In his July 17 blog, “The Ends of the Earth”, the President of the American Association of Homes and Services for the Aging (AAHSA), Larry Minnix, challenged the AAHSA network to not simply cope with the fact that the economy is oppressive to the senior living industry, but instead to take advantage of the fact that health reform is a national priority and therefore ADVOCATE to include long-term services and supports in health care reform.
One area to link coping with advocacy is with financial operations. It is difficult to cope with the realities of financial management these days. Not only has the federal and state faucet to fund Medicaid and Medicare slowed down to a drip, it has become almost dried up with daily new regulations. And then there is the reality of refinancing. Now that interest rates on bond issues have become so high, there is no point in trying to interest bankers in the exercise. Yet, capital needs remain critical as outdated equipment needs to be replaced and structures age.
Per Minnix’s advice to “revolutionize our work in very creative and constructive ways,” 3B Fund Development, a strategic partner of Jeffrey Byrne & Associates, Inc. that serves the senior living industry, recommends that organizations engage in private fundraising to support their financial goals. Creative fundraising strategies can increase capital, while simultaneously involving members of a senior living community: residents, Board members, staff and friends.
Properly planned fund development campaigns marshal talent and energy, while communicating to your constituents and stakeholders why fulfilling your mission is vital to your community, and therefore the importance of supporting operational stability with their financial commitment. Let us know how you are coping with economic stresses and advocating for the senior living as you navigate the turbulent waters of our current financial storm.