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ElderCHOICE Portfolio Management. Integrating Operations Analysis and Underwriting Maureen McAllister, CPM. ALFA definition of assisted living.

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ElderCHOICE Portfolio Management

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ElderCHOICE Portfolio Management

Integrating Operations Analysis

and Underwriting

Maureen McAllister, CPM


ALFA definition of assisted living

Assisted living provides 24-hour availability of trained staff who provide residents with scheduled and unscheduled assistance with ADL, IADL needs and SAMM in a residential setting


ElderCHOICE

Portfolio

Benchmarks and Trends


Who is the Customer?

  • Average age of 84

  • 85% are women

  • 75% have a living child

  • Half say it was their decision to move


Assistance Requirements of Assisted Living Residents

Needs help to take medications 88%

Cannot prepare own meals80%

Cannot keep house clean74%

Cannot manage financial affairs72%

Needs assistance to dress/bathe65%

Cannot do laundry62%


Typical Services Provided

  • Three meals per day

  • 24-hour personal care (averages 45 to 60 minutes per day)

  • Medication Management Assistance

  • Housekeeping & Laundry

  • Activities

  • Transportation

  • Wellness services


ElderCHOICE Underwriting Success factors

presentation of planned community

team discussion and integrated analytical modeling

database of benchmarks

industry partners


Evaluation of Susan S. Bailis

Assisted Living


Susan BailisProject Development Costs


personnel during construction

collateral

equipment / leases

media placement

model apartment

management fees

postage

recruitment

training

timing of staff hired before opening day

Marketing plan analysis


Marketing Budget

Total256,678

  • Facility Personnel 55,800

  • Marketing/collateral 52,200

  • Space/Telephone 6,000

  • Model Apartment 0

  • Start-up costs 9,678

  • Management fee 30,000

  • Dev management fee100,000


Furniture, Fixtures & Equipment


Back of house

kitchen

deliveries

housekeeping

laundry

storage

HVAC

Communal Space

reception

marketing

administration

resident care

activities

community events

Capital Budget Considerations


Design features Discussion

  • Building layout review

    • First Floor plan

    • Commercial Kitchen

  • Residential spaces

    • Private space finishes

    • clustered versus decentralized

    • common rooms


  • Design features discussion

    • Exterior features

      • roof

      • siding

      • porches / decks

      • Walkways

      • porte-cochiere

      • entrances (ADA)


    Design features Discussion

    • Corridor

      • length

      • lean rails

      • lighting

      • furnishings

      • flooring

      • elevators

      • storage / signage


    Reception

    Parlors and lounges

    Library or card rooms

    Dining rooms

    Multi purpose space

    Salons & fitness

    Main street vendors

    Design DiscussionFurnishings budget


    OperationsManagement


    Staffing


    Role of the Executive Director

    • Intensive Business Management

      • 24 hour/ day 365 days per year business

      • managing 5-6 department heads

      • upwards of 35 full-time equivalent staff

        • managing human resources is key

        • labor accounts for 60-70% of operating budget

      • managing $1.5 to $2.5 million dollar budget

        • per diem and per resident costs


    Back of house

    kitchen

    deliveries

    housekeeping

    laundry

    storage

    HVAC

    septic/water

    Community

    reception

    marketing

    administration

    resident care

    activities

    community events

    Operations -- Service Management


    executive staff

    marketing

    accounting /auditing

    office services / equipment

    telephone

    training

    fees

    Operations—Administration budget


    Maintenance

    plant services and contracts

    repairs

    decorating and refurbishment

    landscaping

    Utility cost analysis

    Taxes

    Insurance

    Replacement reserve

    Operations—property expenses


    Resident Services

    Personal Care

    Dining

    Housekeeping

    Laundry

    Activities/Wellness


    Expenses as Percentage of Revenue

    Personal Care20%

    Dining Service11%

    General &

    Administration10%

    Property10%

    Management Fee 4%

    Housekeeping/Laundry 4%

    Social activities 3%

    EBITDA37%


    Resident Care Plan

    • Initial assessments of all residents

    • Daily care plans and Six month assessments

    • 24/7 staff coverage based on plans

    • Variable ADL needs per day or per week

    • Fluctuations in care

    • Issues related to holidays/ vacation/ illness

    • Time management and outside billing


    number of residents

    minutes of care

    identification of shifts

    job responsibilities

    regulatory compliance

    productivity factor

    use of FT & PT staff

    holiday/ sick time vacation/ overtime

    benefits

    Personal Care Cost Analysis


    Personal Care Shifts

    NCB templates


    Dining Services


    Dining Services Plan

    Concept and design

    • Dining Room

      • number of tables

      • seating plans or open seating

      • Server stations

  • Service style

    • menu choices / number of courses

    • Planned or a la carte

  • Kitchen Layout and connection


  • Dining Services Discussion

    • Food and Beverage Service

    • Staff Planning/ Menu Cycle

    • Budget per meal or per day

    • Purchasing / Inventory / contracts

    • Health and Nutrition ( 19D)


    Dining Services Cost Analysis

    Staffing

    Raw food

    Tables and chairs

    China and glassware cost

    Tablecloths and napkins

    Supplies


    Dining Services Staffing Model

    Ratios

    • Continental breakfast:1:30

    • Dining for assisted living: 1:12

    • Dining for dementia care: 1:5 or 1:7

      Shifts 7:00 - 2:30 and 3:45 to 7:00

    • Allows for table set-up, serving, clean-up

    • 9.1 FTE staff needed for 3 daily meals for 100 residents


    Susan Bailis Assisted Living

    Performance benchmarks


    Expenses as Percentage of budget

    • Administration 18%

    • Maintenance 5%

    • Resident Services 55%

    • Utilities 8%

    • Taxes/Insurance 6%

    • Management fee 6%

    • Replacement reserves 2%


    Expenses as Percentage of Revenue

    Personal Care16%

    Dining Service13%

    General &

    Administration13%

    Plant 9%

    Utilities 6%

    Management Fee 4%

    Housekeeping/Laundry 4%

    Taxes/insurance/security 4%

    Replacement reserve 1%

    EBITDA 29%


    Revenue & Expense Profile(per unit )

    Susan BailisALMonthlyAnnually

    Revenue$ 2,569$ 30,835

    Expenses$ 1,829$ 21,959

    Debt$ 7,800

    ElderCHOICE portfolio

    Revenue$ 3,000$ 36,000

    Expenses$ 2,200$ 26,400

    Debt$ 7,600


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