A few weeks ago we started talking about strategic planning for 2015. It reminded me of an article that Jim Moore, President of Moore Diversified Services (MDS), wrote a few months back titled “Your Top 5 Priorities for Success in 2014.”
1. The increasing resident age and high acuity trend
2. Aging physical plants
3. Sustaining optimum operations and increasing value
4. Sharpening the focus of increasing value
5. Risk management needs are expanding
These top 5 suggestions are still very relevant going into the 2015 planning cycle. While you might have some idea of where you want to start your current planning efforts, these 5 would be worth giving some consideration. Over the next few weeks I will take a more in-depth look at each priority.
The definition of Senior Living is changing. There are no longer well defined buckets for Independent Living and Assisted Living. Today’s Senior Living prospects have an older entry age as well as different needs. Independent living has turned into a quasi-independent living and gone are the days of Assisted Living simply providing traditional assistance with activities of daily living in a secure environment. In today’s market it’s important to acknowledge a broad range of resident acuity where many of the residents no longer reside within two easily defined living arrangements – independent or assisted living. Here are four things to consider.
Offer a Catered Living Program
As I mentioned above, many of today’s Senior Living prospects no longer fall within Independent or Assisted living. To meet the needs of this evolving demographic, it’s necessary to offer potential residents the option of tailoring their senior living solution to suit their needs.
Develop a Formal Memory Care Program
Senior Living prospects as well as their families have a heightened awareness of Memory Care. As such, consider incorporating Dementia and special Memory Care settings into new construction or through extensive modification of an existing facility.
Change Product Mix
As the average age of Senior Living customers continues to rise, the need for assistance may increase. To address this, consider modifying your physical plant by increasing Assisted Living and decreasing Independent Living.
Create an Assistance in Living (AIL) program
If local regulations permit, consider creating an AIL program within Independent Living. AIL programs are a great way to help your independent living residents to maintain their independence.
These are just of a few points to think about in how to deal with the increased entry age and higher acuity levels of new residents. It’s also a great idea to talk to your sales team to find out what the trends are at your particular community. What are your prospects asking for? What are their needs and wants in a Senior Living solution?
While planning is very important and necessary, it can be a daunting task while trying to put out the day-to-day fires of any business, but even more so within the Senior Living industry. You have a great resource here at MDS. We have the expertise to help you with your planning needs, as well as in-depth knowledge of all facets of the industry. From new construction and repositioning to operations, marketing, employee retention, and the many other services we have provide over the years, we can help you develop a successful plan for the future of your organization.
MDS’ Retainer Relationship or “Shared Executive” program is a great way to address your strategic planning and monitoring needs all year long. As strategic needs within your operation arise, this program is a great alternative to hiring a full-time executive. You get all the knowledge and industry experience at a fraction of the cost. In the coming weeks, I will outline the program more in-depth. Until then, feel free to give me a call and I will be glad to discuss your individual needs.
Roy Barker is Director of Special Projects at Moore Diversified Services, a Fort-Worth, Texas, based organization specializing in operations analysis, marketing development, and investment advisory services. Roy is an authority in the field of employee turnover analysis and retention strategies.