Senior Housing and Assisted Living Business Consulting
Our senior living advisory services help clients fine-tune their communities for optimal performance. Clients can rely on us to help them through critical business issues and position them to innovate and thrive in an evolving senior living marketplace.
The Senior Housing industry is quickly evolving. All sectors – including Active Adult, Independent Living, Assisted Living, and Memory Care environments – are being affected. Whether designing for the future, repositioning an existing product, or maintaining a competitive advantage, operators must adapt to these societal, environmental, and regulatory changes – quickly. This evolution presents both challenges and opportunities for owners and operators.
Initial Development Services
Analysis of Design and Development Documents
Senior Living communities are not licensed or regulated by any federal or national agency, but by state entities. As such, there are 50 sets of criteria to license and operate assisted living and memory care communities. As a result of the pandemic, many states are also adopting changes in the requirements for licensing and regulating these communities. It is important to stay abreast of these pending changes; having a national network of industry contacts allows Haven to stay up to date on regulatory changes to ensure project compliance and a smooth licensing process.
Haven delivers a detailed report of our analysis from the perspective of licensing and compliance and provides input related to the operational efficiency of the project’s architectural plans. This report provides assurance to financial partners of the financial viability of the project and its compliance with all licensing criteria.
It is critical to know your competition and the conditions in the market. Haven offers a detailed competitive review on all senior housing communities in the project’s Primary Market Area. This report includes information on care, services, amenities, rent and care rates, occupancy, and physical plant. This analysis allows owners and developers to best position their product, identify target markets and effectively position the project.
Development of Pre-Opening Marketing and Sales Programs
Haven can produce high-level pro forma analysis as well as detailed multi-year operating budgets. Key metrics of these reports will be bench marked against regional and national averages. Messaging, marketing, and sales efforts are critical for new senior living developments. A strong campaign should result in 35-40% pre-leased units. Creating and executing tasks prior to opening can make a significant difference in attaining or exceeding financial expectations. From identification and building relationships with the area’s key referral sources, impactful social media and online ad campaigns, and planning/execution of marketing events, Haven is experienced in designing, managing, and executing these critical services.
Financial Performance Projections
Existing Operations for Acquisition
Haven will evaluate existing operations for any project being considered for acquisition. This evaluation includes a detailed analysis of charges vs. services and will include strategies and recommendations for increasing employee productivity, maximizing revenue, and realizing operating efficiencies. A “strengths and weaknesses” analysis of existing staff will also be performed on the buyer’s behalf.
Everything doesn’t always go as planned for a variety of reasons. Haven is skilled at identifying operational and sales problems and correcting them. Repositioning, implementing strategies for improving performance, and increasing staff production and efficiency are critical elements of our turn-around programs. Gauging staff engagement, resident and family satisfaction, and fiscal performance establishes a baseline from which improvements can be measured.
Haven Senior Living provides Ownership Groups already using a 3rd Party Management Company with Asset Management services which include:
- Review of the existing contract for management services and analysis of community financial performance and comparison to industry norms
- Onsite and in-person interviews with community Executive Directors and other key staff to solicit candid insights and opinions of current performance and factors as well as the community’s relationship and perceptions of the management company (Satisfaction Survey)
- Interviews with the management company’s support (regional) staff assigned to the community
The demand for senior living communities is increasing at an impressive rate. This growth will place even greater pressure on identifying competent, qualified, and experienced staff – causing operators to prioritize training and retention programs. Haven Senior Living can assist in all phases of community operations including hiring and training staff; implementing and optimizing care and service delivery; administrative and financial solutions; occupancy issues; workforce management; resident relations; cost containment; sales and marketing efforts; financial analysis; and budgeting.
Additional Services include:
- Development and Management of Critical Tasks Worksheet (New Developments as well as Acquisitions)
- Identification and Recruitment of Key Staff
- Strategic Planning and Positioning
- Key Performance Indicators Development
- Complete Asset and Personnel Management
- Regular and Thorough Reporting to Ownership
- Technology Enhancements
- Effective Staff Recruitment and Retention
- Achievement of Operational Benchmarks and Financial Goals
- Effective Turn Around of Under-performing Assets and Repositioning