Costs are rising for Senior Care operators and investors. The ability of residents and families to pay for Assisted Living is falling. Covid-19 has created a new landscape of slower move ins and falling occupancy. This shrinking gap between rising costs and falling revenues has created a perfect storm for Assisted Living facilities, who receive little to no help from government sources. Senior Living companies are issuing alerts and warnings of ebbing occupancy, falling profits, increasing losses and potential bankruptcies. As an operator, investor or a management company, it becomes part of your fiduciary duty to perform due diligence to find a way out of this financial morass.
Facility Operational Costs are going up every day. They never go down.
Loss of affluence - Residents and families can’t pay more, in fact, they will want to pay less due to drop in income and affluence.
The Luxury segment of the market, those who can afford to pay more per month, is shrinking and the competition is fierce, while the mid-market segment is growing.
You can maintain or increase profitability by increasing revenues (raising rent) or cutting costs. But raising rents in a market with falling occupancy and increasing competition is hard.
Cutting costs indiscriminately can impact quality of service. Any cost control must be targeted to achieve optimum results.
You need to figure out a way to cut costs, maintain service and increase efficiency to improve your sustainability in the luxury market, and to crack open the vast mid-market senior living segment.
ACC is an excellent avenue of cutting technology costs not only without a loss in service quality, but an opportunity to improve your service quality while cutting costs. Go from multiple systems that don't talk to each other, are inefficient and cost a bundle, to a single system that does things smoothly at a small fraction of the cost.
Let’s do an assessment of your technology stack and prove our savings to you!