In this video, Serge discusses crucial considerations when selecting locations for residential assisted living facilities (RALFs) and behavioral health facilities. The focus is on identifying optimal regions to establish these facilities.
Serge begins by highlighting the Sun Belt states, such as Arizona, California, Texas, and Florida, known for their popularity among retirees due to favorable weather conditions. He stresses the importance of understanding state regulations on licensed beds, as different states have varying limits on the number of beds allowed in residential settings.
Median income emerges as a crucial factor, with Serge advising entrepreneurs to target areas where the median income exceeds $75,000. This consideration aligns with economic realities and the ability of families to afford healthcare costs.
Oversaturation in a specific area is cautioned against, as an abundance of care homes can lead to price undercutting, affecting the overall success of the facility. Serge encourages entrepreneurs to choose locations strategically, considering the competitive landscape.
The summary concludes with a valuable tip suggesting that entrepreneurs carve a niche within the residential care space, specializing in specific conditions or demographics. This targeted approach can set facilities apart and potentially justify higher rates.
For those interested in the assisted living industry, Serge recommends exploring resources provided by the Legion Assisted Living Academy, such as podcasts, mentorship calls, and a supportive Facebook community. This summary provides a concise guide for individuals navigating the complexities of initiating residential assisted living facilities.