LeadingAge New York Adviser Fall 2015 Vol. 1 - Page 50

Feature Repositioning and the Keys to Success M any LeadingAge New York members face critical decisions about what to do with aging and obsolete facilities. Forward thinking members are repositioning for the future because they know staying the same is not a viable option. Some are renovating outdated areas that are mismatched with newer spaces. Others are adding new services or expanding capacity to extend their mission and protect market share. Still others have such outdated facilities that updating or replacing virtually “everything” over time is the only way to assure long-term success. And for a growing number of members, small house and neighborhood model skilled nursing, “hybrid homes” that blend the best of elements of cottage and apartment living, and mixed use developments are among the innovations they see on the horizon. Through our experience with repositioning projects in all regions of New York State involving all levels of senior housing, assisted living, memory care and skilled nursing, seven common elements have emerged as keys to success. 1. Fully and honestly evaluate existing conditions. Take a critical look at your physical plant through the eyes of today’s and tomorrow’s consumers. Develop a complete picture of the renovation, upgrades and/or new construction needed to fulfill your mission. 2. Explore and evaluate possibilities. The first plan is almost never the best plan, and only after considering many options will the optimal path become clear. Obtain broad input from all stakeholder groups to forge consensus and generate excitement around your repositioning plan. 3. Create reliable budgets and financial forecasts. As your repositioning plan begins to take shape, engage experienced construction professionals to establish a realistic range of construction costs very early on. Accurate cost estimating from the earliest design phases is the only way to assure alignment of your goals with available capital reserves and debt capacity. (See Repositioning on page 51) National MedTrans Network & IPA 49 Adviser a publication of LeadingAge New York | Fall 2015