Drive Resident Happiness with F&A Transformation: Strategies from Leaders

The senior living industry faces mounting challenges: rising costs, staffing shortages, and increasingly complex financial processes. But can refining finance operations lead to better resident outcomes? This question was at the heart of a recent webinar co-hosted by QX Global Group and Senior Living Foresight, where senior living experts shared actionable strategies for aligning financial efficiency with resident happiness. 

Here’s a detailed look at the strategies and insights shared during the session. 

Meet the Panel 

The webinar brought together a distinguished group of senior living and finance leaders, each contributing valuable perspectives on the interplay between finance operations and resident care: 

• Steve Moran – Founder, Senior Living Foresight: An influential voice in the senior living sector, Steve champions innovation and best practices to drive operational and resident-focused success. 
• Paul Rozelle – Chief Accounting Officer, Discovery Senior Living: With decades of experience in real estate finance, Paul has been pivotal in driving efficiency and scalability in senior living finance functions. 
• Punit Somani – VP, Customer Success, QX Global Group: A seasoned leader in finance transformation, Punit specializes in helping senior living operators optimize their finance operations through outsourcing and automation.

Let’s Have A Look At The Key Insights!

1) Freeing Up Resources for Resident-Centered Programs

Financial efficiency isn’t just about cutting costs—it’s about creating opportunities to enhance resident experiences. By optimizing finance processes, senior living operators can reallocate resources to programs that directly benefit residents, such as wellness activities, nutrition programs, or social events. 

Insights from the Webinar: 

• Discovery Senior Living saved $3.1 million annually by leveraging offshore support, freeing up resources to reinvest in resident-focused roles like activities directors and wellness coordinators. 
• Streamlining back-office tasks such as billing and reconciliations enables teams to focus on delivering personalized resident experiences. 

“Ensuring a committed, mission-driven team is crucial to make the resident experience what it should be.” – Paul Rozelle 

Actionable Strategies: 

• Centralize billing functions to reduce administrative burdens on community-level staff. 
• Use automation to handle routine tasks, allowing staff to dedicate more time to resident engagement. 

2) Striking the Balance Between Budgets and Quality Care

Balancing financial prudence with high-quality care is a challenge every senior living leader faces. Cost-cutting doesn’t have to mean sacrificing quality—it’s about allocating resources strategically to sustain both financial health and resident satisfaction. 

Insights from the Webinar: 

• Paul Rozelle shared how Discovery Senior Living improved scalability by integrating offshore teams, reducing costs while ensuring operational continuity. 
• Cost savings from outsourcing allowed for better resource allocation toward community enhancements. 

“This sounds like a win-win. With outsourcing, your team has better work quality, they focus on higher-value tasks, and it saves you money—all while creating a better experience for residents.” – Steve Moran 

Actionable Strategies: 

• Adopt scalable financial models that adjust to changing market demands without compromising on care quality. 
• Prioritize investments in areas that directly impact residents, such as facility upgrades or enhanced wellness programs.

WATCH THE WEBINAR: Driving Resident Happiness By Transforming Your Finance Operations

3) Tackling Staffing Challenges with Automation and Outsourcing

The senior living sector faces a well-documented talent shortage, with turnover rates in finance roles exceeding 60% in some cases. Integrating automation and outsourcing into finance operations can alleviate staffing pressures, improve accuracy, and enhance employee satisfaction. 

Insights from the Webinar: 

• Automation tools streamline repetitive tasks like bank reconciliations, enabling onshore teams to focus on strategic functions. 
• Outsourcing reduces burnout among in-house staff, fostering a more stable and satisfied workforce. 

“Talent shortages can create a lot of turnover, affecting multiple functions. Reducing these pressures allows leaders to focus more on resident activities.” – Punit Somani 

Actionable Strategies: 

• Begin outsourcing with non-core tasks, such as month-end reporting, and expand as trust in the process grows. 
• Leverage automation to eliminate manual errors, improving overall operational efficiency. 

4) Improving Decision-Making Through Better Reporting

Accurate and timely financial reporting is the backbone of effective decision-making. By leveraging advanced tools and outsourcing partners, senior living operators can enhance data clarity, reduce reporting cycles, and gain actionable insights. 

Insights from the Webinar: 

• Weekly bank reconciliations, implemented through offshore teams, improved accuracy and treasury management for Discovery Senior Living. 
• Enhanced reporting capabilities empower CFOs and finance teams to identify trends and make data-driven decisions. 

Actionable Strategies: 

• Invest in reporting tools that integrate seamlessly with your existing systems to provide real-time financial insights. 
• Partner with outsourcing providers skilled in data analytics to elevate your reporting and forecasting processes.  

Take the Next Step with QX Global Group 

At QX Global Group, we specialize in helping senior living communities optimize their finance and accounting operations through scalable outsourcing solutions. Our experienced accountants streamline processes, reduce operational pressures, and free up resources—empowering you to focus on delivering exceptional resident care. 

Let’s discuss how we can support your community and help you navigate the burning challenges with confidence. 

Originally published Nov 22, 2024 01:11:50, updated Nov 22 2024

Topics: Finance and Accounting Transformation, Senior Living