What are innovative operators doing to create additional revenue streams?
Impress the whole family
By Jennifer Dixon
CEO
JD Solutions Group
The most innovative operators are investing in creating curated experiences that reflect the interests and needs of not only their residents, but also their residents’ family members. From expanded dining choices and spa services to tech-enabled healthcare options, these operators offer standout communication, services and programs.
Even better, communities with these enhanced offerings have stronger sales and occupancy performance. Across the continuum of senior living, from active adult to memory care, operators are trying to move quickly and adapt to the changing expectations of what prospective residents and families want.
Find a tech partner
By Stephanie Harris
CEO
Arrow Senior Living
Arrow Senior Living has partnered with Cubigo, an all-in-one digital platform, to simplify communication, manage point-of-sale, coordinate services and facilitate payments. Cubigo’s integrated platform hosts multiple operating applications, streamlining workflow and the process of recording the sale of additional services.
With Cubigo, Arrow can better promote optional services and easily document ancillary charges to drive growth. Additionally, Arrow is exploring ways to offset the cost of clinical technology and develop additional revenue streams with Medicare Part B providers.
Focus on the basics
By Fee Stubblefield
Founder & CEO
The Springs Living
Ancillary revenue in any business is good, right? Not always.
In my 30 years of running businesses, I see most managers focusing on ancillary revenue while struggling with their core business. Since the pandemic, margins decreased due to increased costs in labor, supplies and interest rates.
Don’t be distracted from your core business. Focus on your promise to your customers, returning quality in operations, and then rebuilding margins. Only then should we explore being compensated for other revenue streams.
More isn’t always better
By Amy Birkel
Chief Operating Officer
Heritage Communities
Before adding to the list of services or amenities you offer, take a good look at what you are currently managing. Where are your lost revenue gaps and what processes are needed to stop the leak? Adding more to manage when you aren’t maximizing your main sources of revenue is a sure way to add more headaches than dollars.
Add advanced concierge services and upscale dining options, offering more to residents and more to your portfolio to market. Make dynamic pricing a routine practice.
Listen to your residents and families. Find what additional needs they have and look for ways to be their trusted solution.