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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

ElderCHOICE Portfolio Management

Integrating Operations Analysis

and Underwriting

Maureen McAllister, CPM

alfa definition of assisted living

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

ElderCHOICE

Portfolio

Benchmarks and Trends

who is the customer
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
Assistance Requirements of Assisted Living Residents

Needs help to take medications 88%

Cannot prepare own meals 80%

Cannot keep house clean 74%

Cannot manage financial affairs 72%

Needs assistance to dress/bathe 65%

Cannot do laundry 62%

typical services provided
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

ElderCHOICE Underwriting Success factors

presentation of planned community

team discussion and integrated analytical modeling

database of benchmarks

industry partners

marketing plan analysis
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
Marketing Budget

Total 256,678

  • 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 fee 100,000
capital budget considerations
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
Design features Discussion
  • Building layout review
      • First Floor plan
      • Commercial Kitchen
  • Residential spaces
      • Private space finishes
      • clustered versus decentralized
      • common rooms
design features discussion1
Design features discussion
  • Exterior features
      • roof
      • siding
      • porches / decks
      • Walkways
      • porte-cochiere
      • entrances (ADA)
design features discussion2
Design features Discussion
  • Corridor
      • length
      • lean rails
      • lighting
      • furnishings
      • flooring
      • elevators
      • storage / signage
design discussion furnishings budget
Reception

Parlors and lounges

Library or card rooms

Dining rooms

Multi purpose space

Salons & fitness

Main street vendors

Design DiscussionFurnishings budget
role of the executive director
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
operations service management
Back of house

kitchen

deliveries

housekeeping

laundry

storage

HVAC

septic/water

Community

reception

marketing

administration

resident care

activities

community events

Operations -- Service Management
operations administration budget
executive staff

marketing

accounting /auditing

office services / equipment

telephone

training

fees

Operations—Administration budget
operations property expenses
Maintenance

plant services and contracts

repairs

decorating and refurbishment

landscaping

Utility cost analysis

Taxes

Insurance

Replacement reserve

Operations—property expenses
resident services
Resident Services

Personal Care

Dining

Housekeeping

Laundry

Activities/Wellness

expenses as percentage of revenue
Expenses as Percentage of Revenue

Personal Care 20%

Dining Service 11%

General &

Administration 10%

Property 10%

Management Fee 4%

Housekeeping/Laundry 4%

Social activities 3%

EBITDA 37%

resident care plan
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
personal care cost analysis
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

Personal Care Shifts

NCB templates

dining services plan
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
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
Dining Services Cost Analysis

Staffing

Raw food

Tables and chairs

China and glassware cost

Tablecloths and napkins

Supplies

dining services staffing model
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

Susan Bailis Assisted Living

Performance benchmarks

expenses as percentage of budget
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 revenue1
Expenses as Percentage of Revenue

Personal Care 16%

Dining Service 13%

General &

Administration 13%

Plant 9%

Utilities 6%

Management Fee 4%

Housekeeping/Laundry 4%

Taxes/insurance/security 4%

Replacement reserve 1%

EBITDA 29%

revenue expense profile per unit
Revenue & Expense Profile(per unit )

Susan BailisALMonthly Annually

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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