Staffing shortages. Inflationary pressures. Rising interest rates. A softening housing market. Ever-increasing construction costs and supply chain issues. These and other economic challenges are squeezing already thin (or non-existent) margins for Life Plan Communities. What should communities do to respond to these challenges and position themselves for financial success in 2023?
In our third annual “A Look Ahead” webinar, senior living thought leaders share their views on these challenges and what steps organizations can (and need to!) take now to solidify their financial health in 2023.
· Aaron Rulnick, Managing Principal of Herbert J. Sims & Co., will present an overview of major trends and how they are expected to continue into 2023. He will then provide an overview of the guidance the Sims team is providing to organizations to help them prepare for and respond to these continuing challenges.
· Jonathan Cook, CEO of LifeSpire of Virginia, a growing organization with five Life Plan Communities in Virginia, will share strategic initiatives LifeSpire is taking to continue to grow revenue and services. These include pricing and contract modifications, independent living growth strategies, and how the organization is approaching potential acquisitions.
· Rob Love, President/CEO of Love & Company, will address specific steps communities can take to evaluate options to increase independent living revenues and cash flow without relying solely on monthly fee increases. He will also outline specific steps communities can take enhance their ability to attract and retain staff.