Written By:
Danielle Andre
Senior Healthcare Consultant
dandre@bys-hfc.com
We had a chance to catch up with Evan Schaller, one of our Partners at BY&S, regarding his recent trip to the NIC which was held in Dallas, Texas.
BY&S: What is unique about the NIC in general?
Evan: For BY&S, the NIC provides a great opportunity for facetime with our current clients, and to forge new relationships. The NIC provides space for folks in the senior healthcare industry, from contractors to operators, etc., to search out new opportunities in finance. BY&S currently works with more than 50 unique customers. Out of those 50+, we get to meet with 30+ at the NIC. What was lost during the pandemic was the “in person” time – the NIC serves a beneficial effect. From a personal level, it was great to see everyone again!
BY&S: What was different for you at the NIC this time from past NICs?
Evan: It was my first time back at the NIC since the start of the COVID-19 pandemic. For me personally, it was great to connect and catch up with everyone. The Mar20 NIC was totally different – almost an odd conference. The looming uncertainty cast a long shadow at that NIC. This NIC felt a little more “normal” – felt like we were fully “back”. Now, with possible increased oversight from the recent law passed by the government of New York requiring profits > 5% must be returned to the state – which state might follow suit? The only constant is change in the healthcare industry. Discussions with industry leaders at the NIC are invaluable!
BY&S: What were some of the hot topics at this NIC?
Evan: There was a lot of discussion regarding staffing shortages and the impact it was having on the senior care industry. We were able to share we are still hiring and having good results with new team members. Another topic was the uncertainty of where regulators are going to go in the healthcare industry. The general consensus is more regulations translate to more consolidations with “mom and pop” operators selling, or even closing their doors. There was a big push to close these types of deals while rates were still low.
BY&S: What final takeaway would you like readers to know about the Spring 2022 NIC?
Evan: Not only is the industry short staffed making it difficult to provide quality services to residents, but also our finance partners and their teams are experiencing a short job market. BY&S is more than just a field exam company. We are there to help and offer a wide range of services providing individual responses to meet their needs in the industry; from back office, monitoring, Quality of Earnings, etc. BY&S can be a bridge as our customers hire and train up talent.