If you’ve invested in a senior housing portfolio, realizing ROI on your capital is one of your highest priorities.
You’re always on the lookout to remove anything that stunts growth or limits the returns your properties generate.
However, if you have an extensive senior housing portfolio, more than likely, the opportunities for inefficiency and lost revenue are significantly higher.
At Bild & Company, we’ve noticed that larger senior living organizations have an Achilles’ heel when it comes to top-line revenue—a lack of consistency in executing practices that fuel growth.
Keep on reading to see why this is a common pitfall, how it reduces your margins and the solution we recommend…
Why Inconsistency Occurs
When senior living communities don’t follow industry best practices for driving occupancy, their inconsistency may stem from a number of reasons. Just consider some that we’ve listed below:
- Regional leadership that’s stretched too thin or new executive leadership
- Turnover and employee churn at the site level
- Mergers or acquisitions that are in the transition phase
- Unqualified team members who lack critical skills
Each of these factors can easily make it difficult to ensure all properties are driving revenue in the same way.
However, in a large senior housing portfolio, inconsistency can occur for a very simple reason: the more properties and teams there are, the more difficult it is to standardize site-level practices.
Without clearly defined systems, each region and each community can do whatever they think is best to grow occupancy.
And it’s a recipe for disaster if you’re looking to quantify, measure, and improve growth.
How Inconsistency Stunts Revenue Gains
It’s easy to see how inconsistency can hamper revenue gains.
While some communities may follow one standard for converting leads, other communities can follow another—less effective—practice. And the result is increased occupancy for some properties and decreased occupancy for others.
However, this common Achilles’ heel does more than harm current growth. It also hinders future ROI.
Once a systematic approach is set and executed, you can easily identify communities with poor performers and direct your efforts toward the right places for future growth.
A Solution for Your Senior Housing Portfolio
Whether your properties are struggling with systemic inconsistency or simply need some support to implement industry best practices, there is a solution that will unify how your portfolio generates top-line revenue—a growth infrastructure.
As its name implies, a growth infrastructure gives your communities a solid framework to drive revenue. It does this by empowering your properties to…
- Convert incoming prospects into deposit-paying residents.
- Equip and support regional and site-level teams with industry best practices.
- Ensure metric-based accountability for performance evaluations.
At Bild & Company, we’ve helped numerous senior living portfolios, both large and small, implement a growth infrastructure so they increase occupancy and improve net operating income.
Leveraging a growth infrastructure, we’ve watched senior living organizations transform disorganized and haphazard tactics into cohesive and unified strategies.
Discover how a growth infrastructure will transform your senior housing portfolio and help you gain an edge on the competition when you reach out to our team of senior housing experts. We’re more than happy to discuss how clearly defined systems can improve occupancy across your properties.
To schedule a time to talk with our CEO, Traci Bild, you can call us at 1-800-640-0688 and ask for Liz Simpson, or contact us online.