A NOTE FROM ARGENTUM
PRESIDENT & CEO James Balda
jbalda@argentum.org
Forecasting a Financial Future in a Dynamic Economy
Developing and implementing a plan to balance and manage expenses across senior living requires an understanding of the state of the U.S. economy, as well as of Americans’ fi nancial preparedness for retirement and health care costs. While the senior living industry has long been one of the strongest job creators in the country’s economy, its nearly 20- year streak of outpacing the economy may be in jeopardy as job growth slows. The industry also faces intense competition with a number of other industries when it comes to attracting
staff , particularly among foodservice and hospitality employees. All the while, food prices are often unpredictable, and costs for electricity and natural gas are expected to continue rising. In this issue of Senior Living Executive, The Finance Issue, we address opportunities for managing senior living’s biggest expenses—labor, food, and energy (p.32). From tapping into labor management software, to instituting new strategies for reducing food waste, to implementing sensor technologies for energy management, opportunities to better manage the chief drivers of cost across senior living communities are plentiful. Real estate investment trusts (REITs) can also play an important role in helping senior living providers control costs from investing in sustainability upgrades to reviewing tax assessments. We also take a look at data on Americans’ preparedness for expenses in retirement, as well as resources to help with fi nancial management and even fi nancial caregiving. The Center for Retirement Research at Boston College cites that more than half of American households are at risk of not having enough funds to maintain living standards in retirement (p.52), while research from the Consumer Financial Protection Bureau shows that today’s seniors are carrying more forms of debt than previous generations (p.50). These factors can signifi cantly aff ect the decisions consumers make when it comes to senior living. Also in this issue, we introduce the 2017 Largest Providers (p.6), representing 115 providers and nearly 550,000 senior living units across the country. While this year’s list was developed based on total units, we also highlight the 50 largest providers by operational resident capacity. You’ll also fi nd lists of the key players in independent living, assisted living, and memory care, as well as continuing care retirement communities. A common theme that emerged among many of the largest 115 providers was growth and development, showing expansion in not only new construction, but also in acquisitions. We are proud to note that of the largest 115 providers, nearly two-thirds are members of Argentum. Finally, in the wake of Hurricanes Harvey and Irma that devastated parts of Texas and Florida this summer, we highlight a few of the stories of selfl ess heroism and compassionate care that became evident across senior living in “The Heart of Senior Living” spotlight (p.54).
– Jessica McKay Editor
CHIEF OPERATING OFFICER Maribeth Bersani
mbersani@argentum.org
CHIEF FINANCIAL OFFICER Gina Mamone
gmamone@argentum.org
VP, PROGRAMMING & INNOVATION Nathan Nickens
nnickens@argentum.org
VP, MARKETING Jaclyn Vann
jvann@argentum.org
VP, BUSINESS DEVELOPMENT Brad Williams
bwilliams@argentum.org
VP, GOVERNMENT RELATIONS Paul Williams
pwilliams@argentum.org
DIRECTOR, GOVERNMENT RELATIONS Alexis de Armas
adearmas@argentum.org
PAC MANAGER Neil Cohen
ncohen@argentum.org
DIRECTOR, MEMBER SERVICES Kari Horesky
khoresky@argentum.org
OFFICE MANAGER/ EXEC. ASSISTANT Rosa Montgomery
rmontgomery@argentum.org
PROFESSIONAL DEVELOPMENT & EDUCATION MANAGER Robert Oliveri
roliveri@argentum.org
EDITORIAL EDITOR
Jessica McKay
jmckay@argentum.org
SENIOR MANAGER, PROGRAMS & RESEARCH Sharon Cohen
scohen@argentum.org
PUBLICATIONS MANAGER Vatrice Chestnut
vchestnut@argentum.org
ART DIRECTOR Rose Thai
rthai@argentum.org
ADVERTISING SALES DIRECTOR Brad Williams
bwilliams@argentum.org
SALES MANAGER Todd Eckman
teckman@argentum.org
SUBSCRIPTIONS 703.562.1179
PROGRAM COORDINATOR Kayla McAlindin
kmcalindin@argentum.org
STAFF ACCOUNTANT Olivia Wilson
owilson@argentum.org
Senior Living Executive, Volume 24, Number 5 (print ISSN 2161-6698, online ISSN 2161-671X) is published bimonthly by Argentum, 1650 King Street, Suite 602, Alexandria, VA. Periodicals postage paid at Alexandria, VA and additional mailing offi ces. Argentum member companies receive subscriptions for staff as part of their membership. Free controlled subscriptions are also available to qualifi ed individuals in the senior living business.
POSTMASTER: SEND ADDRESS CHANGES TO Senior Living Executive, 1650 King Street, Suite 602, Alexandria, Virginia 22314 703.894.1805. Printed in USA. Copyright 2017. Prior to photocopying items for educational classroom, internal, or personal use, please contact the Copyright Clearance Center, Customer Service, 978.750.8400, 222 Rosewood Dr., Danvers, MA 01923 or check CCC Online at
www.copyright.com. Senior Living Executive will not be responsible for the return of any unsolicited manuscripts or photographs.
Copyright ©2017 Argentum. All rights reserved. No part of this publication may be reproduced or transmitted in any form—print, electronic, or otherwise—without written permission from Argentum.
ISSUE 5 2017 /
ARGENTUM.ORG 3
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