Shares of Emeritus fell 15 percent today. The shares dropped from $1.56 to $8.82, their lowest level in four years. Emeritus is a nationwide provider of assisted senior housing also reported a third-quarter loss of $23.1 million.

The Seattle company, one of the largest in its field, wasn’t the only senior housing company battered by the market. Leading competitors Sunrise Senior Living and Brookdale Senior Living fell 21 percent and 18 percent, respectively.

Emeritus’ third-quarter revenue of $193 million was up from $187 million in the second quarter, while its net loss shrank from the second-quarter loss of $25.2 million.

Brookdale Senior Living Inc. shares lost more than a third of their value Thursday, plunging for a second-straight day in the wake of weak third-quarter results.

Stock in the nation’s largest provider of senior-care facilities fell $3.43, or 36.5 percent, to close at $5.96, after sinking as low as $5.89, the lowest level in Brookdale’s three years as a publicly traded company.

On Wednesday, the stock lost 15.5 percent, to finish at $9.39.Analysts raised questions about the company’s balance sheet and cost pressures and suggested its difficulties are likely to continue into 2009.

source: associated press

As demand for hospice care has increased, so have the number of programs nationwide. Today, there are about 4,700 providers, up from about 3,300 five years ago, according to NHPCO. While the majority of providers are nonprofits, the for-profit sector is growing, accounting for 47.1 percent of hospice agencies last year.

Hospice is intended for any person who has a terminal illness and a prognosis of six months or less to live. Depending on the needs of each patient, care can include pain management, medications, medical supplies and equipment, and assistance with the emotional, psychological, and spiritual aspects of dying. A hospice team usually consists of nurses, home health aides, social workers, bereavement counselors, and clergy, as well as a hospice physician and the patient’s personal physician.

The benefit for Medicare and Medicaid patients is remarkably magnanimous. Medicare pays out $601 per patient per day for inpatient hospice care (and $789 per day for the typical patient who gets 24-hour home care), yet there are no copays, deductibles, or out-of-pocket expenses for the beneficiary. Private insurer hospice benefits offer a variety of hospice services, though they’re typically not as generous, according to the Hospice Association of America. To get Medicare or private insurance to cover hospice care, a patient needs only a physician’s referral. Hospice care is usually provided in the patient’s home. It can also be made available at a special hospice residence designed with a homelike atmosphere, or in assisted living or skilled nursing facilities.

The $700 billion bailout plan signed by the president last week is likely to have a positive effect on long-term care housing, according to an expert from the American Association of Homes and Services for the Aging.

“The bailout should ease the credit crunch which is currently playing havoc with both the debt and equity markets that are so essential to tax credits,” affordable housing expert Nancy Libson from AAHSA, told McKnight’s.

“Many deals already in the works to build or renovate senior housing are looking for new equity investors,” she said. “Equity investors, if they stay in deals, are adjusting (reducing) their investments. When debt financing is necessary, interest rates are rising, making deals infeasible. The bill should provide relief in the debt and equity markets, providing a more stable financial system for this vital service for seniors.”

The legislation, which drew both praise and scorn from members of Congress, passed through the House after two weeks of heated debate and more than one failed vote. Finally, 172 Democrats and 91 Republicans gave their approval. The president signed it on Friday. House Speaker Nancy Pelosi (D-CA) had hoped at least 100 Republicans would vote for the measure in order to portray the bailout as being truly bipartisan

Sunrise Senior Living, one of the largest providers of senior living services
with more than 440 communities worldwide, announced today that it is bringing
an innovative independent senior living community to Colorado’s Front Range.
The Stratford at FlatIrons leverages Sunrise’s nearly three decades of serving
seniors by combining this expertise with a distinguishing approach to senior
living that will offer residents and their families the type of active,
fulfilling lifestyle they have come to expect.  While Sunrise currently
operates 10 assisted living communities in the state, this is the first
independent living community that will also offer assisted living and a full
range of healthcare services.

The Stratford, to be located at 400 Summit Blvd., in the popular FlatIrons
area, is a full-service, amenity-rich senior living community.  Through its
broad offering of services and amenities, coupled with on-site assisted
living, memory care programs, rehabilitation and in-home health care
coordination, The Stratford will be well positioned to cater to seniors with
varying needs.

With about 130 employees, The Stratford will feature a Southwestern motif
and mountain-like design.  The community is set to debut in May 2009 and
recently opened its sales gallery at 549 FlatIron Blvd., Unit B in Broomfield,
80021, (303) 466-2422.  At the sales gallery, visitors can view floor plans
and learn more about the broad range of features and amenities that can be
found at The Stratford, including:

– Concierge services to assist residents with requests such as dining and
entertainment reservations, transportation arrangements, appointment
reminders, dog walking, personal errands and much more

– Maintenance and housekeeping services

– State-of-art fitness center and personal training as well as in-home
exercise programming

– Full-service spa and salon
– A 60-seat theatre for movies and theatrical performances
– Art Studio
– Casual and formal dining venues including a bistro bar
– In-room food service
– Private dining rooms and catering for parties and events
– Extensive library
– Club and game room
– Business Center and wireless internet access areas
– In-home care coordination and support services
– Geriatric case management
– Outpatient rehabilitation clinic

 

In addition to on-site assisted living, memory care and in-home health
care coordination, The Stratford will also offer rehabilitation services;
comprehensive health and wellness programs, which include screenings, support
groups and wellness lectures; 24-hour voice-to-voice emergency response
systems; and 24-hour security monitoring.

“The Stratford at FlatIrons is an exciting, new community for Sunrise
whereby we are integrating our long-standing experience as a pioneer in senior
living with a full menu of exceptional amenities, personalized services and a
host of life-enriching options for residents — all of which will be
seamlessly offered under one roof.  We believe The Stratford is a community
that seniors and their families will find exciting, appealing and comfortable.
The Stratford is distinguishing itself in the marketplace based on its ability
to cater to independent seniors who take comfort in knowing that they have the
opportunity to live life on their own terms at this full-service, all-
encompassing community,” explained Jennifer Teague, executive director for The
Stratford.