John Cameron, operator of Faribault Senior Living in Faribault, MN, experienced transformative growth through an innovative solution from Eldermark: "Business Model Design".The Business Model Design process involves a thorough evaluation of care delivery, a strategic reassessment of pricing models, and the identification of revenue gaps. By right-sizing care plans and implementation of
ElderSmarts Analytics and software, Eldermark helped Faribault Senior Living address their top operational challenges and set them up to reach their financial and business goals!
The senior living sector faces numerous challenges, including fluctuating market demands, regulatory compliance issues, and the need for efficient resource management. Eldermark’s software suite, it’s consultative approach, and its integrated ElderSmarts Analytics engine, provides senior living organizations with the tools needed to navigate these complexities effectively. This technology offers prescriptive insights that help communities optimize operations and improve resident care.
What are the outcomes of Faribault Senior Living’s work with Eldermark?
For Faribault, December 2023 marked their initial month of invoicing under the newly developed services model, crafted using data-driven insights from Eldermark.
The result? The highest grossing revenue month in the history of their operation! But the benefits extended far beyond financial gains.
Through their partnership with Eldermark, John and his team have solidified their case for growth, demonstrating to investors the potential for successful expansion and the construction or acquisition of new senior living communities. This evidence supports the feasibility of scaling operations, a prospect that was challenging to justify before working with Eldermark.
The financial achievements of Faribault Senior Living serve as a compelling argument for other organizations in the industry who are considering expansion. By showcasing these results, Eldermark helps communities and management groups in securing investor confidence and obtaining the necessary funding for growth.
Moreover,
the implementation of Eldermark's Business Model Design process and ElderSmarts Analytics has empowered Faribault Senior Living to transition towards total self-management. This shift has alleviated the need to rely on external management companies, leading to direct control over operations and a more streamlined organizational structure. The advantages of this include reduced overhead costs, enhanced operational transparency, and quicker decision-making processes.
The impact on Faribault’s financial health has been profound.
"We experienced an immediate and significant increase in monthly billings after our Eldermark implementation, and 99% of private pay receivables are in the bank by the 20th of the month,” John Cameron reports.This accelerated cash flow greatly improves financial stability and allows for more aggressive investment in resident care and facility improvements.
Faribault’s success story is an Eldermark’s Business Model Design process in action - and the use of its software suite allows for continued progress towards goals. Through innovative technology and strategic guidance, Eldermark continues to empower organizations like Faribault Senior Living to achieve their fullest potential.
