In this episode of the LTC Heroes podcast, Jay Moskowitz, CEO of Vivage, joins us to discuss what you should look for when acquiring LTC facilities, and how he goes about making improvements to these facilities.
Acquiring an LTC Facility
Jay says any acquisition that you’re interested in needs to make sense for you and your team. In his mind, an acquisition makes sense when the facility is in a market you can serve and you’ll actually be able to stabilize and improve the facility.
Other factors you should consider when acquiring a facility are the longevity of the staff and leadership, survey history, and if the case mix is what you’re looking for.
Managing and Communicating with Leadership Teams
Jay shares with us the importance of making time to meet with your leadership team(s) when operating multiple facilities. He points out that he meets one-on-one with each of his leaders throughout the week in order to align on agendas without inconveniencing each other amidst other duties.
Jay also notes that when thinking about making improvements to a facility, be sure to consider the ROI and prioritize your projects accordingly.
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Rapid Fire Q/A:
Do you have any uncommon hobbies?
I collect dreidels, which are basically tops from around the world. I have been collecting them now for over 40 years and have 1,000+ dreidels. It’s pretty extensive and I put it on display once a year.
How does your current self differ from your younger self?
Patience. I think the key is patience and being willing to listen. As I get older, I realize I know less and less as the world changes around me. I think I know a lot, but I realize there’s so much more to learn.
Can you identify what has led to that transformation?
There’s not one specific experience, but I will say that the feedback I’ve gotten about my accessibility and availability for my staff is one of the key reasons they like working for our organization. I take the time to listen and that goes a long way.
Who is Jay outside of his job, and what is Jay valued for most beyond his professional career?
Family’s always first and that’s the source of my value outside of work.
If you could change one thing in the LTC industry, what would it be?
I think we have to turn around and really continue working on the perception of our industry. I also think we need to do better with the retention of staff.
What’s the best advice you’ve received in your career?
Listen. That truly is the best advice.
What piece of advice do you give out most often?
Have more patience.
Who is one of your LTC mentors?
My mother would have to be my best mentor. She was in this profession for many years and I learned a great deal about the value of this profession, how to develop trust, and how to handle challenging situations.
Resources:
https://www.linkedin.com/in/jay-moskowitz-92b27061/
Phone number: 303-238-3838