As a senior living CEO, the burden is on you to increase net operating income and revenue at your communities.
That’s why, when occupancy begins to plummet, you aren’t afraid to discount your prices, cut your staff, or cut certain services.
But strategies like these can only temporarily halt your revenue loss. Eventually, you’ll need to find a long-term solution—not a temporary band-aid.
More than likely, there’s a strategy you haven’t considered that can effectively diagnose why your census is dropping so you can address your underlying problem: senior living mystery shopping.
Mystery shopping can be your secret weapon to close your revenue gaps, and here’s why…
You Have a Problem—And It’s Not Getting Better
It’s tempting to simply react to the declining occupancy in your senior living portfolio.
It’s all too easy blame your prices, your service offerings, or even the region where your communities operate. But you can’t increase your net operating income or ignore your lack of strategy by simply hoping industry growth will provide a lift.
The reality is that the senior living industry—as a whole—is suffering from dismal occupancy numbers.
Over the past few weeks, Senior Housing News has reported that…
- Capital Senior Living “missed revenue projections by about $330,000” with its CEO crediting the event to subpar census.
- Five Star Senior Living’s occupancy has dropped even lower to 83.1%.
- Real estate investment trust Welltower is resorting to higher rents to compensate for its occupancy challenges.
A brief glance at these headlines reveals you can’t simply wait your census troubles out.
Dismal occupancy is knocking at your door, and the only way you can begin to improve net operating income is by facing your problems head-on.
You Must Get Your Diagnosis Right
Reversing your numbers isn’t possible unless you have a strategy that targets the real reason for your lost revenue.
And that begins with diagnosing your problem correctly.
Without in-depth information on each of the properties in your portfolio, you can’t see the larger picture of what’s occurring in your operation…and what you need to do to increase occupancy.
The solution to this problem is mystery shopping.
By mystery shopping your communities, you’ll get a candid glance into your portfolio that can reveal…
- Which executive directors are effectively managing revenue generation.
- Which regions of your senior living portfolio are suffering from poor sales leadership.
- Which sales counselors are following your organization’s sales process, and which ones are losing leads.
But if you want this kind of valuable information on your properties, you need to realize that not all mystery shopping services are created equal…
You Can’t Settle for Mediocre Mystery Shopping
Senior living communities need senior living mystery shopping.
You can’t settle for a mediocre or generic approach when your ability to solve your problem relies on the data you’ll receive.
At Bild & Company, we provide mystery shopping services targeted for senior living executives who are ready to get to the bottom of their occupancy troubles and solve them.
Here are a few things that make our mystery shopping unique. At Bild & Company, we…
- Only use trained shoppers. In addition to initial instruction, we provide refresher training as well as training for new licensing or products offered at senior living communities.
- Hand-select our shoppers. When you request mystery shopping for your senior living operation, we’ll select shoppers with demographics that match the needs of your senior housing communities.
- Provide personalized feedback for our shoppers. When shoppers need feedback, we don’t send blanket emails. Instead, we pick up the phone, ask questions, and even conduct role play scenarios to strengthen their skills. This allows us to understand our shoppers and match their personalities, strengths, and weaknesses to your franchise.
Stop settling for declining occupancy.
Start diagnosing what’s draining your revenue.
Contact Bild & Company today, and we’ll put our targeted mystery shopping services to work for your operation.