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.
In the face of such adversity, the clear and obvious answer for Senior Care facilities is to reduce costs and increase efficiency. To be able to spend less and achieve more with it. This is the only available path to survive, and even thrive, in these challenging times.
Even as the Covid Crisis recedes, it’s going to leave behind a long term landscape of increased preventive testing, potentially higher staffing costs for the facilities, all while significantly impairing the ability of residents and families to pay for services due to shrinking nest eggs, lost jobs and falling incomes. To truly thrive, Senior Care Facilities have to figure out a long term path to reduce costs and increase efficiency.
ACC Assisted Living and Group Home Software offers a simple and immediate way to start on this journey. ACC is a single solution provider that addresses the care, operations and financial aspects of running your stand alone senior care facility or group of facilities. Doing a simple assessment of all the various different technology solutions you are currently paying for, will show you that replacing some, or all of them, with ACC will yield you significant savings and add to your cap rate, at a time when this is the most critical need for your very survival.
Call us today and we will work with you in doing an assessment on how, and how much, you can save immediately by switching your technology stack, and what you could potentially gain or improve in the long run. Being able to address this massive ‘middle market’ with a lower cost structure and more efficient operations, will not only help you navigate this challenge, but also help you be the guide assisting your stakeholders meet their needs.
- Naveen Venkatachalam, posted 04/14/2020