As new investors enter the senior housing and healthcare market, one group of new entrants stands out – those former or current leaders in the hospitality market. Hospitality leaders are making their mark on the senior housing industry and helping senior housing communities stand out from the pack with innovations in operations, development, and design.
Adam Kaplan, Senior Vice President of Business and Organizational Development at Senior Lifestyle Corporation, believes that senior housing and hospitality fit together seamlessly. “I learned early on that to be successful in this business you need to marry business acumen, a passion for customer service, and strong core values, such as caring and compassion,” Kaplan explains. “I developed a philosophy that exceptional customer service is what truly distinguishes an operation. As it relates to the senior living industry, I believe that organizations have an obligation to consistently deliver quality care. Yet, I believe that quality care should be a basic standard, not a differentiator.”
Kaplan believes that the caliber of the service experience is what sets senior living providers apart from the competition and drives resident and family satisfaction. It is true that the hospitality and senior living industries have many obvious differences. However, the senior living industry could learn a thing or two from the hospitality industry when it comes to attracting, developing, and retaining qualified talent, an area where senior housing tends to struggle.
Kaplan explains that the hospitality industry understands the importance of talent attraction and development through training programs. This industry has “done a considerably better job of proactively conducting research on the target customer in an effort to develop and implement valuable enhancements in customer service and hotel design that differentiate the product from the competition.” Hotels and other hospitality businesses also tend to invest more into building the brand and company-wide compliance with brand standards. Kaplan firmly believes that senior housing companies that take a cue from the hospitality industry and invest in these resources will distinguish themselves from the competition.
“The industry will rapidly evolve, since there is a changing of the guard as the founding fathers execute on their succession plans. While these pioneers truly led the way for the industry, it is the next generation that is going to spearhead a new wave of innovation in the space. That is very exciting for anyone that wants to be integral in the evolution of a growing industry.”
At Cambridge Realty Capital, we understand that operating an Assisted Living community is not an easy task, and there are many priorities competing for the top spot on the list. Let Cambridge ease your stress by allowing us to provide financial expertise. Contact us today to see how we can help your community.