Benchmark Senior Living CEO, Tom Grape, is facing a positive influx of opportunities in 2024. With a portfolio of 67 communities, Benchmark has achieved an impressive 90% occupancy rate. Grape is focusing on building a strong business foundation by revamping the EHR platform, human resources systems, and customer relationship management functions. The company is also expanding into new markets, such as the Washington, D.C. area, where a 150-unit community has been opened in Alexandria, Virginia. This community serves as a stepping stone for Benchmark’s venture into value-based care with Curana Health and the Serviam Virginia Value-Based Care Alliance.
In addition to the new developments, Benchmark is updating amenities and features in 30 communities through a capital redevelopment program. Grape discussed these exciting ventures in a recent episode of the Senior Housing News podcast, Transform.
Regarding Benchmark’s recent expansion near D.C., Grape highlighted the positive reception of the new community, which offers assisted living and memory care in a 10-story building within a mixed-use development. He emphasized the community’s unique features, such as an open chef’s kitchen, various dining venues, and stunning views from the roof deck. Grape expressed optimism about Benchmark’s success and integration into the new market.
Grape also discussed Benchmark’s involvement in value-based care through the Serviam Virginia Value-Based Care Alliance. By partnering with Curana and other providers, Benchmark aims to enhance resident care coordination, improve outcomes, and foster better collaboration with medical professionals. Grape emphasized the benefits of integrating medical records and strengthening relationships with specialists for a more seamless healthcare experience.
Furthermore, Grape highlighted Benchmark’s positive operating momentum, with an increased focus on core portfolio occupancy, resident satisfaction, associate engagement, and quality scores. The company is implementing foundational infrastructure initiatives, including electronic medical records, HR information systems, facilities management tools, and CRM changes, to enhance data management and customer experiences.
Despite challenges in the development market, Benchmark remains committed to ongoing capital expenditures and community renovations to support growth and sustainability. Grape expressed confidence in Benchmark’s current trajectory and future endeavors, reflecting a strong business outlook for the company.
