The Perfect Time for Senior Care Strategy Is Now
June 16, 2022

The Perfect Time for Senior Care Strategy Is Now

Originally published August 10, 2021. Updated June 16, 2022.

The pressures of the pandemic and subsequent labor crisis and inflation have exacerbated existing pressure points in senior care. Many operators are struggling to find a sustainable path forward. Here’s the good news: Now is the perfect time to reset your senior care organization’s strategy for the following reasons:

  • We have to: The strong will survive. Given occupancy realities and expense increases, a redesign of your financial and operating plans is likely already in place. Take this one step further for longer-term survival- including evaluation of market positioning, and long-term future strategy to compete in very tight markets—for census, for staff, and for preferred partnerships.
  • Take the time: With the vaccine effectiveness, weaker strains of the virus and more comprehensive infection control management there is more time to think longer-term, and people expect leaders to be doing just that. As the dust settles, take this this as a time to chart your path forward, and implement with confidence. We all know the world will never be the same, and those of us in senior care are not excluded from that.
  • It is our job: When we look to our clients’ core values, we often see principles such as respect, integrity, honesty, accountability, and trust. These all point us toward a responsibility to provide sustainable, high-quality care and employment. To do this in our current environment requires careful planning, strategy development, and execution of initiatives.
  • We are open to it: The “normal” and “how we’ve always done it” were both rocked when COVID-19 hit our communities. We had to rapidly pivot the way we provided care, interacted with key stakeholders, and maintained safe operations. We have now proven to ourselves that we can change, and we can change quickly.

As you reset your organization’s strategy, Health Dimensions Group (HDG) recommends looking at the following three key areas:

  • Mission: Define and double down on your mission. Understand the goals of your organization, whether financial targets, vision and values, or the population you are called serve. The work beyond this will correlate back to what you want to do. Until your mission is clear, the path will be foggy.
  • Market: Clearly identify your market and how you serve them. To do this, you must combine current and projected demographic data with objective and subjective feedback from the market on needs, and then possess an ability to synthesize this into a market understanding. Likely this will change paths laid just two years ago and push your organization beyond traditional service lines and payment models. This must include both the market for consumers, but also staff.
  • Money: Understand the options available to you in your current financial position. When you take into consideration your cash position, debt structure, and projected ongoing financial performance, you will better understand what strategies are feasible for your organization. This can help guide plans on repositioning, rebuilding, or new development to support identified market needs.

HDG has developed strategies for many organizations across the country—from rural, stand-alone skilled nursing facilities, to big continuing care retirement communities, to some of the largest providers in the nation. We would be honored to support you as you redefine your senior care strategy through high-quality market insight and analytics, strategy development facilitation, and financial modeling. Please contact us at info@hdgi1.com or 763.537.5700 to learn more.

Photo of Erin Shvetzoff HennesseyAuthored by: Erin Shvetzoff Hennessey
CEO

 

Share:

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Archives