Every savvy senior living CEO keeps an eye on industry news.
From NIC data reports to press releases, you’re on the lookout for industry trends, breaking news, and construction updates—anything that could impact your senior living operation.
If you’re keeping up with the headlines, then you’ve seen Argentum’s announcement for the top 10 senior living providers in 2017.
According to Senior Housing News, the Argentum report revealed…
- Brookdale ranked first with units drawing close to the 100,000 mark.
- Holiday Retirement came in second place with around 37,000 units.
- Five Star Senior Living and Life Care Services were nearly tied with 26,953 and 26,452 units respectively.
(If you haven’t already you can read a synopsis by Senior Housing News here.)
But here’s the reality.
More than likely, you’re not thinking about landing in the top 10 heavyweights. For you, a win would be ranking as the best organization in your regions of operation.
Just because you’re a smaller senior living operation doesn’t mean you can’t accomplish significant objectives.
If you’re a small- to mid-sized operator, keep on reading because we’re going to discuss the goal that is within your grasp and far more important for your organization—accelerating top-line revenue stability and growth.
A Common Struggle for Senior Living Organizations
From destructive revenue cycles to lowered rents that don’t create a higher rate of move-ins, at Bild & Company, we’ve seen how difficult it can be to achieve stable top-line revenue…much less numbers that are quickly accelerating.
It’s easy to trace your challenges to the market environment or the locations of your properties.
While these external factors impact your numbers, increasing your senior living operation’s net operating income isn’t about reacting to economic forces.
Your best bet is focusing on a single factor you can control—how your organization drives top-line growth, in other words, your growth infrastructure. (If you want to know more about a growth infrastructure, check out this article.)
Finding Solutions for Your Senior Living Operation
Taking charge of increasing your occupancy and outlining your steps toward stability doesn’t have to be complicated.
Here are a few tips for breaking free of instability and moving toward year-over-year growth.
- Evaluate how you’re driving revenue. Begin with taking an inventory of your income-producing activities. Analyze if you have a clearly defined system for attracting visitors and turning them into residents in your communities. Notice if you have difficulty defining the process you use to accomplish both objectives. Or take note if you have different regions that follow different practices.
- Don’t get overwhelmed. When you realize that your senior living operation lacks a system to drive revenue, the ability to execute a system, or both, it’s easy to get overwhelmed. Instead of making a list of every problem you face, boil your issues down to a few systemic challenges. For instance, you might group missing CRM implementation, poor KPIs, and employee churn to a faulty onboarding system.
- Make plans for long-term growth. Go for the big picture. Don’t react by firing a single regional leader or slashing prices to create temporary increase in occupancy. Instead, make long-term plans to strategically tackle each challenge you face. Realize it may take some months before you see results.
Whether your growth infrastructure needs simple support or a major overhaul, Bild & Company provides the expertise you need to drive long-term growth at your senior living operation.
With years of experience empowering organizations, our senior housing experts have the expertise to nimbly adapt their skill sets to your growth goals.
See how we can help your organization drive revenue, and reach out to our CEO, Traci Bild. To schedule a time to talk with Traci, call 1-800-640-0688 and ask for Liz Simpson, or contact us online.