#2 Revenue Reporting
Optimizing revenue in senior living is a combination of numbers and nuance: You need reliable, real-time data and insight into key market trends to make the best short- and long-term business decisions.
In this week’s blog post, we explore what to look for in revenue reporting to help you maximize total income – whether it’s for an entire portfolio or just a single property.
To most effectively spot trends and take advantage of future opportunities, you need full visibility into your portfolio’s past and present performance. You should also be able to easily track and drill down into key performance metrics such as sales, operating income, occupancy, and billing.
Glennis Insights enables you to view high level metrics or drill down to your preferred level of detail into rates, occupancy, staffing and revenue trends within a certain time period. Reports can be customized to one building or multi-property portfolios.
Get a handle on occupancy – capacity, actual, occupancy percentage and more with the click of a mouse. View real-time census against your capacity by property, region, and portfolio. Compare move-in and move-out activity against your forecast and gain an understanding of reasons for move out. You can review how many resident move-ins were completed during a designated period and drill down even further for insight into whether rooms are being readied in a timely manner to ensure maximum rent collection. This detailed level of insight and the ability to track occupancy trends to previous years gives you a strong basis for making changes where necessary to keep occupancy number healthy.
Dissect room rates
Are your room rates competitive? The right revenue reporting solution enables you to slice and dice how room rate trends are impacting profitability.
A pricing review function combines data from your revenue management system and your competitor database so you can easily compare your street rates, to your selling rates to your actual move-in rates. Tracking, analyzing, and adjusting pricing to push occupancy rates allows you to get the most ROI possible.
When it comes to annual rate changes, you should be able to review rate variances over time – actual vs. advised rates. Glennis Insights allows you to compare rates at notification (when you notified the resident of increase), the actual rate after negotiation, and after all rates are in effect. You also can review current rent and care rate by resident for previous, current and the upcoming year. Determine if you’re negotiating too much and where you stand as you progress through the rate increase season. You can view this data however you prefer – by property, by resident, or by time.
Bring it all together
Ultimately, an advanced revenue reporting solution should empower you to aggregate data from one or several communities as needed. You should be able to select precisely what you want to see, such as a specific month, community or room type, and all associated data should update accordingly.
Glennis offers unified, centralized reporting with this critical information at your fingertips, storing all property and portfolio information in one database, enabling you to easily monitor your financial performance from anywhere at any time. Because all information is recorded in real time, you can be confident that your analytics and insights are based on accurate and complete data.
Whether for one property or one hundred, Glennis equips you with the powerful data and control you need to make better decisions, manage revenue, and improve value.