Case Study: Turn Around
Location: Summercrest Senior Living; Newport, NH
Owner: Valley Regional Hospital & Hospital Hill Realty
Description: 12 independent living apartments, 12 assisted living apartments, 12 low income assisted living apartments with HCBC funded services.
GSL was engaged 18 months after opening. After an immediate assessment, GSL implemented systems, policies & procedures and accounting practices that stabilized operations. Budgets and marketing plans were implemented that would steer the community to a successful turnaround by the end of the first year.
Accounts payable (beyond 30 days) had been significantly reduced and were paid off in the subsequent fiscal year. Networking and outreach activities resulted in achieving stabilized occupancy nine months into the engagement. A renegotiated contract with the home health agency (pilot program requires a Medicaid-certified provider of home health services to be used for care and reimbursement) reduced overall expenses by nearly 10% and generated additional revenue of an equal amount.
By the time auditors completed their review the following year, all areas that were cited in the previous audit had been successfully addressed.
Today, GSL manages Summercrest's day to day operations and an 18 unit Memory Care Assisted Living expansion added in 2008.