You’ve got questions. We’ve got answers.
Q: I own one community. Should I be concerned?
A: Yes. More individually owned, self-managed communities must address three major issues:
- Keeping up with the current state-of-the-art and growing complexities of the changing business model;
- Addressing change and challenges both short-run — in the next 18 to 24 months — and longer range over the next 24 to 60 months; and
- The ability to afford and fund necessary change.
Examples of just some of the future typical needs include sophisticated systems and procedures, expanded strategic business practices, increased purchasing power and possibly funding a more market-responsive physical plant design. One issue is very clear: Increased financial viability resulting in available cash flow must be enhanced to fund the strategic sophistication that is evolving. Most self-managed single community owners desire to remain in complete control. That’s understandable. But it could be increasingly difficult to achieve. Owner/operators might alternatively consider retaining a qualified third-party management company
Jim Moore is president of Moore Diversified Services Inc., a national senior housing and healthcare consulting firm based in Fort Worth, TX, that has been serving clients for 46 years. He has authored five books about senior living and healthcare, including Assisted Living Strategies for Changing Markets and Independent Living and CCRCs. Jim Moore can be reached at (817) 731-4266 or firstname.lastname@example.org.