Business Plan Assisted Living Facilities
Residential and Day Treatment Facility
Business Plan
Residay Home and Residential Care provides assisted living solutions for senior adults. Residay Home and Residential Care is dedicated to making the provision of the highest quality care to senior citizens requiring or desiring an assisted living facility. Residay Home and Residential Care is located in the Tennessee Valley Area of North Alabama and is an alternative to the generally larger and less personal senior assisted living facilities specializing in the ability to make provision of a very high level of care in a smaller and more personal environment. Residay Home and Residential Care makes provisions of assistance to seniors in their activities of daily living including assisting with medication, meals, reminders, personal grooming, physical therapy and other such assistance. Further provided by Residay Home and Residential Care are opportunities for companionship, entertainment, and activities, which seniors enjoy and which assists them in self-fulfillment.
Carol Green, the owner and operator of Residay Home and Residential Care has previously utilized her home for a senior citizen and family member. Carol gained experience and knowledge through this experience while simultaneously developing her talent for helping others. Carol has made the decision to convert her home into a residential and day treatment center for seniors who are at the stage of their life, which requires them to seek the attributes of assisted living. Provided as well by Residay Home and Residential Care are amenities such as a chapel, a meditation garden and a wading pool.
There is presently a sufficient market for Residay in the North Alabama area due to the large number of senior adults in need of assisted living arrangements.
Mission & Vision
Mission Statement
Residay Home and Residential Care's mission is to maximize the quality of life of seniors in need of assisted living arrangements by providing high quality and personalized care in a facility that promotes safety and healthy living in a caring environment and that assist the senior individual in realizing self-fulfillment in their daily living.
Core Values
Core values of Residay Home and Residential Care include:
(1) Making the provision of a safe environment for seniors;
(2) Promoting physical and mental health of seniors;
(3) Hiring and training qualified and ethical staff members;
(4) Providing a quality of care that is superior to the competition; and (5) Realizing a profit through the quality of care provisions to the seniors living at Residay Home and Residential Care.
Core Purpose
To provide senior adults with an alternative to paying for assistance at home or living in larger and less personalized facilities and ultimately to increase the quality of life of the seniors served by Residay Home and Residential Care.
SWOT ANALYSIS
1. Residay's Strength and Resource Capabilities
Team leader qualifications: The owner has a MBA degree with concentration in healthcare management combined with 10 years work experience.
Culture-centered philosophy: Residay is a unique small size home and houses residents from the same cultural and ethnic group. The program is designed to fit the specific cultural need of the seniors of Residay Home and Residential Care.
A powerful strategy aiming at brand reputation.
Healthcare information system design: Residay will develop an integrated information system by gathering customer data, operation data, employee data, supplier/partner/collaborative all data and financial data. Gradually the information system should be capable to support different functionality, such as: medical records, client admission and billing system, accounting and medical office management The Information system enables the company to provide consistent high quality and cost-effective services.
A family-like work environment and ongoing training for staff members.
Unique advertising and promotional know-how.
Consistent good customer services
2. Residay's Weakness and Resource Deficiencies
Start-up company lack of brand image and reputation
Short of financial resources to fund promising projects
Lack of experienced workforce and high turnover rate
3. Residay's Market Opportunities
Ability to grow rapidly because of strong increases in market demand
Expand into new geographic market and even international market.
Growing Healthcare Information system facilitates cost-effective and high-quality service
Product innovation and expansion production line to meet different groups' needs.
4. Threats to Residay's Future Profitability
Likely rapid expansion of industry leaders and entry of new competitors
Costly New federal and state regulatory requirements.
Workforce competition due to short of trained RN and caregivers.
Growing bargaining power of customers because of a large variety of choices.
Marketing Mix Design
1. Product
Guided by Residay's mission statement, Residay affords families peace-of-mind by providing today's seniors with a range of personalized assisted living services. From assistance with activities of daily living such as eating, bathing, dressing and medication monitoring to a specially designed program for seniors with Alzheimer's disease and other forms of memory impairment, Serenade provides residents with the help they need. Our services include:
(1) Security of caregivers that are dedicated and well-trained available 24 hours a day;
(2) Daily assistance with personal care needs, incontinence management and medication monitoring.
