Nelson has served chair of the Argentum Board of Directors since May 2022, helping to usher both Argentum and the industry through some critical moments during his two years in the position. As his tenure as chair ends this month, Nelson took the time to reflect in a Q&A with Senior Living Executive on his time as chair and to share his thoughts on the broader senior living landscape, explaining why he’s “bullish” on the future, why winning the talent game is a major opportunity for the industry and why he believes the senior living field is “raising the bar.”
You became chair of the Argentum board during a particularly challenging time for the industry. How were you and the organization able to act on those priorities and provide critical support for Argentum’s members and the industry at large?
It takes a strong staff and engaged members who are willing to put forth the time and effort to make our industry better and focus on the needs of the future. The Argentum board has always been very focused on strategy, public policy and advocacy. James and his staff have done an excellent job executing these priorities and leading the way. At the same time, we have remained grounded in the importance of not compromising the quality of resident and employee experience that we all deliver. I would also add that the collaboration with other industry associations has been positive and important for the collective good. We need more of it!
Could you talk about steering Argentum through the development of a new strategic plan and vision? What was the importance of that process, your key goals for it, and how successful do you view that process ultimately being? What were the keys to that success?
I must give our CEO, James Balda, tremendous credit for leading this effort. Before accepting the chair role, James made it clear that we needed a better-defined strategic plan. The board rallied behind James’ energy and vision to ensure senior living is recognized as the most effective, efficient and compassionate care delivery system meeting the needs of America’s seniors. The process helped us align on critical imperatives, and we are seeing success on multiple fronts:
- On the advocacy front, Argentum is being recognized as a top lobbying organization, which has helped to gain more allies and recognition for our role in caring for America’s seniors. The introduction of the SENIOR Act to support our workforce needs and address affordable challenges for seniors was another important milestone.
- Last year, our continued focus on developing our workforce resulted in engaging more than 25k individuals from the nation’s workforce ecosystem to show our careers as an “industry of choice.” This year, we are on track to reaching more than 100k through local relationships with Job Corps, American Job Centers and community colleges.
- Finally, we are articulating our value to all stakeholders. This is essential to continued success and growth as we demonstrate to lawmakers that we have saved Medicare more than $15 billion a year through reduced hospitalizations and social isolation and Medicaid over $40 billion annually by keeping residents out of skilled nursing facilities. More important, three-quarters of our residents have an improved quality of life after moving into senior living communities. We will continue to raise the bar through Argentum-led initiatives like the Quality in Assisted Living Collaborative – a partnership with state regulators and industry organizations to establish guidelines on critical issues such as infection prevention and control, emergency preparedness, dementia care, consumer disclosure and much more.
You helped to oversee Argentum’s pivot into a premier advocacy organization. Why was that transition an important one and a good fit for Argentum? How do you view its success so far?
Advocacy is a powerful agent to protect seniors, drive policy and legislation, and as an industry, it is clear we need to do a better job advocating for senior living and the residents we serve. The Argentum PAC has strong participation from our members, which is a critical foundation to our long-term success. Advocacy needs to be an ongoing, steady drumbeat of establishing relationships and telling our story time and time again so elected officials and key influencers understand what senior living is and how they can help us. I am proud of our continued work to keep our industry and the seniors we represent at the forefront of legislative and regulatory agendas at the state and federal levels. The need for advocacy will never stop, and I encourage getting involved with the PAC or as an Argentum Advocate to stay engaged and amplify our efforts – BOTH HAVE A REAL IMPACT!
Are there other highlights from your tenure as chair that stand out to you?
I have thoroughly enjoyed my experience as board chair. The last few years have been turbulent, but it has created the opportunity for the industry to become stronger. Argentum has been very effective on the policy front. The efforts to develop and grow our workforce through apprenticeships, federal labor programs and immigration reform are all critical to attracting and growing the workforce we need to meet the needs of a growing senior population.
How do you view the current state of the senior living industry?
In many respects, the industry is at a crossroads. The senior living industry is still not clearly understood, and we have great opportunities to improve our ability to tell our story. Senior living is well-positioned for strong outcomes over the next decade and beyond. Many good things are happening across the senior living spectrum and the data supports this. Our residents and families, across the industry, continue to value the care we provide with over 90% reporting high satisfaction and over 85% reporting high value, respectively.
What are the biggest challenges it currently faces?
First, I don’t dismiss the number of challenges the industry faces, but for every challenge, we have multiple opportunities. I would say the industry has demonstrated strong resiliency and purpose in serving our seniors. Our biggest challenges are workforce development related and how we become the “industry of choice.” This will be a big lift requiring meaningful public policy and much larger investments in training and development. And we can’t discount the desperate need for data and how the data can be aggregated to position us to tell our story to legislators, employees, residents and their families. Data aggregation, standardization and value-based care programming are all areas we must get more serious about.
What are its biggest opportunities?
Clearly, I’m bullish on what is ahead for senior living, but it is going to take a lot of work and effort. That is not new for senior living, and I strongly believe that we have a great opportunity to build upon the collaboration and optimize the strengths across the various industry associations. As I shared earlier, becoming an industry of choice for the workforce, and winning the talent game is a HUGE opportunity for all of us. And we all are well aware of the tailwinds behind the demographics which creates real opportunities for us to be the “trusted” option for our growing senior population.
Are there industry trends that you’re particularly excited about?
There is a lot to be excited about within the senior living industry. I expect the upward trend of occupancy will continue to climb, particularly with the slowing of new supply coming to market and the demographic shift over the next decade. I also believe we are seeing the industry as a whole “raise the bar” when it relates to quality and outcomes. We are on the right track and need more time.
What makes you optimistic about the future of the senior living industry?
The model isn’t broken – we have a great product to offer our seniors! There will always be opportunities for improvement, but the data continues to reflect very high overall resident/consumer satisfaction. Senior living will also remain a good investment that will attract capital to restart the supply engine and bring new products to the market. Just as important, I believe in the people that are leading this industry. It is hard to describe, but the conviction and purpose behind what we do is different – in a good way!
For those who are considering entering the field, what would you tell them makes this a great time to be entering the industry?
I always say, “I wish I were 20 years younger because the career opportunities in senior living will be unlimited.” Our industry is ready for innovation and getting in now provides the opportunity to shape and influence the new waves of technology, data analytics and new products as we redefine hospitality and health care as we know it today – very exciting! In terms of a career in senior living, I can honestly say, I can’t think of anything I would have rather chosen to do. Great people with a real purpose behind what we do!
Anything else you’d like to add?
It truly has been an honor to serve as chair of the Argentum board. I have learned so much from my peers and had opportunities that I wouldn’t have thought of. Thank you to all of the members who support Argentum and in particular Argentum’s leaders – we are in good hands with Judd Harper as our new chair, and the entire executive committee and board have been incredible to engage with. We have plenty of work ahead of us, but I’m excited about the future for all of us, providers, capital, vendors and the list goes on. Buckle up, it is going to be a great ride filled with plenty of fun ahead!
