If you’re an asset manager, you play a key role in empowering your senior living organization to meet crucial targets each year.
From large REITs to small senior living operations, it takes skilled asset management to ensure an organization manages each resource and leverages it for long-term growth.
But the pressure is on for 2018.
The senior housing market is less than robust, and your organization will rely on your financial acumen to translate balance sheets into strategies that increase net operating income.
But the reality is, your ability to quickly understand any financial report isn’t enough to guarantee long-term growth in the upcoming year.
Here are 3 inconvenient truths you’ll need to face when it comes to asset management and your organization’s future success.
#1. Financials Don’t Tell the Whole Story
In asset management, financial reports are everything.
From diagnosing a challenge to finding a solution, you rely on your ability to interpret financial data each and every day.
However, for growing your organization’s top-line revenue, here’s what you need to know.
Your financials are critical…but they don’t tell the whole story.
Poor net operating income doesn’t always come down to operational inefficiency. ROI challenges can stem from inadequately trained team members, poor clinical care, or other issues.
It’s important to recognize that financial data alone won’t solve your asset management challenges.
#2. Community Stats Alone Aren’t Enough
If you’ve realized the limitations of financial reports, you may be tempted to rely on community stats to diagnose issues in your portfolio.
It’s true…data on your individual properties is critical.
If you want to narrow your focus from the overall health of your organization to specific communities, you’ll need to dissect occupancy reports for each individual property and each team member’s performance.
But here’s what you need to realize.
While these stats are important, they can only inform your asset management decisions to a certain point.
For instance, a dipping occupancy number can stem from…
- Team members who neglect industry best practices.
- Poor leadership from your executive director.
- Technical difficulties (such as a broken link for an online form) that create unnecessary roadblocks.
Many times, improving net operating income means diving deeper into the data you gather and doing detective work on your lagging properties.
#3. Internal Intelligence Gives a Bigger Picture
Removing roadblocks for your organization depends on internal intelligence that pinpoints deep-rooted problems.
You need data that reveals…
- Why your communities are struggling to meet KPIs.
- Which teams or team members need support for better performance.
- What solution will stop the financial hemorrhaging in your organization.
At Bild & Company, we empower senior living organizations with internal intelligence so they have the data they need to halt dropping numbers.
And we’re giving asset managers complimentary access to three takeaways we’ve uncovered in our independent research on senior living properties:
3 Research Takeaways We’ve Uncovered That You Can’t Ignore for Your Senior Living Organization…
And what they reveal about your growth potential for 2018
This report reveals our proprietary analysis, helping you dive deeper than the data in your financials or community KPIs.
If you’re ready to gain internal intelligence that uncovers why your communities struggle to generate returns or support your NOI initiatives, reach out to us online, or call us at 1-800-640-0688.
Simply ask for Liz Simpson, and she’ll schedule a time where you can discuss your asset management challenges with Bild & Company’s CEO, Traci Bild.