What is “Cost Creep”? How is it measured? How does it affect your community, division, or company? What can you do to stay out in front of it? These are some questions I hope to answer for you. Cost creep, in its basic form, is providing more care to residents than you are being compensated for. This can come about for many reasons, such as: an incorrect loaded hourly rate on which to base monthly service fees (MSF) and … Continue reading “Is “Cost Creep” affecting your income statement?”
What Else is Aging at Your Community?
This is a continuation of the top priorities for success in 2015 and beyond. Previously, we talked about increasing resident age and acuity levels. In this edition, we will explore the impact of age on the physical plant. Because there were a lot of communities built in the 1980s and 1990s this has led to quite a bit of older inventory still in use today. Some owners have done a great job keeping up and some … not so … Continue reading “What Else is Aging at Your Community?”
Conduct a S.W.O.T. Analysis Before You Need a S.W.A.T. Team!
You have the ability to take your business wherever you can imagine. The first step in any journey is planning. The old mantra goes, plan your work and work your plan. Those are great keys to success. Develop a plan and then focus and stick to it. Not that it won’t need tweaking and adjusting along the way, but as long as you can stay focused and true to your mission and goals, you can accomplish anything in life … Continue reading “Conduct a S.W.O.T. Analysis Before You Need a S.W.A.T. Team!”
The Elusive Balance of Life and Business
If you’re like me you’re constantly searching for the optimal balance in life. I do a lot of reading and try to find tips and pointers that work for me. I think one point to stress at the outset is there are many great ideas and theories available, but you have to study and incorporate the ones that are right for you and your situation. The key to balance will be somewhat different for everyone and will change from … Continue reading “The Elusive Balance of Life and Business”
Where Do I Start?
As you start your strategic planning for 2015 you might ask yourself “where do I start?” You have a lot of areas that you would like to tweak and improve as you start into the new year. Two great starting points are a financial wellness checkup and a SWOT analysis (SWOT is an acronym for strengths, weaknesses, opportunities, and threats). The financial wellness checkup will give you a great base to start thinking about areas where you could sharpen … Continue reading “Where Do I Start?”