Harvard Case - Westmount Retirement Residence
"Westmount Retirement Residence" Harvard business case study is written by Mary Heisz, Nicole Shomair. It deals with the challenges in the field of Accounting. The case study is 10 page(s) long and it was first published on : Jun 30, 2008
At Fern Fort University, we recommend that Westmount Retirement Residence implement a comprehensive strategy to improve its financial performance, enhance resident satisfaction, and ensure long-term sustainability. This strategy involves a multi-pronged approach encompassing operational efficiency, cost optimization, revenue enhancement, and a focus on resident-centric care.
2. Background
Westmount Retirement Residence is a non-profit organization facing financial challenges due to increasing operating costs and declining occupancy rates. The organization's board of directors is concerned about its financial viability and is seeking solutions to improve its performance. The case study highlights several key issues:
- Financial Performance: Westmount is experiencing significant financial pressure due to rising operating costs, particularly in areas like staffing and utilities.
- Occupancy Rates: The residence is struggling to attract new residents, leading to declining occupancy rates and reduced revenue.
- Competition: The retirement home market is becoming increasingly competitive, with new facilities offering a wider range of services and amenities.
- Resident Satisfaction: While Westmount provides quality care, there are concerns about resident satisfaction levels, potentially impacting future occupancy.
The main protagonists of the case study are the board of directors, the executive director, and the staff of Westmount Retirement Residence.
3. Analysis of the Case Study
To analyze Westmount's situation, we will utilize a framework combining financial analysis, operational efficiency, and resident satisfaction.
Financial Analysis:
- Financial Statements: A thorough review of Westmount's balance sheet, income statement, and cash flow statement is crucial to understand its financial health. This analysis will reveal key areas of financial stress, such as high operating costs, low occupancy rates, and potential cash flow issues.
- Cost Accounting: Westmount should implement a robust cost accounting system to accurately track and analyze costs across various departments and services. This will enable the identification of cost inefficiencies and opportunities for optimization.
- Activity-Based Costing (ABC): Utilizing ABC can provide a more accurate picture of the true cost of providing services, as it allocates costs based on the activities required to deliver them. This will help Westmount understand the cost drivers for various services and identify opportunities for cost reduction.
- Financial Performance Measurement: The organization should establish key performance indicators (KPIs) to monitor and measure its financial performance. These KPIs should include metrics like occupancy rates, revenue per resident, operating expenses, and profitability.
- Budgeting: Developing a realistic and detailed budget will allow Westmount to track its expenses and revenue closely, enabling proactive management of its finances.
Operational Efficiency:
- Organizational Structure and Design: A review of Westmount's organizational structure should be conducted to identify any inefficiencies or redundancies. Streamlining the organizational structure and optimizing staff allocation can lead to significant cost savings.
- Employee Performance Management: Implementing a performance management system can improve employee productivity and efficiency. This system should include clear performance goals, regular feedback, and rewards for high performance.
- IT Management: Investing in technology can enhance operational efficiency and improve resident care. This could include implementing electronic health records, online communication systems, and automated scheduling tools.
- Asset Management: A comprehensive asset management plan should be developed to optimize the utilization and maintenance of Westmount's physical assets. This plan should include regular maintenance schedules, preventative measures, and strategies for asset disposal.
- Supply Chain Management: Streamlining the supply chain and negotiating better prices with suppliers can contribute to cost savings.
Resident Satisfaction:
- Resident-Centric Care: Westmount should prioritize resident satisfaction by focusing on providing personalized care and creating a supportive and engaging environment. This includes offering a range of activities, social events, and individualized care plans.
- Communication and Transparency: Open and transparent communication with residents and their families is essential. This includes regular updates on care plans, activities, and any changes in the facility.
- Feedback Mechanisms: Implementing feedback mechanisms, such as resident surveys and suggestion boxes, will allow Westmount to gather valuable insights into resident satisfaction and identify areas for improvement.
