember that Alzheimer’s disease has stages and progression by each individual from one stage to another is different. Therefore, it does not mean that everyone with Alzheimer’s disease is aggressive and not all stages are as aggressive as you have described them.

The planning phase is almost done. We are still working on modifying the capital funding plan proposal and supporting due diligence document. I’m just looking for any ideas on reasonable and realistic licensed commercial mortgage lenders to the healthcare industry such as Dominion healthcare financial corporation http://www.dominfin.com/assisted_living_facility_loans.html

Please check this site as an example of one of facilities currently offering this service and has been operational without any of the issues you have pointed out http://www.gowinparc.com/index.html
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Click to view curemet's profile Professional curemet 4 posts since
Apr 6, 2009
5. Re: Starting an Alzheimer’s Assisted Living Facility Apr 19, 2009 11:04 AM
in response to: LUCKIEST
Thank you for responding. But I also need to know about you before I can send you my Business Plan. Please! make no mistake about it, I have restrictions as to whom I disclose certain information.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
6. Re: Starting an Alzheimer’s Assisted Living Facility Apr 19, 2009 12:00 PM
in response to: curemet
Starting an Alzheimer’s Assisted Living Facility, Welcome

We love Chicago. As you know, I am Treasurer of an Assisted Living Facility.

My email is " pdeig@juno.com " What is yours?? Do you have email?? Phone number??

Again, LUCKIEST
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Click to view clarkscott's profile Start-up clarkscott 1 posts since
Jun 8, 2009
7. Re: Starting an Alzheimer’s Assisted Living Facility Jun 10, 2009 6:37 PM
in response to: LUCKIEST
I just thought I would put in my two cents on this.

My girlfriend's father owns and runs a business doing this exact same thing. They deal strictly with Alzheimer's patients and do a questionnaire to pinpoint the types of symptoms that are most prevalent in each patient. Honestly, I can only recall one time in the last three years of being with my girlfriend that a patient wandered outside a home, and they didn't get too far. Outside of that they don't really have too many problems with their patients.

The way they've done it is built up slowly, buying a house or two at a time in a decent neighborhood. They then convert these homes so that they are wheelchair accessible and every house that they've picked has a nice backyard so the tenants can live outside. Their workers rotate shifts and homes, and there are typically 3-4 tenants per house. Their staff isn't comprised of nurses and the hourly costs per worker remain low. If a tenant requires assistance with other serious heath problems, he usually tells them that they're not a good fit for the business.

They've built this into a very successful, profitable, and for her father especially, meaningful business. Tenants pay the house note entirely on homes that, after conversion, are usually approximately $200k. In the last year they've expanded and purchased a franchise that deals with in home heath care (more serious needs). Just as a side note, he did mention that he wouldn't suggest this type of a business without 300k in capital. And of course, you have to be very well insured to run this type of business.

Hope this helped some.

Clark
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Click to view Bizwiz's profile Professional Bizwiz 3 posts since
Apr 28, 2008
8. Re: Starting an Alzheimer’s Assisted Living Facility Oct 26, 2009 8:04 PM
in response to: curemet
An important step when considering entering the assisted living business is reviewing some of the sample assisted living facility business plans found online. This can give the reader a birds-eye view of the market, operations, manangement and business process as well as marketing and related costs. - for samples just enter the keywords "sample assisted living business plans" on google or use the link provided. http://businessplans.fimark.net/sample_business_plan_assisted_living-center.html
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