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Many senior living operators lack data scientists on staff, but LCS has invested in four. At the start of 2024, the Des Moines-based company implemented a new reporting tool to further its data analysis and standardization. Dan Lahey, recently promoted as the company’s CFO and chief investment officer, sees the new data capabilities as crucial for LCS’s growth and evolution.
LCS’ 2022 rebound to pre-pandemic occupancy and a record number of sales closing in the entry-fee CCRC business line in 2023 have positioned the company for 2024, but Lahey recognizes the importance of reflecting on past lessons while staying focused on growth.
Data platform comes online
With a portfolio of 143 communities across the U.S., LCS now has more advanced data capabilities with the implementation of a new reporting tool. This platform provides real-time insights into key metrics, allowing LCS leaders to make data-driven decisions for better predictive analytics and new sales lead scoring. It challenges conventional wisdom and leads to more refined, data-driven decision-making.
Growth in 2024 and beyond
Looking ahead, LCS plans to continue growing in its strengths, particularly in full-continuum rental communities and CCRCs. The company sees opportunities in acquiring and revitalizing distressed communities, aiming to position them for financial success. Additionally, LCS remains committed to new development and construction despite the challenges in the short-term, recognizing the long-term growth potential.
