Vita Senior Living to Acquire Select Florida Communities
Senior living veteran Scott McCorvie has devoted his 18-year career to helping improve the senior living industry, and with his new venture, Vita Senior Living, he is placing the focus squarely on improving residents’ lives.
“Vita is Latin for Life, and that’s exactly what our mission and purpose is each day – to improve lives, plain and simple,” said Scott McCorvie, CEO of Vita Senior Living. “We have ambitious goals, but our team has been hard at work, and we’re so excited to finally implement our plan, realize our vision, and improve as many lives as possible.”
To make the vision a reality, Vita Senior Living is acquiring select communities in Florida that can be enhanced through strategic improvements to the real estate and operations. “Although the real estate is just a mechanism to deliver our care, we are senior living real estate experts, and each investment includes a specific plan to update the design and aesthetic appeal,” McCorvie said. “Even relatively minor changes to the FF&E, unit mix, lighting, technology and community amenities can make a huge impact to the resident’s life and overall wellness going forward.”
This is especially true in the current landscape where new technologies are providing residents the ability to age at home longer. “One of my biggest frustrations is touring a gorgeous new senior living community and then seeing zero community engagement or resident life,” McCorvie said. “If senior living is going to be a better alternative than home healthcare or other care options, we must provide services and experiences that residents can’t find at home. That’s why Vita Senior Living is focused on improving lives – all the intangible benefits that can only be received in our community setting and not within a home.”
Along with upgrades to the real estate, Vita Senior Living is heavily focused on improving the operations. Each acquisition includes a carefully orchestrated operator transition period to ensure a smooth hand-off at closing. “From the very start, we knew our operational model would not only be focused on improving the resident’s life, but also on identifying and removing operational inefficiencies,” McCorvie stated. “It can be a daunting task to uncover operational issues within hundreds of documents, but that’s what drives our passion, and separates our process from other platforms.”
Vita Senior Living developed a unique process that leverages team experience in senior living appraisal, investment, and operations to uncover inefficiencies compared to market performance. During the underwriting process, the company employs proprietary industry benchmarking analysis tools, and other industry resources to uncover any performance irregularities. Vita then carefully reviews each department to identify areas of inefficiency and formulates the best course of action to correct issues at closing. The company’s improvement plans typically include revisions to hiring policies, recruitment, training, scheduling, record retention, expense management, agency contracts, vendor management, group purchasing, advertising, technology platforms, and other key areas of operations.
Vita Senior Living is currently seeking acquisition opportunities in Florida, along with new investors or other capital partnerships. Additional information can be found on the website vitaseniorliving.com.