Actively seeking growth as an operator, EF Senior Care leverages its consulting roots to more quickly diagnose problems before acquiring a facility, while managing manager turnover. develops its own software platform.
In a unique business model, EF sees potential properties through the lens of a consulting firm, sometimes figuring out why a property is in trouble, and solving the problem after it’s owned. Or decide that the problem is fundamental and oppose the acquisition.
“Last month, negotiations were held on two buildings that look equally damaged from the outside. [acquiring it]said CEO Mike Nicholas. “He doesn’t need 100. If he can get six nice, well-repaired buildings in Massachusetts, he’ll be very happy.”
Its expertise in infection control investigations put consulting firm EF Senior Care on a shortcut to becoming an operator, leadership said, but its technical background paved a different path for software development. rice field.
Based in Massachusetts, EF has quickly become the go-to consultant for more than 150 facilities across the state. The governor issued numerous investigations as part of the Rapid Response Team’s protocol at the height of the pandemic.
“I think it’s very rare for a consulting firm to successfully change its business model,” says Nicklaus. “Patrick and I are skilled nurses for the rest of the year, in addition to our background in technology. [our leadership]”
Consulting has always directed the group toward owning and operating nursing homes, Flaherty added. This is a goal the group was able to achieve last year, effectively serving as EF’s ‘second lane’ apart from consulting.
Originally founded in 2018, EF now owns one nursing home in the state and plans to become a regional operator in addition to continuing its roots as a consulting firm. Nickolaus said the consulting business grew at a “very fast rate” last year, with client engagement almost doubling in 2021.
business lines reinforce each other
Nicklaus said the consulting, operations and now technology business lines are mutually reinforcing. Admin apps are used in company buildings and sold to clients.
When the EF team was trying to find ways to increase occupancy to 100% and keep agency usage under 2% since November, there was no need to bring in an outside perspective.
For Nickolaus, it all comes down to sustainability. How EF can enable sustainability for its employees and thus operations across multiple lines of business.
“As an outsider, I believe that is the key. How do you create sustainability? This is reflected in the new CMS rating. We now look at turnover because we understand what it means,” said Nikolaus.
EF’s consulting department has always been interested in staffing before you own it, rather than buying 12 buildings and figuring out how to recruit the best staff. On the consulting side, we will increase the number of personnel by stationing or temporarily dispatching staff so that the business can get on track.
“At a very basic level, from the ground up, we have these buildings ready to go and everyone operational from day one,” Flaherty added.
As each business unit is poised for growth as a technology product and operator in particular, management will continue to focus on the strengths of its staff and leverage those qualities.
“All of our team members are deeply involved in skilled nursing, assisted living, and independent living environments in Massachusetts,” said Nikolaus. One of his founding partners, he is also state representative for Matt Muratore. In fact, he’s the only licensed administrator in the state capitol, Nicholas added.
Technology designed for administrators
EF’s third footprint stems from its leadership background and its newly formed ‘Second Lane’. The team has developed a software product that makes the manager’s job easier and aids in retention and recruitment.
This product is EF’s answer to the staffing crisis.
Nickolaus says the app, called EF Ally, works like a contract, a document library where managers have all the paperwork they need while walking around the floor with a surveyor. Assigned tasks from management, records of departments responsible for handling complaints, and receivables on reports are all items that can be found on EF Ally.
“We were looking for a tool to really manage our building,” adds Flaherty when explaining where the idea for the product came from.
The team just started promoting the product this summer and is starting to attract interest from facilities in other states.
Nickolaus and Flaherty said the technology will serve as a tool for manager recruitment and retention, and if managers are new or want to prepare for surveyors, it is a useful tool to improve job satisfaction. said to be increasing
“It’s a selling point in this industry for attracting new people. It’s also another angle that owners really appreciate. We do,” said Flaherty.
Combining technology with seasoned nursing expertise, EF leaders recognized the need for such an app and quickly developed software with a focus on quality and compliance.
Comments
Post a Comment