“Resilience. Resilience helps you deal with change and maintain a certain level of optimism. It keeps you grounded in reality. We all have tough times. We have to focus on what it will look like on the other side of them, whether it’s personal or professional tough times. Are you going to give up or focus on how you can get through it?”

— Deneen Richmond, MHA, RN, VP of Population Health & Clinical Improvement, Anne Arundel Medical Center, Annapolis, MD

“Truly having the right operator. Any time we are successful, it comes down to the quality of the operator, somebody who cares about the clinical quality when there might be financial difficulty. Clinical can be expensive and a distraction, and it’s easy to cut, but there’s a super-high correlation between quality of care and financial success.”

— Brian Beckwith, CEO, Formation Capital LLC, Atlanta

“You need to get all your major stakeholders involved so everybody knows what the issues are. Make sure everybody understands what you are facing, and how they can help the organization work through the challenge.”

 — Wendy L. Simpson, President/CEO, LTC Properties Inc., Westlake Village, CA 

“Conserve your cash, and always be open and honest with your lender. Honesty is most important when times get tough. They’re more likely to work with you if you’re honest. It’s easy to say we’re not going to tell them about something [negative] but it’s best to just tell them and get it over with.”

—  Jeff Gerns, CFO, Lydia Healthcare, Robbins, IL 

“The most important thing is to stay focused on what you are good at and do it well. Don’t let the latest fear thing that comes down the road let you lose your focus. I would also say that investing in your staff is critical, because without trained staff, you are not going to be able to deliver to anybody.”

— Robert G. Kramer, Founder and Strategic Advisor, NIC, Annapolis, MD

“Hang onto relationships and expertise and carry them forward. You might be able to expand upon them later. Don’t be overextended, in terms of capital structure, to get you through the downturns.”

— George Bingham, Broker/Owner, Bingham Associates, Teaneck, NJ

“It’s important to go to industry events and hear what your colleagues are talking about and how they are dealing with their problems. Our field is becoming more  focused than ever on delivering the  best possible care to residents, which is a great thing.”

— Floyd A. Schlossberg, Chairman, Alden Management Services, Chicago 

From the October 2019 Issue of McKnight's Long-Term Care News