The current business climate for today's senior care providers is complex and contains increasing risks. More stringent regulatory controls, increasing operating costs, staff retainage, and a seemingly unpredictable senior market are among the daily challenges facing senior management.
Attracting an emerging or shifting senior market with static, inflexible community facilities is often a source of declining occupancies and eroding revenue. A building developed 10, 20, or 30 years ago was designed to serve market expectations of that time - not today. Senior demands are constantly changing and often move away from the premises which created an older community. How can a community adapt to meet new and future senior expectations?
A successful strategy for repositioning an existing senior community is composed for seven basic phases in an integrated, market centered process.
- Develop a Strategic Plan that answers the questions of:
- Who are we?
- What is our mission?
- What are we doing and how?
- What must change?
- How do we get there?
2. If change is needed, select an Experienced Development
Team and incorporate an integrated project delivery with
representatives for:
- Market Research
- Operations
- Financing
- Physical Improvements
3. Market Analysis should begin the study process for executing the Strategic
Plan and include:
- Demographic Study
- Competition Evaluations
- Senior Market Attitudes
- Quantification of Emerging Senior Market Demands
4. Community Planning based upon the market analysis findings would
incorporate:
- Experienced Design with Evidence Based Criteria
- Facility Improvements to Meet Market Expectations
- Enhanced Building and Site Design
- Furniture and Equipment Planning
- Alternatives and Future Steps
5. Determine Investment Viability with the synthesis of:
- Improvement Budgets
- Projected Financial Performance
- Loan Capacity
- Lender Search
6. Test the Market Assumptions:
- Present Improvement Plans to Focus Groups
- Develop Select Groups for Feedback
- Acquire Perceptions and Attitudes to Fine Tune Approach
7. Capture the Market Quickly:
- Execute Before the Competition
- Finalized Design Modifications
- Logical Competitive Bidding
- Experienced Construction
- Marketing During Construction
PDC has assisted dozens of senior communities across the country with developments to protect and acquire market positions. If you would like more information on how PDC can assist your planning efforts, please feel free to contact us to receive more information info@PDCmidwest.com.
