Winston Rowe & Associates is a no upfront fee commercial real estate finance firm specializing in providing financing solutions for Assisted Living Facilities throughout the US and Canada. They have prepared this article to provide insight into the acquisition of Assisted Living Facilities, CCRC, Nursing Homes, Senior Living and other types of Healthcare Facilities.
Prospective clients who would like more information about Winston Rowe & Associates commercial real estate financing solutions, you can contact them at 248-246-2243 or visit them on line at http://www.winstonrowe.com
A long-term care facility basically takes care of the disabled and seniors who can no longer manage on their own. When you mention long-term facilities, most people would associate these with retirement homes, nursing homes, assisted living homes, as well as group homes. The first thing you need to consider when you decide to buy a long-term care facility is to identify the type of facility you want to own and run. You will need the guilance of a commercial real estate finance provessions, an attorney and an accountant to make sure the business acquisition makes economic sence.
State & Federal Regulations to Consider:
There are numerous state regulations associated with maintaining and operating care facilities. If you're determined to pursue this venture, you need to have a solid understanding of the state regulations impacting this kind of business and operation. There are basic and specific regulations. Furthermore, there are different types of government regulations for OSHA compliance, Medicare compliance, as well as HIPPA. There are also a lot of secondary and technical institutions that offer training and instruction on your state's law and regulations on care facility management.
Making Sure The Assisted Living Facility Is Successful:
There should be a transition period after the purchase. You must tour the facility, talk to the building's shift leaders, and go over the books of the business. Understanding how these facilities work will surely help you breeze through the transition. Determine if you need to improve the quality of life and stay of the residents in the facility. Check if the care facility for sale is state funded or privately owned. Learning fully how this type of business works gives you the chance to make a difference in the senior patients' lives as well as maintain an excellent environment for all the patients and their visiting loved ones.
Just like in any other businesses, it is always best to settle the specific details of your purchase. Determine all the equipment included in the sale, debts that you will take over, as well as the liabilities that will be carried over. Also, check if you will be continuing the current lease of the long-term care facility for sale or if you need to apply for a new one.
Private and Government Insurance Considerations:
When you buy a long-term care facility, the insurance coverage is not transferred automatically. It is very important to transfer the business's insurance coverage to your name and check with insurance office the details of its coverage. Note that you may be at risk of lawsuits when you buy a care facility. But you have nothing to worry about if you have a proper insurance coverage. The rewards and benefits of a care facility for sale are greater than any of its potential risks so long as you have adequate and reliable insurance.
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Winston Rowe & Associates
31408 Harper Ave
Saint Clair Shores MI 48082
Winston Rowe & Associates has no upfront free assisted living facility financing in the following states.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming