Erickson Living now third-largest independent living provider
Actions it took in 2015 have made Erickson Living the third-largest independent living provider in the country, according to the Baltimore-based company.
Erickson Living shared five key accomplishments of 2015:
- Apartment settlements. In 2015, Erickson settled a record 2,400 entrance fees, a 26% increase compared with the previous year. Over the past five years, total company entrance fee settlements exceeded 9,600.
- Erickson Health Medical Group. Erickson Living continued its trend of reducing hospital readmission rates for members in Erickson Advantage, its medical advantage plan, in 2015 by lowering its rate to a record level, 5%. Medicare's national average for readmission rates is 17% and, on average, Erickson residents are significantly older than the general Medicare population.
- Erickson Advantage. Erickson Living's health plan received a Centers for Medicare & Medicaid Services 2016 Medicare Advantage health plan rating of five stars for Parts C and D. More than 4,800 residents are Erickson Advantage members.
- Financial strength. Erickson Living achieved an occupancy rate exceeding 96%, well above industry averages. Based on the company's growth outlined below, its portfolio consists of more than 20,250 units (17,298 independent living units and 2,990 healthcare units) at 19 properties in 11 states.
- Growth/development. Erickson Living continued actively developing new and existing communities in 2015. The company completed the construction of five new residential buildings and launched several new projects, resulting in more than 500 new apartment homes across the portfolio. Two other examples of growth in 2015 include the launch of a sales center in Matthews, NC, to support the development of a new continuing care retirement community called Windsor Run, and final planning for an early 2016 property acquisition in Naples, FL, the site of a future Erickson Living community. In total, the company has 23 projects budgeted for development, which will add more than 1,850 units at a cost of about $565 million.