October 2022 Update on Senior Housing and Census Operations

As the holiday season ramps up, lead volume is slowing down from earlier in the year. But when compared to traffic last year, this October has improved by more than 11% over 2021. While there was a year over year increase in traffic, initial tours for October are at their lowest level in the last six months, and down by almost 3% from last year. The good news is that the time to convert tours to move-ins has shown marked improvement, reduced by more than 3 weeks from 88 days in September to just 62 days in October. Census showed a small month over month increase from September, and was 7% higher than October of last year, even though move-ins were down for the second month in a row and 6% below October 2021 and move-outs were slightly higher than in September. More good news is that cash receipts were virtually unchanged from the previous 3 months of this year and almost 16% higher than October of last year. Room and assessment (care fee) revenues continued to be stable, showing little fluctuation in the last six months, and significant improvement from 2021 revenues, with a 21% increase in room revenues and an over 44% increase in assessment revenues in October. Other recurring revenues (monthly fees) have shown little change since July, and have not rebounded to May levels, but in October were more than 20% higher than last year, while service fees were 38.5% above 2021 totals. Outreach and lead follow up also improved in October, with the most significant change in marketing activity, which should translate into increased lead volume in the coming months.

2022-11-18T14:17:36+00:00
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