(3) The security of well-trained and dedicated caregivers, available 24 hours...
Promotion
A. Residay's Slogan: Residay -- There's no place like home.
B. Residay's ad:
Ad will be dispersed in the form of flyers to places where senior individuals frequently attend including such as Golf Clubs, travel agencies, hotels and motels, churches, hospitals, senior daycare centers, churches, and some restaurants in the area.
C. Residay's Website and Digital Video
Residay's website is designed to maintain and enhance the culture and brand name of Residay's. The website will be utilized as advertising media as well as an educational platform and will be used for posting news and other relevant information.
E. Residay's events
Each year Residay will elect the caregiver person of the year and the resident of the year.
E. Residay's seminar:
Residay will conduct a regular seminar, which is free of charge on how to help senior adults stay emotionally mentally and physically healthy. This seminar will involve residents and their family as well as the employees and others in the community.
Residay maintains a focus on locations that are closer to the various ethnic communities where residents have lived out their lives and strives to create a flexible atmosphere in which residents are able to maintain as many links with their home communities for as long as they are able to do so.
F. Pricing
Pricing is on a status quo pricing strategy meaning that the price charged is identical to or very close to the competition's price. In assisted living, status quo pricing enables small start-up firms to meet the competition as well as to keep a 30% to 50% gross margin level if the firm can reach at least 60% occupancy. The monthly charges at Residay are listed in the following table.
Pricing Chart
Care Needed
Private
Shared
Private room ( basic care)
$1,300-$1,500
$9,000-$1,100
Private room with bathroom (basic care)
$1,500-$2,200
$1,300-$1,500
Normal assisted living Care
$2,500
$1,900
Early Stage Alzheimer's Care
$3,000
$2,300
Middle stage Alzheimer's Care
$3,200
$2,600
Late Stage Alzheimer's Care
$3,800
$3,100
Incontinent Services
Wanderguard
Escort/companion to appointments
28 per hour
V. IMPLEMENTATION PLAN:
Budgets are developed for steering ample resources into activities critical to Residay's critical success. Crafting a second human resource policy includes job analysis, recruitment and selection as well as development and evaluation. Establishment of operating policies and procedures that serve to align actions and behaviors with strategic objectives serve to enforce consistency in service.
Institution of best practices and striving for continuous improvement and benchmarking the performance of the facility and its performance of specific tasks and activities against the best in industry performers and on-the-job training. Healthcare information systems installation will be conducted enabling administrator to monitor daily operations. Design of a strategic supportive reward system will be on the basis of incentives related to results being achieved. A spirit of high performance will be constructed as well as ethical standards and values.
Industry Participants
There are various national level associations that promote business and excellence in operations in assisted living communities while offering information at one place to the senior citizens. These associations are inclusive of the following:
Assisted Living Federation of America
Elder care
National Center for Assisted Living
American Association of Homes and Services for the Aging
The Florida Assisted Living Association
California Assisted Living Association
National Investment Center for the Seniors Housing & Care Industry
Competitors
Competitors in North Alabama include the following assisted living facilities:
1. Brookdale Place Jones Farm, 2815 Carl T. Jones Drive SE, Huntsville, AL
2. Cedar Springs Brookdale Senior Living, 2505 Spring Ave SW, Decatur, AL
3. Morning Glory Meadows Assisted Living, 2055 Main St., Fyffe, AL
4. Morningside Of Cullman, 2021 Dahlke Dr., Cullman, AL
5. Morningside Of Decatur, 2115 Point Mallard Dr. SE, Decatur, AL
6. Morningside Of Madison, 49 Hughes Rd, Madison, AL
7. Morningside Of Sheffield, 413 Cox Blvd, Sheffield, AL
8. Redstone Village, 12000 Turnmeyer Dr., Huntsville, AL
9. Regency Retirement Village, 2004 Max Luther Dr. NW, Huntsville, AL
10. The Terrace at Priceville, 200 Terrace Ln, Decatur, AL
11. Wills Creek Village Assisted Living, 1050 Airport RD W, Fort Payne, AL
12. Windsor House, Inc., 4411 McAllister Dr. SW, Huntsville, AL
Competitive Advantages
Residay's competitive advantage…
