As the Senior Living industry strives to meet or exceed pre-COVID occupancy levels, pressures on the expense side continue to pose challenges with rising labor costs and interest rates. Maximizing Revenue has always been the key to improving profitability in Senior Living and this session will address the 5 "tried and true" Pricing Fundamentals to help you achieve this goal. We will take a fresh look at the competitive analysis exercise and the importance of equating competitor rates on an "apples-to-apples" basis. This session will help Sales leaders better to evaluate proposed discounting and recommend incentives that are not only market driven but help to optimize the bottom line. We will also go through examples of inventory management.
Learning Objectives:
Understand how the balance of Rate & Occupancy are critical to Maximizing Revenue
Develop an approach to analyze Competitor pricing on an "apples-to-apples" basis when it comes to the total service bundle including care/med fees
Evaluate community inventory to uncover opportunity by unit style & possible "low-hanging fruit" with respect to pricing/revenue upside
Learn how to quantify incentives from a "total revenue" standpoint and create a "SMART" toolbox for your Sales teams to use
Practice your sales pitch when conveying the "value" of your community to the consumer
