Can you give us a quick background of who you are and where you are today?
I am the Chief Financial Officer at Carleton-Willard Village, a Continuing Care Retirement Center (CCRC) located in Bedford, Massachusetts. I oversee all financial accounting and IT functions here, managing a finance and accounting team of six and an IT team of two. I have 30 years of professional experience, with 25 years in the senior living environment.
Can you tell us about Carleton-Willard Village?
A CCRC is a setting for seniors who want the freedom of independence while ensuring their future healthcare needs are met as they age. We offer independent living, consistent living, dementia care, and skilled nursing. We have about 400 employees and house around 350 residents. Carleton-Willard Village is known for its beautiful 72-acre setting, which makes it a premier provider of quality service for seniors. We have a five-star rating and offer a range of amenities like a state-of-the-art gym, a swimming pool, walking paths, award-winning food, and various activities to keep residents engaged. Residents can enjoy a peaceful, tranquil setting while also having access to numerous social and recreational opportunities.
What is the current state of the senior living market?
2024 has been a fantastic year, not just for us, but for seniors in general. There’s an abundance of seniors looking for more than just living at home; they want a high quality of life. Specific to Carleton-Willard Village, we see that seniors are increasingly realizing the benefits of a CCRC environment, which prioritizes quality of life and offers the opportunity to stay active and engaged. Since COVID-19, there has been a growing demand for senior living communities like ours, as many seniors are looking to transition from their traditional homes to a setting that provides healthcare and social opportunities while maintaining independence.
Has the demand for Continuing Care Retirement Communities (CCRCs) grown over the past few years?
Yes, in my experience working with CCRCs, there was always a need, but not as much as there is now. We currently have a massive waiting list, and it’s the same for our competitors, especially in the Northeast. There are more seniors today who are living longer and healthier lives and who want an environment where they can interact and stay active. Over the past 5 to 10 years, we’ve seen a major increase in demand for CCRCs.
What are the different levels of senior living, and how has demand changed for them?
There are different levels of senior living, such as 55+ communities, full-care facilities, and CCRCs that offer various levels of care. About 15-20 years ago, senior living options for people as young as 55 were common. However, today, many seniors aged 75-80 are looking for more from their senior living experience. At Carleton-Willard Village, the average resident is around 82, and the nationwide average lifespan is 92. Seniors now want to enhance their quality of life by choosing environments that support health, activity, and social interaction.
What advice would you give to someone interested in the finance side of the senior living industry?
It’s important to have a good understanding of both healthcare and real estate. The senior living industry involves many nuances, especially with Medicare, Medicaid, and other types of insurance. A background in real estate is helpful, but understanding healthcare operations is crucial, particularly in terms of occupancy, social services, and admissions. I’d say it’s about a 70-30 split in favor of healthcare experience over real estate experience when hiring for finance roles in this industry.
How does understanding the business side help in healthcare hiring, especially in senior living?
Understanding the business side, especially the relationship with insurance companies and billing processes, is crucial. The complexity of healthcare, combined with the aging population and people living longer, creates significant growth opportunities.
How do you manage to learn and adapt to changes in the senior living industry?
I learn something new every day. Despite having 30 years of professional experience, I’m constantly discovering new things, which energizes me. The changes in this industry happen consistently, and there’s always something new to learn.
How do you manage a lean team in finance and accounting, and do you use outside consultants?
Yes, I run a team of about six, which includes some IT folks. We do use outside consultants or project professionals to handle any workload peaks or special projects. While they are effective and bring specialized skills, they are expensive, often costing almost double compared to in-house hires. I prefer to hire in-house, but consultants can hit the ground running and complete projects quickly when needed.
What are the primary reasons you use outside consultants?
We use outside consultants for specialized projects that require a high level of expertise or when we need to supplement our team due to a heavy workload. It’s about bringing in expertise quickly to get the job done efficiently.
Have you faced challenges in hiring skilled talent for finance and accounting roles?
Yes, we have experienced challenges, particularly with the demand for talent in the Boston area. For example, when hiring a new controller, I received a lot of qualified resumes, but there were also challenges, such as discussions around remote work. Since we are a 24/7 business providing services to residents on campus, we require employees to work in the office, which can be a sticking point for some candidates.
What is one of the biggest challenges you’ve faced when hiring?
One of the biggest challenges has been navigating the remote versus in-office work debate. Our business operates around the clock, so we require employees to work on campus, which is less common now. This has made hiring more challenging, but we’ve managed by being creative and adapting to these conditions.
How does culture play a role in attracting and retaining candidates at Carleton-Willard?
Culture is our number one priority and the key attraction here at Carleton-Willard. It is important for all departments—accounting, nursing, rehab, dietary, and facilities. Candidates often look for a company with a strong, committed culture that offers a fun, safe, and balanced work environment. While compensation is also crucial, culture remains a vital component of our success.
What is your approach to hiring, given the current market trends in compensation and culture?
We focus on ensuring that our culture remains strong, as it is our “North Star.” While technical skills for roles are essential and easier to evaluate, finding the right personality and cultural fit is critical. This is especially true in roles where communication, problem-solving, and customer interaction are key.
What stage are you at in adopting AI or new technologies at Carleton-Willard?
We are in the discovery stage. Our IT specialist is currently investigating how AI can benefit our organization. While we haven’t implemented any specific AI technologies yet, we are open to understanding how they can enhance our operations. Even our residents are interested in learning about AI, so it’s an exciting area for exploration.
What advice would you give to other CFOs on hiring and retaining talent?
My advice is to let the professionals help with hiring. Agencies and professionals can streamline the process, handle background checks, and find the right candidates. Additionally, focus on building and maintaining a strong company culture. Most people leave organizations due to cultural issues or burnout. Always show respect, use “please” and “thank you,” and ensure employees feel valued. Hire for cultural fit first, and then train for talent.
What have you noticed about the current trends in AI adoption in the finance industry?
Most companies are still in the discovery or pilot phase. They’re testing small implementations, like using AI for AP processing or transactional tasks, but no one has fully committed to a specific AI program yet. The trend is to cautiously explore AI’s potential benefits without making large-scale investments.
What final thoughts or advice do you have for finance executives considering new hires?
Focus on culture and use professionals for hiring. Culture is a critical factor in retention and attracting the right talent. It’s important to hire for cultural fit, as you can always train for specific skills later.
