New Perspective Senior Living: Comprehensive Company Profile

Background

Mission and Vision

Founded in 1998, New Perspective Senior Living is a family-owned company dedicated to helping seniors "Live Life on Purpose®" and age with dignity. This mission was inspired by the personal experience of Founder and Chairman Todd Novaczyk, who, along with his family, cared for his mother-in-law, Betty Berkeley, as she coped with Alzheimer's disease.

Primary Focus and Industry Significance

New Perspective specializes in providing independent living, assisted living, and memory care services across the Midwest. With a commitment to creating vibrant communities, the company has expanded its footprint to 40 locations in Minnesota, North Dakota, Wisconsin, Illinois, Indiana, Ohio, Pennsylvania, and Missouri.

Key Strategic Focus

Core Objectives

New Perspective aims to serve 10,000 seniors by 2025, focusing on delivering person-centered care and enriching resident experiences.

Areas of Specialization

Independent Living: Designed for seniors seeking a social lifestyle without the burdens of home maintenance.

Assisted Living: Offers personalized care plans, exercise programs, and medical services.

Memory Care: Supports individuals with Alzheimer's and other forms of dementia through stimulating activities and 24/7 care.

Key Technologies Utilized

The company has partnered with LifeLoop to enhance resident engagement and streamline community operations. This platform has enabled New Perspective to add an average of 43 resident events per week, totaling over 287,000 hours of engagement over five years.

Primary Markets Targeted

New Perspective operates in eight states, focusing on providing senior living solutions in both urban and suburban settings.

Financials and Funding

Funding History

As of November 2024, New Perspective Senior Living has raised a total of $200 million in funding. The latest funding round occurred on April 29, 2024, amounting to $200 million.

Revenue

The company's annual revenue reached $750 million as of November 2024.

Utilization of Capital

The capital raised is intended to support the company's growth objectives, including expanding into new states and enhancing community operations.

Technological Platform and Innovation

Proprietary Technologies

New Perspective has integrated LifeLoop's iN2L engagement solution to bolster life engagement initiatives. This platform offers a dynamic environment that fosters deeper connections among residents, staff, and family members.

Significant Scientific Methods

The company employs clinically-backed engagement and interactive experiences, totaling over 287,000 hours over the past five years.

Leadership Team

Ryan Novaczyk, Co-CEO: Since joining New Perspective, Ryan has focused on serving residents and team members, growing the organization, and building platform capabilities to achieve the goal of serving 10,000 seniors by 2025. He has a background in equity research and investment banking.

Chris Hyatt, Co-CEO: With 30 years in the senior living sector, Chris has held various leadership roles, including Executive Vice President at Brookdale Senior Living and Chief Operating Officer at Emeritus Senior Living.

Lore Brownson, Chief Clinical and Compliance Officer: Lore oversees clinical programs, quality assurance initiatives, and resident programs for memory care and assisted living neighborhoods. She has a background in nursing and law.

Pam Engle, Chief People Officer: Pam co-leads the Human Resources and Administration department, focusing on recruitment, retention, and growth. She has 20 years of experience in the senior housing industry.

Alex Massopust, Chief Accounting Officer: Alex leads the accounting team and manages financial reporting requirements. He has extensive experience in budgeting, forecasting, and staffing tools for the senior housing sector.

Leadership Changes

In recent years, New Perspective has expanded its leadership team to support its growth objectives, including the appointments of Chris Hyatt as Co-CEO and Pam Engle as Chief People Officer.

Competitor Profile

Market Insights and Dynamics

The senior living industry is experiencing significant growth due to an aging population. The demand for independent living, assisted living, and memory care services is increasing, leading to a competitive landscape.

Competitor Analysis

Brookdale Senior Living: The largest operator of senior housing in the U.S., with over 680 communities.

Sunrise Senior Living: Operates over 270 communities in the U.S. and Canada, offering independent living, assisted living, and memory care.

Sonida Senior Living: Owns and operates 94 senior housing communities across 20 states, providing independent living, assisted living, and memory care services.

Holiday Retirement: Manages 240 retirement communities, making it one of the largest providers of independent senior living.

Strategic Collaborations and Partnerships

New Perspective has partnered with LifeLoop to enhance resident engagement and streamline community operations. This collaboration has resulted in significant improvements in resident activities and overall satisfaction.

Operational Insights

New Perspective's commitment to innovation, as demonstrated by its partnership with LifeLoop, positions it competitively in the senior living industry. The company's focus on person-centered care and resident engagement differentiates it from competitors.

Strategic Opportunities and Future Directions

With a goal to serve 10,000 seniors by 2025, New Perspective is focused on expanding its geographic footprint and enhancing its service offerings. The company's recent expansions into Ohio and Pennsylvania reflect this strategic direction.