Word: alterra
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Dates: during 2001-2001
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...allowed facilities, says Wayne, "to focus on what's important." But the slowdown has left many assisted-living companies short of cash. And allegations of neglect have sparked a surge of liability lawsuits, driving up liability-insurance costs as much as 800%. Wall Street, in response, has fled. Alterra's stock, as high as $33 a share in January 1999, now sells at 23[cents] a share. Two other assisted-living companies filed for bankruptcy earlier this year...
...frailest of the frail." This is welcome news for many residents and their families who believe that the ability to "age in place" is a blessing, even if their care needs are changing. Carrie Cyphert, 89, who suffers from advanced Alzheimer's disease, has been in an Alterra memory-care facility in Portage, Mich., since September 1999 at a cost of $42,300 a year. In July 2000 state health inspectors cited the Portage facility for several violations, including medication errors and insufficient staff. The state tried to force Cyphert and nine other residents to move to higher-care facilities...
...justify government intrusion? Michigan decided it couldn't, and the state swiftly passed a law that allowed Cyphert and all other assisted-living residents to stay as long as they wish if the family, the doctor and the provider all agree to it. "Isn't that wonderful?" beams Alterra president Vick. "Free choice has risks, but as long as the operators and residents agree, I think it's a win-win for America...
...arguing that residents are always free to choose someplace else and move. But that isn't so easy for someone with Alzheimer's or dementia. The disorientation of moving can often be more harmful than simply staying put, even in a heavily understaffed facility. The Levangs kept Dolores at Alterra for as long as they could stand it. In February 2000, after 11 months, they gave up and moved Dolores into her own apartment with a full-time aide. Now 80, Dolores spends most of her time reading romance novels and doing crossword puzzles. She goes for lengthy strolls daily...
...Alterra isn't doing nearly so well: the company, seeking to improve its cash flow, is selling more than 60 of its 481 facilities. But the care at the Eagan center appears to have improved significantly. A recent visit found 12 smiling women singing songs with a local preacher, two men sitting by the fireplace playing cards and the line to the beauty shop out the door. Families were raving about all the personal attention. There are now 32 residents--and, during the day, six full-time caregivers (an impressive 5-to-1 ratio). Good care, it seems...