Westmount Retirement Residence Cos System Analysis

Satisfactory Essays
1
WESTMOUNT RETIREMENT RESIDENCE:
New Costing System and Pricing recommendation
Financial Management
MBA in Sustainability and Leadership
Robert Kennedy College
2
TABLE OF CONTENTS / LIST OF EXHIBITS
Executive Summary_____________________________________________________

_______3
Main Report______________________________________________________

____________5
Exhibit A___________________________________________________________

__________8
Exhibit B___________________________________________________________

__________9
Exhibit C___________________________________________________________

__________9
Exhibit D___________________________________________________________

_________10
Exhibit E___________________________________________________________

_________10
References__________________________________________________

________________10
3
EXECUTIVE SUMMARY
Westmount is a 125-unit Retirement Residence established in 1997 that offers both assisted living and independent supportive living options to seniors in the community.
After a history of high occupancy rates, stable clientele and profitable operations the establishment is now going through a period of low profitability.
After analyzing the costing system of the company and designing a new pricing model with the purpose of remaining as profitable as in the past while continuing to attract new clients; the main findings were: Strengths and limitations of the current costing model o Simplicity – Very easy to calculate and distribute cost between residents and apartments (strength) o Out of date – It did not consider the evolution in the patient´s demands through time – In the past, all the patients required similar services, but nowadays clients have different demands (limitation) o It does not take into account the cost drivers (which are the most relevant activities that generate costs). (limitation) o It does not allow establishing a pricing system that takes into

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