How can I maximize my community’s likelihood of profitable growth while minimizing the risk of mistakes and failure?
If you are a senior living leader today and you’re asking this question, you are not alone!
No different from Fortune 500 companies, your community’s future rests on the information, insight and ultimately the quality of the plans you make today. In a rapidly evolving marketplace where the lines between senior living modalities are being blurred and the needs of various types of residents are increasing, it has never been more important for senior living executives and their boards to be sure footed in meeting current and future consumer demands, growing occupancy and sustaining a strong financial position. These days, there is no margin for error and no place for guesswork or gut feelings.
Optimizing Growth in a Rapidly Changing, Increasingly Challenging Marketplace
Creating and implementing the correct growth strategy for your community has become an increasingly difficult challenge. Evolving personal support technologies, “at-home” services, changing customer attitudes, Baby Boomers, Accountable Care Organizations, declining federal reimbursements, a challenged economy and increasing market competition have made your path to success – for both the present and future – all the more difficult and risk laden. The difference between sustainable, profitable growth and failure can be razor thin and depends upon making the right choices and decisions today.
A Proven Process for Growth
For senior living providers today, a well-conceived growth strategy is nothing less than critical. Leading senior living growth consultants, such as LTC LINK Elite Supplier award winner SageAge Strategies, develop evidence-based plans that are implemented and continually assessed and modified to respond to changing market forces to assure strategic growth for clients. SageAge specializes in strategic business growth and has the experience and expertise to assess each client’s unique situation and develop the right strategies and implementation processes to ensure calculated, directed and practical growth for their organizations, individual communities and service lines.
Often conducted in conjunction with market feasibility studies, demand analysis and competitive analysis, our proven plan development and implementation process provides a comprehensive review of key market and environmental factors – including your geographic market, payer mix, profitable service opportunities, facilities, competitive environment, national trends and brand equity – to help your community grow. Because we believe that only true partnerships yield sustainable success, we encourage the participation of key constituents of your organization. These include your leadership team, board, staff members, residents, their families, referral sources and other key influencers.
Campus Master Planning: Assessing Market Needs, Preferences, Trends and Opportunities to Create Successful, Growing Communities
Another key element in implementing a successful growth strategy is achieving a “right-sized” physical plant that addresses your current needs and growth opportunities while anticipating changes in the senior living landscape. To ensure the right decisions for your community – from “go/no-go,” to the size of a planned expansion – it is critical to have a sound, objectively derived analysis of all factors that could affect the success of your organization. Everything from projected market demand, emerging technologies, changing government regulations and payments, competitors’ plans and the price of building materials must be thoroughly measured and evaluated. Our highly knowledgeable team at SageAge has done many successful physical plant expansion plans for client-partners and can help you make the best decisions for the future success of your community.
A Case Study in Successful Strategic Growth
SageAge Strategies partnered with The New McLean, Simsbury, CT to conduct a comprehensive market review and demand analysis to spearhead McLean’s vision for strategic repositioning, rebranding, service expansion and market growth. A key focus was to identify sustainable, revenue-generating growth markets and to optimize private payers vs. government reimbursements. The evidence-based planning and development effort resulted in a profitable, growing community that included: a CCRC offering; the development of Memory Care Assisted Living; addition of Independent Living with enhanced living services; enhancement of the existing Assisted Living offering with new facilities and expanded services; creation of a new, overarching brand and a significantly improved financial position highlighted by record occupancy levels and a substantial increase in the proportion of private pay residents.
Growth Strategy Services for Senior Living Providers
At SageAge Strategies, we provide comprehensive strategic growth planning and implementation services including:
- Consumer and referral source research
- Planning retreats and educational sessions
- Market and long-term demand analyses
- Mystery shopping
- Benchmarking analysis
- Trend-based facility needs assessments and campus master planning
- Governance and organizational structure
- Linking organizational opportunities to community needs
Maximizing Your Probability for Long-Term Growth
If you are a senior living provider considering the need for assistance in developing an effective growth strategy or campus master plan, be sure to look for an experienced organization that operates exclusively in the unique senior living marketplace and has the specialized expertise, extensive experience and award-winning results to succeed. Our team of operational and marketing professionals will help you create a 360-degree growth strategy that provides your community with the greatest opportunity for a successful future.
For more information, contact us at 570-601-1720.