How Edge Insights Helped a Senior Care Non-Profit Save $122,000/Year
Phoebe Ministries is a non-profit senior living organization with four continuing care retirement communities, eight affordable housing facilities, and four pharmacies across seven Pennsylvania counties. With a large geographic footprint and variety of operations, as well as a strong commitment to their charitable efforts, Phoebe Ministries wanted to ensure they were managing their operational costs effectively.
Phoebe Ministries’ CFO at the time (now CEO) Scott Stevenson met with Edge Insights in 2008 to explore Edge’s expense reduction and management services. The Edge Insights contingency-based model appealed to Scott and it was an easy decision to have Edge take a look into his operational costs.
Since the beginning of the relationship, Edge Insights has helped Phoebe Ministries experience an annual savings of over $120,000 per year.
Edge Insights and Phoebe Ministries have maintained a strong partnership over the years since that initial meeting. We recently sat down with Scott to find out more about how the relationship with Edge has impacted Phoebe Ministries:
Edge Insights: What was the deciding factor for you to use our services?
Scott Stevenson: You explained your model, and how your initial analysis is performed at no cost or risk to Phoebe. I was also intrigued by the fact that your efforts are ultimately cash flow positive for an organization. I knew that if you didn’t find any savings or refunds, we did not incur any cost. That business model was very compelling to me.
Beyond that, The Edge approach of continuously monitoring and managing our operational costs was something I felt we needed. I have confidence knowing that Edge looks closely at our expenses on a proactive basis and maintains close communication with the appropriate Phoebe leaders. This assures us that we are continuing to maximize the value of our operational budget dollars in all three of the core expense categories – energy procurement, telecom, (voice and data), and waste removal.
Edge Insights: What was the biggest surprise you experienced when you initially considered using waste reduction services?
Scott Stevenson: I was surprised by the level of savings and refunds we received. I was also pleasantly surprised at the process, and the fact that there was very little interruption to our day-to-day operations.
Edge Insights: What kind of impact has the Edge relationship had on Phoebe Ministries?
Scott Stevenson: Phoebe Ministries is an organization that generates $125 million per year in revenue. We employ over 1.300 people across seven counties. We also provide a significant amount of charitable services each year, and that is a core principle of our organization. As a result, any cost efficiencies we can find impacts and increases our ability to provide those types of very important and needed services to our communities. The hundreds of thousands of dollars that Edge has saved us is a great boost to our ability to meet the needs of our residents. Knowing that these costs are being managed effectively is essential to our mission.
Edge Insights: Aside from savings, what keeps you as our partner?
Scott Stevenson: For me, it is the knowledge that Edge is looking closely at our expenses in key areas, which stay under your management. It is not only the savings you previously generated, but also the comfort level in knowing that a team of professional analysts are working as part of the Phoebe team. You communicate with our folks and keep them in the loop on any savings opportunities. We TRUST the Edge team, and you have delivered on that trust. I would highly recommend Edge to anyone who wants to assure they are managing their costs effectively. We are certainly glad we did!
If you’d like to discover how Edge Insights can help your senior care organization cut costs in multiple segments of your business, schedule an audit with us today. There’s no charge to you unless we find you savings.