Challenges and Opportunities in Senior Living Accounting and Finance

Executives in the USA senior living industry often face challenges like tight operating margins, evolving regulatory demands, and a strong push towards automation.

According to LifeLoop’s 2024 Report: The State of Senior Living and Technology, persistent staffing shortages severely affect the quality of life and service in senior living communities. An overwhelming 84% of respondents cite staffing as a primary concern, and 87% believe these shortages disrupt the delivery of a high-quality experience. The current data practices primarily focus on reactive measures, highlighting the growing need for more proactive, predictive strategies.

While these are just a few of the challenges the senior living industry faces, many more issues need to be addressed.

We recently co-hosted a webinar on “Challenges and Opportunities in Senior Living Accounting and Finance” with Senior Living Foresight, where industry experts including Steve Moran, Jerry Liang, Kristin Ferge, and Mahesh Jain, unpacked the key challenges and shared strategic insights on AI, automation, talent management, and other critical issues. Watch the full recording to discover strategies that enhance operational efficiency and drive innovation, keeping your organization ahead of the curve.

WHAT YOU’LL DISCOVER?

• Talent Management: Uncover strategies to address the shortage of skilled finance professionals and rising hiring costs. Learn how to cultivate a team proficient in advanced data analysis and AI, which is crucial for future financial management in senior living.
• Data Mastery: Discover how leading senior living providers use digitization to enhance reporting accuracy, improve forecasting, and optimize operational costs while maintaining high resident care standards.
• Tech-Savvy Operations: Explore the crucial role of technology in daily senior living operations. Learn how leading providers make technology solutions accessible and cost-effective, adding significant value for staff and residents.
• Future-Proofing the Business: Hear industry veterans share strategies for building resilience and preparedness in a post-COVID world.

WEBINAR LINK: Challenges and Opportunities in Senior Living Accounting and Finance

ABOUT THE SPEAKERS

Steve Moran, Founder, Senior Living Foresight

With over 12 years of experience, Steve Moran has been at the forefront of providing valuable insights and content for senior living professionals. His work is dedicated to challenging the norms and promoting best practices within an extensive network in the industry.

Jerry Liang, CFO, Benchmark Senior Living

Jerry Liang is a seasoned financial strategist specializing in the senior living sector. With a rich investment and development background, Jerry manages fiscal operations at Benchmark Senior Living.

Kristin Ferge, President & CFO, Capri Communities

Kristin Ferge is a versatile financial leader with expertise in the public and private sectors. At Capri Communities, she steers financial strategies that accommodate growth and restructuring, drawing on her extensive experience with corporate governance and strategic planning.

Mahesh Jain, CEO, QX F&A Services

Mahesh Jain, an industry veteran in BPM and FAO, has driven transformative growth at QX Global Group. His focus on enhancing operational efficiency and client success has helped establish QX as a finance and accounting services leader.

WHAT DID THE SPEAKERS SAY?

Kristin Ferge discussed how to leverage automation and work on curbing talent shortage in the industry:

“Ever since the accounting profession moved to a 5-year degree, we saw a significant decline in the number of accounting graduates.”

Jerry Liang discussed how to utilize AI and back-office integrations to build a solid data-capturing model:

“As smart as AI can be, it trains from what you feed it. You have to make sure your data’s right. Otherwise, it just will tell you the wrong thing.”

Mahesh Jain outlined how operational efficiency and advanced technology drive financial success:

“The days are gone where it’s a period close, month close; senior stakeholders are really interested in real-time information. At QX Global Group, we have a business intelligence framework, which powers the expertise as it not only features sophisticated tools but also seamlessly integrates with client legacy systems.”

Steve Moran highlighted the ongoing need for innovation and best practices in senior living:

“I am in love with you all who work in the industry every day because we are changing the lives of older people.”

Watch our webinar now for actionable insights on overcoming talent shortages and enhancing operations with data and technology.

Originally published Jul 29, 2024 06:07:34, updated Jul 29 2024

Topics: Finance and Accounting Outsourcing Services, Senior Housing