communities in the region. But a realistic understanding of what services actually cost can help you price more appropriately in the marketplace. It could even come out costing less than other communities. A long-term strategy lets you “bake in”


cap ex projects, as well. Plotting out when furniture and carpet replacements will come due means major renovations won’t take you by surprise. Analyze purchases based on how long they’ll last.


Preparing for the unplanned Particularly during the early days of the pandemic, many operators and community professionals dropped budgeting consider- ations, replacing them with a “whatever it takes” attitude—and for the time, this was entirely appropriate. “This pandemic has turned us upside


down,” McCormick says. “We never planned for anything so severe. You'd al- ways have contingency plans—but not for anything what we've experienced.”


“Regularly talk to direct care workers who have been there for years about what they see. These dedicated workers know the residents very well.”


“One of the lessons learned is that our


contingency planning is more robust than what it would have been even six months ago. There is an opportunity to go back and kind of reflect, particularly in some of those areas that aren't as hard-hit right now.” Just as companies are in other areas, it’s


a time to have dialogue and reflect before going into the next round of budgets and strategic plans. All levels of needs took people by surprise, McCormick points out; for instance, there was a shortage of meal delivery carts. “There wasn’t that kind of infrastructure,


so people just pulled things together. This is a time to look at what we can do going forward.”


New strengths discovered The financial crises caused by the pandem- ic, while serious and staggering in scope, reveal many positives about the senior living industry. “I've been in this industry for 27 years,”


McCormick says, “and in part I love it because people share. It’s not like other industries, where you would never give an idea to your competitor. “This is such an open sharing: Hey, here's


what I'm doing. What are you doing? I think that's the real silver lining. There will be a lot more sharing of best practices.”


AT THE SENIOR LIVING EXECUTIVE VIRTUAL CONFERENCE Here’s a guide to conference sessions that feature topics in this issue:


Crucial Conversation: Equity, Inclusion, and the Future of Work in a Post-Pandemic World 11 a.m.-noon ET, Tuesday, Sept. 22


Embracing the priorities of equity and inclusion will make us stronger. Argentum convenes a panel of thought leaders to talk about this national awakening and what it means for our industry, now and for the future.


The Art and Science of Managing Cash Flow: COVID-19 Impact and Mitigation Strategies 11 a.m.-noon ET, Wednesday, Sept. 23


This session will feature three leaders who are willing to share their mitigation strategies, along with an industry-wide overview of the short- and long-term financial impact on the senior living industry.


Learn more at conference.argentum.org.


Is Your Data Security Ready for Telehealth? 11 a.m.-noon ET, Wednesday, Sept. 23


2019 was a rough year for data breaches in senior living. More than 60 facilities were impacted by a single software company breach in June. What is the state of your data security? These IT leaders will run through the punch list required to ensure your story will be a good one. Diana Burley, PhD, of American University is on the panel; see page 38 for some of her ideas.


Liability Mitigation Strategies for the New Normal 3-4 p.m. ET, Thursday, Sept. 24


This session will review the risk management protocols that all senior living organizations should have in place to reduce the impact of potential litigation for any crisis. Mitigation measures to help reduce increases in professional liability insurance premiums will also be discussed.


SEPTEMBER/OCTOBER 2020 ARGENTUM.ORG 15


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