Economic Recovery Repositioning for Senior Care Providers Every business is dealing with challenges from the Great Recession and senior care providers are no exception. Add the uncertainty from health care reform, declining home sales with inaccessible equity, a sluggish senior market, and most providers find themselves searching for a clearer crystal ball. Experts say that the worst is behind us and better days are ahead. While this view can be argued, it is clear that a different paradigm for senior care is emerging and planning for the future should include five key issues: 1 Conduct a strategic re-evaluation of your business. Sometimes an organization’s mission, philosophy and vision evolve without interim redirection or planning. Should they be analyzed and aligned with new market forces and delivery expectations? Are your Board and Senior Management responding to current operations in a coordinated and cooperative manner that supports success? 2 Consider the impact of generational market shift. The Baby Boomer’s impact to senior care during the last few years has been primarily to influence decisions of their parents. Generational shift is a dynamic, constantly changing market force that has an acute affect to providers. When will Baby Boomers become senior care users and Generation Y begin to impact decision making in your service area? Does your market’s future generational alignment match your service and facility offerings? 3 Determine if aging-In-place has emerged as a critical planning challenge. Health acuity needs naturally increase for senior residents and an entrenched reluctance for relocation emerges gradually over time. Can your operations accommodate those needs and will your facilities comply with building codes and other regulatory requirements for higher levels of health care services? 4 Evaluate operation cost efficiencies and market competitiveness. Operational cost efficiency is more than a temporary survival technique during recessionary times – it has become a market expectation. Are you prepared for the “less for more” expectations arising from the economic recovery? Does your business model reflect the expectations of your senior care market and are your facilities helping or hindering your efforts? 5Innovate to increase market access and revenue opportunities. Think out-of-the-box regarding new business acquisition. Do your discharges or resident requests suggest a new business opportunity? Are you now providing free additional services that could be formally structured to enhance income? Are there diversification or expansion strategies that could both mitigate risk and offer new revenue streams? Consulting with an experienced senior care facility developer may be of assistance at this crucial time in your organization’s planning. Please feel free to contact me, Bob Gummer at rgummer@pdcmidwest.com, to discuss how strategic facility planning can contribute to your organization’s success.
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Economic Recovery Repositioning for Senior Care Providers

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Every business is dealing with challenges from the Great Recession and senior care providers are no exception. Add the uncertainty from health care reform, declining home sales with inaccessible equity, a sluggish senior market, and most providers find themselves searching for a clearer crystal ball. Experts say that the worst is behind us and better days are ahead. While this view can be argued, it is clear that a different paradigm for senior care is emerging and planning for the future should include five key issues:

1 Conduct a strategic re-evaluation of your business.

Sometimes an organization’s mission, philosophy and vision evolve without interim redirection or planning. Should they be analyzed and aligned with new market forces and delivery expectations? Are your Board and Senior Management responding to current operations in a coordinated and cooperative manner that supports success?

2 Consider the impact of generational market shift.

The Baby Boomer’s impact to senior care during the last few years has been primarily to influence decisions of their parents. Generational shift is a dynamic, constantly changing market force that has an acute affect to providers. When will Baby Boomers become senior care users and Generation Y begin to impact decision making in your service area? Does your market’s future generational alignment match your service and facility offerings?

3 Determine if aging-In-place has emerged as a critical planning challenge.

Health acuity needs naturally increase for senior residents and an entrenched reluctance for relocation emerges gradually over time. Can your operations accommodate those needs and will your facilities comply with building codes and other regulatory requirements for higher levels of health care services?

4 Evaluate operation cost efficiencies and market competitiveness.

Operational cost efficiency is more than a temporary survival technique during recessionary times – it has become a market expectation. Are you prepared for the “less for more” expectations arising from the economic recovery? Does your business model reflect the expectations of your senior care market and are your facilities helping or hindering your efforts?

5Innovate to increase market access and revenue opportunities.

Think out-of-the-box regarding new business acquisition. Do your discharges or resident requests suggest a new business opportunity? Are you now providing free additional services that could be formally structured to enhance income? Are there diversification or expansion strategies that could both mitigate risk and offer new revenue streams?

Consulting with an experienced senior care facility developer may be of assistance at this crucial time in your organization’s planning. Please feel free to contact me, Bob Gummer at rgummer@pdcmidwest.com, to discuss how strategic facility planning can contribute to your organization’s success.