One of the largest providers of skilled nursing care in Canada is testing out a new “smart” senior home model in assisted living, which it may also try out in the skilled nursing space.
The news came as Markham, Ontario-based Extendicare announced Friday that it pulled in nearly $280 million (Canadian Dollars) in revenue this past quarter, a 2.1% uptick from the same quarter of last year. All told, the company tallied a net income of $36.3 million, up 11.3% from the same period last year.
Extendicare announced last month that it’s parting ways with its CEO, Tim Lukenda. He spoke briefly about the change during a call with investors Friday morning.
“While there is never a perfect time for a transition of this nature, it was decided in discussions with the board that this would be the time to begin an orderly transition of my role to a new person to lead the company through its next phase of growth and continuing success,” Lukenda said.
Extendicare is “not leaving any stone unturned” in its search for a new CEO, Extendicare chairman Alan Torrie said.
“We would consider the full gamut,” he said.
The company has a diverse range of services — with 96 long-term care facilities, to go with home health and assisted living— that Torrie said gives it an edge in the market. Additionally, new technology is being deployed at Extendicare’s “smart” senior care facility in Barrie, Ontario. It will include residents who are monitored via personal devices with data transmitting their vitals to practitioners. The company may look to transfer some of the lessons learned to their other skilled care properties, said spokeswoman Rebecca Scott Rawn.
“For our teams, we believe technology should help connect them to other health practitioners within Extendicare and beyond, so that complex issues are dealt with more quickly, and so residents spend more time at home, where they can thrive, and less time in hospitals,” she said via email. “Of course, innovation happens fast these days, and one challenge we want to remain on top of is our ability to integrate new products as they come to market.”