In response to feedback from the independent senior communities in her company’s portfolio, Christiana Foglio has launched a new affiliate to Community Investment Strategies Inc. in a bid to add value to the affordable developments.
Care Strategies LLC is now offering health-related services at CIS’ assisted living facility, The Clare Estate in Bordentown, as well as three Heritage Village developments in Forked River, Freehold and Lambertville.
Care Strategies offers help to residents who are struggling with daily living tasks, such as hygiene, eating regular meals and remembering when to take medication.
While providing assisted living services in affordable senior housing is an act of responsibility to Foglio, it is also a business decision.
“I’m a for-profit developer, so I’m always looking at what is making us unique in the market, keeping our buildings full and the like,” said Foglio, founder and CEO of CIS. “I really believe it’s a true value add, not just when a resident starts to need the service, but when we’re being considered in the first place.
“With the number of affordable units on the market, people have a choice,” Foglio said. “I need to differentiate our product.”
With health care expenses increasing, Foglio said she has hired a “very savvy” team for Care Strategies, which has experience managing costs while providing excellent service. Medicaid reimbursement accounts for much of the company’s revenue, and roughly 10 percent participation in each building is required to reach profitability.
Care Strategies is more of an ancillary business than a main profit driver for the company, but by providing these services for residents, CIS’ community managers can focus more on property management than the well-being of individuals.