12 Jul
Looking Back: The Greystone Event's CEO and Board Member Session
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Late last month, Greystone welcomed 24 attendees representing 22 organizations to our annual Board Member/CEO session to kick off the Greystone Event. Many of you shared great ideas during the session. We wanted to share with you a recap of some key themes:

1. Today’s Resident Wants More, More, More

Whether it be more contract choices and more dining options, more technology integrations, today’s residents want more – and if our organizations do not provide it, they will find another who will. The challenge here is not just meeting expectations but exceeding them at a reasonable cost.

2. Innovative Initiatives for Resident Engagement

With the desire for “more,” how are providers implementing this into their programming? Some of the ideas discussed in our session included expanded dining options and hours, the implementation of more community-wide technology services, as well as additional personalization options.

3. Employee Engagement and Retention is Essential

Just as potential and current residents are seeking choice and flexibility, so are staff members. How are we navigating employee retention and keeping staff members engaged (and employed in our communities)? The answer to this question will differ for every provider depending on whether they have the human resources team and community culture already in place.

4. Space Constraints

Many providers are running into issues with their brick-and-mortar spaces. How can they expand services if they are landlocked? How can they reallocate or reposition existing skilled nursing beds or wings? How do existing communities reposition to include the outdoor amenities today’s residents require?

During the session, participants discussed anticipated customer shifts, investment strategies, innovative initiatives, obstacles, and the advantages of being a not-for-profit organization in a small group setting. Here are the key questions asked and the themes of the answers provided.

What changes are you observing with incoming residents?

  • Younger age at entry (age 75/80 rather than 85)
  • Generational differences between current vs. new residents
  • Environmentally aware
  • Seeking more transparency from Owner/Management
  • Desiring choice/lifestyle/wellness
  • Technology divide between the generations served
  • Faith-based brand is less important
  • Electric cars are increasing
  • Desire for bars within the life plan community

What is the most innovative initiative witnessed within your organization in the past year?

  • Expanded dining options
  • Hours
  • Market pricing
  • Online ordering
  • “Uber eats” type link into the dollar/points meal program
  • Increasing takeout options
  • Unlimited dining
  • Education engagement
  • Community theatre
  • Resident Gardens supporting the dining program
  • Resident Contract choice growing
  • SNF rightsizing
  • Deploying Robots to assist in service delivery
  • Memory Care training for all staff on a community-wide basis
  • On-demand transportation services – link with 3rd party providers versus in-house coordination
  • Kiosk meal ordering
  • Wine fob
  • Independent living with services – Home Care

How can our not-for-profit organizations stay relevant amid evolving trends, increasing competition and customer expectations? / With the impending "silver tsunami" and supply lagging behind changing demographics, what investments do you foresee to serve this population? Which business line or segment holds the most promise and why?

  • Trust/all stakeholders
  • Not-For-Profit advantage
  • Getting the message to market
  • Embracing the mission
  • Taking risk
  • Corporate structure
  • Example: RiverWoods Group
  • Residents participating as stakeholders to the organization

What is your organization's biggest hurdle and how are you planning to overcome it?

  • High attrition
  • Low attrition
  • Internal transfer assessment
  • Navigator position is an option to address this challenge
  • Internal transfer assessments
  • Navigator position is an option to address this challenge
  • Skilled nursing staffing, regulations, and costs
  • Too many beds
  • Hospice solution
  • Deferred maintenance
  • Above and beyond/engaged staff members
  • Lack of clinical staff
  • Flexibility vs. 24-hour work
  • Immigration in staffing
  • Cultural awareness
  • Growing percentages
  • Service creep
  • Lack of land to grow
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