SARASOTA, Florida., July 15, 2022 /PRNewswire/ —
Dear Valued Shareholder,
During this unprecedented time in the healthcare industry, the past 12 months have been extremely challenging for our business in many ways. We are pleased to report that we continue to meet these challenges and would like to share how we are positioning ourselves as a leader in post-acute healthcare.
The acquisitions of Banyan Pediatric Care in March 2021 and Trillium Healthcare Consulting in June 2021 created the core business of Assisted 4 Living, Inc. Operating these two companies while still in the midst of the COVID-19 pandemic undoubtedly came with challenges both expected and unexpected.
Despite the trials presented by COVID-19, we have made many operational improvements as we set our course for success. Our goal is to create a financially strong and efficient business that is built on employee engagement, quality results and a strategic platform that will positively impact rural care delivery.
ACTIONS TO BUILD THE FUTURE
Our business has taken a number of far-reaching steps to improve efficiency and performance over the past 12 months. We have:
- Assembled an experienced management team that joined our CEO, Louis Collierto lead our recovery. Dale Poeour Chief Operating Officer; Diane Hardenour chief financial officer, and Sandra Bowerour head nurse, each have over 30 years of experience, while Melanie Laddour head of human resources, has more than 20 years of experience.
- Appointed michelle flynna highly experienced healthcare executive as President of Banyan Pediatric Care Centers.
- Creation of an operational and financial services platform with an in-house team of highly qualified accountants and support staff. We implemented internal controls, transitioned to new software, and created accounting processes to integrate accounts receivable, accounts payable, purchase orders, and the revenue cycle.
- Extraction of all necessary financial and operational data from disparate businesses to lay the foundation for a cohesive strategic platform.
- Implementation of a comprehensive “recruitment and retention” plan.
- Implementation of a comprehensive business development plan led by Laurie Surpriseour Vice President of Business Development.
- Redefining our approach to regional leadership, with accountability, transparency and a focus on developing facility leaders.
- Completion of the integration of pharmacy services in all establishments.
- Successfully Acquired Grace Care Centerscomposed of three installations Texas.
- Opening of two new Banyan pediatric centers in Sarasota, Florida and New Port Richey, Florida.
- Began implementing a medical management platform in more than half of our facilities to improve quality of care and expand our clinical capabilities.
- Develop a comprehensive behavioral health program.
- Creation of a central admissions office to ensure consistency in response times and the complicated admissions process.
- Negotiation of a contract with a group purchasing organization and with a new pharmacy supplier.
- Development of our strategic platform, which includes:
- Realignment of the management teams of establishments “with a lower census”;
- Continued downsizing of agency staff;
- Elimination of Assistant Minimum Data Set (MDS) Coordinators and Business Office Managers (BOMs);
- Elimination of overtime for non-clinical positions;
- Creation of a regional facility maintenance system;
- Realignment of regional management teams and head office staff.
Through our work, we have seen many positive trends that reflect the steady improvement in business performance:
- Average daily attendance at Banyan Pediatric Centers has increased from 47 to 85 and continues to grow each week, with a target of reaching 120.
- Trillium’s Census of Facilities fell from 937 to 1,102, while the Qualified Census fell from 62 to 154. (For comparison, a recent industry article stated that only 25% of nursing facilities qualified in the United States have reached their pre-pandemic census levels.)
- Trillium’s annual income rate increased from $73 million at $98 million and continues to increase.
- Banyan’s annual income rate increased from $3 million at $4.3 million.
- Our overall CMS Star Ratings have increased from an average of 2.55 to 3.5, with most of our facilities receiving 4 or 5 stars in the nursing staff category.
- We have reduced many expenses through a more efficient approach in our daily processes, new contracts with preferential prices and others with expected annual savings of almost $10 million.
CONTINUED IMPACT OF COVID-19
As for the continued impact of the COVID-19 pandemic, we were greatly affected in January and February this year by the second epidemic. We had 326 employees testing positive and 418 patients testing positive, with 27 of our 30 facilities affected and 14 of the facilities closed to admissions for extended periods. In addition, we had dramatically increased the costs of agency supplies and staff to care for our patients.
Our teams at each facility have done an outstanding job of overcoming these challenges and providing the highest quality care to our patients. It is important to note that this outbreak could have been significantly worse at many of our facilities, but our infection prevention program worked extremely well as our employees carefully followed program processes.
AN EXCITING FUTURE
We have made tremendous progress since acquiring Trillium in June 2021, and work together to build a way forward based on quality, financial performance and employee engagement. Although the integration of the acquisition was more difficult than expected, we continued to focus on creating policies and procedures that became the foundation of our business.
While this progress gives us much to celebrate, we are also thrilled to share that we have rebranded our parent company, creating a new brand with the goal of being recognized as a leader in post-acute healthcare. Although we have changed our registered legal name to December 2021we are still awaiting regulatory agency approval for the name change, after which we will publicly announce our new name, Arboreta Healthcare, Inc., as well as the introduction of a new logo to represent our parent company and the adult post-acute care facilities.
When we launched marketing and public relations activities last fall, we found that we spent a lot of time explaining that assisted living was only a small part of our business before we could share the story of how we care for our patients.
With this in mind, we embarked on a quest to find a single name for the industry that would encompass all of our subsidiary brands and eliminate the confusion of the Assisted Living moniker.
Just as an arbor provides shade or shelter formed by trees or vines, an arboreta (plural of arboretum) is a family of trees grown for this purpose. Arboreta plays an important role in the preservation and management of trees and provides a place where endangered species can be protected.
We work every day to make this company the leader in post-acute healthcare, delivering quality outcomes while serving as an invested partner in our communities and a place of choice for employees.
Assisted 4 Living, Inc.
This correspondence may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws regarding our business, or our financial condition and prospects that reflect our assumptions and beliefs based on currently available information. Words such as “expects”, “intends”, “plans”, “believes” and similar expressions are intended to identify forward-looking statements, although certain forward-looking statements may not be accompanied by such statements. phrases. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. We cannot guarantee that the expectations indicated by these forward-looking statements will materialize. Accordingly, you should not rely on any such forward-looking statements. Forward-looking statements are made only as of the date of this press release and, except as otherwise required by law, we undertake no obligation to update or revise these statements to reflect subsequent events or circumstances.
SOURCE Assisted 4 Living