Seniors Housing Business

JUL 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Question of the Month www.seniorshousingbusiness.com 17 July 2018 n Seniors Housing Business Tim Fossa, Senior Vice President Group Head, Healthcare Banking. With more than 27 years of commercial banking experience, Tim focuses on the healthcare and senior living lending market. Byline Bank and Tim bring a strong capital base and financial acumen to meet your banking needs. Contact Tim today tfossa@bylinebank.com p: (312) 660-5812 c: (630) 886-1908 180 N. LaSalle Street, Suite 300 Chicago, IL 60601 bylinebank.com/shbmag National Senior Housing Lender ©2018 Byline Bank. Member FDIC. How does a seniors housing operator grow its portfolio while maintaining a high level of care and service? Assign duties carefully By Gale Morgan Senior Vice President, Sales Mather LifeWays First, assure you've identified your brand of quality and service, and that brand is in place in your current offerings. Have a team and a pro- cess dedicated to monitoring the continuation of delivering that brand. Meanwhile, have a team desig- nated to peruse new opportuni- ties, looking for value, intelligent investment, and growth while pro- tecting your organization's finan- cial integrity. A third team should be dedi- cated to assuring your acquisition or new product can assimilate into your brand. Be certain each team continually searches for best prac- tices in existing and new products that everyone can utilize. Strategic hiring helps prepare By Bob Karn Executive Vice President, CFO Allegro Senior Living We understand that growth is key to suc- cess, but also presents risk factors that can negatively impact culture and quality of service. Until recently, we grew pri- marily through our own Allegro brand. But as we've become more well known, we've entered into various co-development, acquisi- tion, and third-party management arrangements with respected part- ners in the industry. To plan for this growth, we reor- ganized and hired key positions to ensure we had excess capacity in advance. We also hired a change management consultant to assist. We're very selective with oppor- tunities and build infrastructure prior to growth. Resident satisfaction is baseline By Chris Bird Director of Rental LCS Both link back to occupancy. Many seniors move when a life event occurs and it's no longer ideal to live in their current envi- ronment. The key to growth is delivering on the daily promise of providing care and programming to enhance the resident experience. When that promise is kept, resi- dent satisfaction increases and so do resident referrals. Growth also relies on family, friends and healthcare provider referrals, which are a product of top-level care and outcomes. The bottom line is that high qual- ity care and programming cre- ate highly engaged residents; high engagement leads to more referrals. Strengthen your principles By Josh Crisp President, Founder, CEO Solinity First, an operator must understand a few things: Mission, vision, and orga- nizational values are key. Second, an operator must have a strategic growth plan that includes a fundamental understanding of the operators' strengths and geo- graphic area in which the operator can service the community, team and residents without too much difficulty. Finally, an operator must ensure they have systems in place to build the team physically, emotionally and spiritually so that all the com- munities served are filled with the same love and compassion that solid, high-quality care and service models are built upon. Fill those love tanks! Staffing is the key By Randal J. Richardson President Vi You need to have the right people. We establish a separate opera- tions team focused on new devel- opment and acquisition so that the stabilized community operations team won't be distracted from their primary objective of provid- ing high-quality service and care. As new developments reach stabi- lization, or as an acquisition com- pletes transition, they can then be folded into the stabilized portfolio. This approach requires an upfront investment in person- nel, but allows the core portfolio operations team to stay focused on providing high-quality service and care. You will see savings by protect- ing existing community opera- tions, minimizing mistakes due to competing priorities and quicker integration of new communities. If you have a major acquisition of several communities you'd better have a dedicated team to run them separately until systems and cul- tural integration can be completed in an organized way.

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