- Employee Training: Training staff on best practices for resident care, communication, and conflict resolution can significantly enhance resident satisfaction.
4. Recommendations
Based on the analysis, Westmount Retirement Residence should implement the following recommendations:
Financial Performance:
- Develop a comprehensive financial plan: This plan should outline strategies to improve occupancy rates, reduce operating costs, and increase revenue.
- Implement an activity-based costing system: This will provide a more accurate understanding of the cost of providing services and identify areas for cost reduction.
- Negotiate better rates with suppliers: Explore opportunities to reduce costs by negotiating favorable pricing with suppliers of goods and services.
- Explore alternative funding sources: Investigate potential grant opportunities, charitable donations, or partnerships to supplement existing revenue streams.
Operational Efficiency:
- Streamline organizational structure: Identify and eliminate any redundancies or inefficiencies in the organizational structure.
- Implement a performance management system: This will enhance employee productivity and efficiency.
- Invest in technology: Use technology to automate tasks, improve communication, and enhance resident care.
- Develop a comprehensive asset management plan: This will ensure optimal utilization and maintenance of physical assets.
Resident Satisfaction:
- Develop a resident-centric care model: Focus on providing personalized care and creating a supportive and engaging environment.
- Enhance communication and transparency: Maintain open communication with residents and their families.
- Implement feedback mechanisms: Gather resident feedback to identify areas for improvement.
- Provide staff training: Train staff on best practices for resident care, communication, and conflict resolution.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations are aligned with Westmount's mission to provide quality care to seniors in a supportive and engaging environment.
- External Customers and Internal Clients: The recommendations prioritize resident satisfaction and employee engagement, ensuring both external and internal stakeholders are satisfied.
- Competitors: The recommendations aim to enhance Westmount's competitiveness by improving its financial performance, operational efficiency, and resident satisfaction.
- Attractiveness ' Quantitative Measures: The recommendations are expected to improve Westmount's financial performance by increasing occupancy rates, reducing costs, and enhancing revenue.
- Assumptions: The recommendations assume that Westmount's board of directors is committed to implementing the necessary changes and that the staff is willing to embrace new approaches.
6. Conclusion
By implementing these recommendations, Westmount Retirement Residence can improve its financial performance, enhance resident satisfaction, and ensure long-term sustainability. The organization will need to be committed to change, embrace innovation, and prioritize the needs of its residents to achieve success.
7. Discussion
Other alternatives not selected include:
- Merging with another retirement residence: This could provide economies of scale but may also lead to cultural clashes and loss of autonomy.
- Selling the facility: This would provide immediate financial relief but would also result in the loss of the organization's mission and legacy.
The key risks associated with the recommendations include:
- Resistance to change: Some staff members may resist changes to the organizational structure or work processes.
- Cost of implementation: Implementing the recommendations will require financial investment, which may be challenging for a non-profit organization.
- Unforeseen circumstances: External factors, such as changes in government regulations or economic downturns, could impact Westmount's financial performance.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Form a task force: Create a task force consisting of board members, staff, and residents to oversee the implementation of the recommendations.
- Develop a detailed implementation plan: Outline specific actions, timelines, and resources required for each recommendation.
- Communicate effectively: Keep all stakeholders informed of the progress made in implementing the recommendations.
- Monitor and evaluate: Regularly monitor the impact of the recommendations and make adjustments as needed.
By taking these steps, Westmount Retirement Residence can successfully navigate its financial challenges and ensure its long-term viability while providing quality care to its residents.
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Case Description
The administrator of the Westmount Retirement Residence is concerned about the current cost accounting system. The administrator is not clear on how much each service offered was truly costing, and therefore charged each resident the same price per month regardless of their needs. In the past, the majority of patients demanded similar services, and therefore this pricing and costing system was appropriate. However, with demographic changes to the population, some residents required intense medical care, while others were healthy and fit and required less care. A new pricing model had to be developed that reflected both the size of suite inhabited and the level of medical care and service required by each individual patient.
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