Run away! (j/k - someone referred me here ^^^ )
I would be glad to give you a more complete opinion and I'll try not to be biased in anyway. But, today's not that day...
But, here's one place to start looking into details about this type of practice:
AMDA
I'm sure there are a lot of reasons why my experiences are probably a lot different than what you may encounter. But, to start - an assisted-living facility is likely going to resemble a primary care panel than what I deal with in post-acute/long term care. But, there are similarities. The medical director duties are pretty much what the others have described. But, it's really important to understand the dynamics that the facility has - like if you will be the attending of record for everyone, or if other practices will continue to take care of their own patients. And, I actually empathize with you in the sense that I *like* doing administrative work and the reason I thought this would be a good match for me is that it is essentially "population health management" (a buzzword in preventive medicine lately). But, like others said, this type of work is a time-suck, and certainly hobbles your ability to be "productive" by any standard measure (if that's something important in your contract).
I don't think ALF are as tightly regulated as SNF. But, there is a learning curve for sure. That's part of the reason for providing the above link. If you are interested in a "formalized" education and certification in being a medical director (or a CMD), you can take the AMDA organization's course (online or in person). I was dumb enough to jump in as both attending and medical director without experience, and it's been a nightmare. But, I also work in... less than desirable facilities and for people who... need better management skills. And, the PA/LTC world is a bit higher acuity since you're dealing with really sick folks dumped (I mean discharged) to rehab, as well as the chronic LTC folks who you'd expect in a nursing facility. But, demographics are shifting (here) so that it's not necessarily a geriatrician's population anymore. We have a lot of young residents who have early disability or degenerative diseases, and a fairly large percentage with significant psychiatric comorbidity.
Ultimately, you will know if it's a good fit. But, it might be best to start as an attending for your own patients who reside in the facility and see how things operate before taking on medical director.