When your senior living community is at a crossroads and it’s time to consider options for the future, do your research on the types of management relationships you can form with trusted partners. These relationships can help you to navigate the road ahead, providing varying levels of management and support along the way.
There are many types of relationships that can form between healthcare and affordable housing communities and management companies in the senior living industry, and there isn’t one type of relationship that fits all situations. First and foremost, you need to understand and articulate the needs, goals and culture of your community and residents.
Traditional mergers and acquisitions are becoming outdated — today, all management relationships can be formed without your community losing its unique identity. Depending on your situation, you might enter into one of the following types of provider relationships.
Providers who enter into a relationship with a senior living management consultant are seeking critical market analysis, as well as services and resources needed to effectively compete in this complex industry. Whether you’re seeking objective insights, recommendations and feedback to make sound business decisions or resolve urgent issues at your single or multi-site community, this type of relationship may work best for you.
Management contract relationships help you to identify and address challenges, so that your senior living community can maintain occupancy, deliver high-quality care and remain sustainable well into the future. It may take time, because most complex issues cannot be resolved in the short-term, but this type of relationship is well worth the investment for long-term (i.e., longer than one year) contracts.
Collaborations involve bringing leadership, board members and community residents together. This onboarding and transition process begins months in advance. It’s important to regularly hold meetings and provide communication with key players from both entities early on in the engagement period. A comprehensive and customized relationship approach and dedication to the process for the long haul are crucial to meeting the needs of the transitioning organization.
In a joint venture, two or more entities come together to share ownership, risks, returns and governance. Generally, all parties involved retain their distinct identities. When it comes to senior care providers and management services entities, it’s a relationship that benefits both. With a shared commitment to making the best possible decisions for longevity and growth, joint ventures relieve the stress and burden from a care community at risk or in crisis.
Two companies combine into one during an integration, with each coming to the table from a position of strength. An integration can be done with utmost care, over a period of time, to ensure that every measure is taken to maintain the flavor and namesake of the care community in need.
Mergers don’t have to mean that one entity absorbs the other, taking away the culture and identity of the absorbed entity. This process can be a fair one between a struggling care community and a management firm or other willing entity when executive directors and leadership teams collaborate with respect for the at-risk organization’s history, local identity and relevance in the market.
A Relationship Built on Trust
From a one-time market assessment to a full-service management contract, United Church Homes Management offers a full range of property management services for nonprofit or for-profit senior living and affordable housing communities.
No matter which type of provider relationship you determine is best for your senior care community, you want to be sure the relationship is built on trust. We hope to earn yours. Contact us today for a free consultation. We will never charge to assess your needs.
Download our white paper to learn more about how choosing the right kind of provider relationship can help revive your healthcare community.