Mastering Strategic Pricing in Senior Living: Insights from Forefront Living and Greystone at LeadingAge Texas

In an era of economic uncertainty, where inflation pressures are reshaping operational landscapes, effective strategic pricing becomes crucial. At the LeadingAge Texas Conference in Austin on May 21, Steven Ailey, CFO of Forefront Living (FL), joined forces with Stuart Jackson and Kristi Cavrich of Greystone to shed light on this pressing issue. Their presentation, “Building a Strategic Pricing Plan to Combat Inflation,” offered invaluable insights and practical strategies for senior living providers.

The presentation began with an overview of the economic trends influencing the senior living industry, highlighting factors that strain the financial stability of senior living communities. These factors underscored the need to find an appropriate response to maintain quality care without compromising financial health.

Ailey, Jackson and Cavrich outlined a systematic approach to developing a strategic pricing plan and discussed the positive financial impact of FL’s pricing and marketing strategies over the past seven years.

Ailey shared examples from each of Forefront Living’s own entities including Bella Vida, Faith Presbyterian Hospice, The Outlook at Windhaven and Presbyterian Village North.

The insights shared by Ailey, Jackson and Cavrich underscored the importance of proactive and strategic pricing and marketing in the face of inflation. By understanding market dynamics, evaluating costs, diversifying revenue and maintaining open communication, senior living providers can navigate economic challenges while continuing to deliver exceptional care. The LeadingAge Texas Conference highlighted that with the right strategies, providers can turn challenges into opportunities for growth and innovation.