Turnaround
Operational Stability Leading to Financial Growth
CiminoCare took advantage of an underperforming asset by acquiring the lease and engineering a turnaround after River Fountains ran into census and revenue declines coupled with regulatory problems. After a thorough evaluation to identify specific deficiencies, we executed a turnaround plan that included securing funds to complete badly needed renovations, updating operations, and repositioning sales and marketing.
River Fountains was on a compliance plan with the state regulatory agency based on deficiencies found during inspections. Over six months, CiminoCare was able to complete the renovations and correct the compliance issues.
Their payer mix was also creating a drag on profitability. We established one of our first Assisted Living Waiver (ALW) programs; once in place, the income per resident tripled. What started as a loss of $20,000 per month became a net income of $30,000 per month.