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Rising operating costs continue to challenge senior living operators as labor shortages, inflation and other increases persist. You can’t cut your way out of rising costs, according to industry leaders, but you can focus on investing smarter.
Insights from Earl Parker, CEO of Commonwealth Senior Living, and Richard Nix, senior director of senior living sales at Yardi, point to a clear theme: long-term sustainability comes from investing in people, supported by the right technology and culture.
Invest in people as a long-term cost strategy
“We believe that investing in maintaining our current top talent is the best long-term decision,” Parker said.
Commonwealth monitors local market wage scales and works proactively to address changes to remain competitive.
“While this may result in some increased costs, it lessens the impact on turnover, overtime and potential need for agency staffing, which is extremely costly.”
Understand the value of time caregivers spend with residents
In assisted living and memory care, Commonwealth, a Yardi Senior Living Suite client, takes a data-driven approach to staffing and pricing.
“We engaged a third party to conduct time studies to better understand the staff time required for each level of assistance,” Parker said. “This has allowed us to better calibrate how we charge for each service and level of care to ensure that we are being compensated appropriately based on the costs.”
The result is a more sustainable operating model that aligns care delivery with financial reality.
Technology should reduce administrative work & increase human connection
In a 24/7 environment with significant labor demands, technology is a critical tool for improving administrative efficiency.
Family and resident portals like RentCafe Senior Living Portal allow payments, rental document access and care coordination to happen digitally. This means fewer questions from family members and manual tasks like faxing rental agreements.
“Implementing a self-service portal versus having your own staff do all that work helps manage the rising cost of labor,” Nix said. “This reduces calls to the community during business hours and frees up labor. The team gets more time to take care of residents.”
Culture, technology & efficiency must work together
Both leaders emphasize that cost management isn’t just about systems — it’s also about culture. Creative recognition programs and leadership visibility help retain staff even in a competitive labor market.
“The most successful senior living organizations are family oriented,” Nix said. “When you work for them, they treat you like family.”
Combined with smart technology and thoughtful staffing strategies, culture becomes a powerful reason that employees stay.
“The organizations that can find those people who really want to care for others do a good job of trying to hold onto them,” Nix said. “One company I know fills up a gas tank for a special Employee of the Week. The CEO goes with them to the gas station and fills it up for them. They come up with innovative ways to reward employees.”
Rising operating costs present real challenges, but they also create an opportunity to rethink how senior living organizations operate. By investing in people, using technology effectively and strengthening culture, operators can control costs while continuing to deliver high-quality care.
Read more from leaders across housing markets in Trends & tips for the modern residential landscape.
