Welcome to “Who Cares for us at Panorama: Part 2” The previous post covered the first four presentations that were given at our recent Health and Wellness Forum. For the last portion, the format changed from organized presentation to an open discussion with audience involvement.
Our last speaker was Bill Strader, Vice President and Chief Financial Officer of the Panorama Corporation. Bill presented this time as an opportunity for residents to ask any question they want, as long as it was pertaining to his area. The mic was open to anyone with a hand raised. Here are the questions our residents asked, along with summarized responses:
When you ask for applicant financial statements, what are you looking for? How do you use the information?
“The main thing to look for is this: is there a high probability that their resources will last the rest of their life in the home they are looking at? The last thing we want is to put residents in a situation that will lead to financial strain.”
What are your capital expenditure priorities for the next 3-5 years?
“Campus renewal. If independent living is successful it feeds everything else. Occupancy is good for everybody.” Panorama has been here for 50 years. It’s time to renew any rundown buildings. In our renovation projects, we try to stick with products that wear better or are cheaper to replace after time. The focus is on an investment in the longevity of Panorama.
Why don’t we add more locations around the northwest?
“In my work experience, I’ve come from a lot of large chains.” Expanding brings a lot of very expensive start-up costs that involve borrowing funds. Panorama is the 15th largest CCRC in the country. It’s in a great spot. We want to be the best we can, right here. That means putting funds back into this location, rather than expanding to other locations.
The session came to a close with a comment from one resident who said “Bill, you are the absolute best hire Panorama has ever made”, followed by applause from the audience. This marked the forum as a success for everyone; presenters and audience members.