Transcript Generated by AI 00:05 Hey, Mark Parkinson back with Park Place and 00:07 really happy today because we're announcing a new sponsor and new thought 00:12 partner and somebody that I I think we're going to have a lot of fun working with, 00:16 which is CSS. CSS is the largest provider of DIRECTV 00:19 throughout the country in long-term care in over 3000 buildings. 00:24 They do a really great job of providing TV, 00:26 but they do a lot of other really cool stuff as well. 00:29 And I think part of the reason I'm so excited about this is we have so many 00:33 heavy topics on the site. 00:35 How do we reduce rehospitalizations? 00:37 How do we get people off anti psychotic drugs? 00:40 How do we reduce deficiencies and all that. 00:43 We don't get a chance to talk about fun stuff very often. 00:46 And when I think about CSS and I think about Dave Saenz, 00:49 who you're going to meet here in a second, 00:51 what they're doing is they're sort of providing comfort and joy in buildings, 00:55 which is a fun thing to talk about. 00:57 And Dave is a fun person. 00:58 So Dave, welcome to Park Place. 01:00 And we're just thrilled that you've come on as a as a thought partner. 01:04 Mark, thanks so much for having me and it's a 01:07 pleasure to be here and I appreciate the introduction. 01:10 And we try and use TV as a form of medication to eliminate that mention you 01:17 had about psychotic drugs. 01:20 I think this helps stabilize people and it's a value add that I hadn't thought of 01:24 before. 01:24 Yeah, certainly, yeah, it's certainly a drug that I use a lot. 01:28 And, and, and I I know that, you know, it's an important thing for our residents. 01:33 One of the things I really like about you, Dave, 01:35 is that when we talk about your business, you never talk to me about numbers or 01:39 EBITDA or earnings or any of those kinds of things. 01:43 You talk about relationships. 01:46 Tell us about that. 01:48 I think relationships, as you know, Mark is probably the juicy part of the 01:53 water watermelon of life. 01:55 It's so important we sell a service that could be deemed a commodity. 01:59 We try every at every single touch point to get to know the administrator, 02:04 to get to know the maintenance person, make sure they know who we are. 02:08 That's so different from a cable TV company. 02:12 And it's important that when, if there's something the community calls 02:17 our, our office, we know who this customer is and we're, 02:20 we're there to, to take care of them. 02:23 And certainly that extends down to the resident. 02:26 Because when a resident moves from their home where they're most familiar, 02:30 where they love to be, and now they're put somewhere where they, 02:34 they certainly sort of have to be. 02:37 And maybe they want to be there, maybe they don't want to be there, 02:41 but all the way down to remote control and the installation experience where our 02:45 tech technicians doing the install, they have a conversation with the 02:49 resident. 02:50 We try and make sure they understand everything. 02:52 And essentially, Mark, we try and create something that's 02:56 familiar for the resident as it relates to television, Wi-Fi. 03:00 So experientially, they're in a sense getting what they get 03:03 and what they're used to in their own home. 03:06 And that's important. 03:07 And Dave, that's one of the things I really 03:10 appreciate about you because most people don't understand how hard it is for these 03:14 residents to leave their homes. 03:16 It, it is a traumatic experience for them. 03:19 They're giving up so many things. 03:21 And to have something that they're used to that, that they're comfortable with, 03:25 that can give them some, you know, amount of joy. 03:29 And I, I love the fact that you understand them. 03:31 Well, yeah, I think it's important. 03:33 I, I grew up, I had a wonderful relationship with my 03:36 grandparents and they, they were, they were older and just very endearing 03:39 people. 03:40 And so I have an affinity for seniors, which basically I'm one now and not a 03:44 grandparent yet. 03:47 But look, you know, it's, they've got to feel good. 03:50 They have to be heard, listened to. 03:53 And I'm not saying we're 100% successful at, at doing this, 03:57 but I think from a de commoditization standpoint, 04:01 from what DIRECTV is essentially, it's television. 04:06 As long as it works, there's not a punch a bunch of, you know, 04:10 residents with pitchforks running to the front office to complain about it. 04:16 You know, we realize how important TV is and, 04:18 and literally do our best to create that sort of experience with, 04:22 with both the residents and the community. 04:25 Now that's great. 04:25 And in addition to providing the service for the resident, though, 04:28 there's also a real value for providers. 04:29 Providers can, can save money and have a lot of other 04:32 cool bells and whistles. 04:33 So, so tell us about that. 04:35 No, definitely. 04:36 So every, every stakeholder has something different. 04:39 The resident wants a better TV experience, something similar that they're used to. 04:43 Oftentimes many people don't know this, but the maintenance person knows it 04:47 intimately. 04:48 Well, they're constantly fussing with cable 04:51 boxes, switching them around, losing remotes, 04:53 having to call the cable company. 04:56 So they're spending part of their job literally being TV repair people. 05:01 So for them, we checked that box. 05:03 And for leadership, obviously they want satisfied residents, 05:07 but they also don't want to pay Mercedes-Benz prices. 05:11 So with DIRECTV, we can standardize. 05:14 So if you have communities in multiple states, you can standardize with DIRECTV. 05:19 Yet if the acuity is slightly different, independent living versus say skilled 05:24 nursing, it's a completely different TV experience. 05:28 So we can deliver both of those models to each community. 05:34 And just to give an example relative to saving money, 05:38 every business owner yourself, me, we want to add value to our businesses in 05:43 one way or another, either increasing top line revenue, 05:46 minimizing expenses. 05:48 So on the minimizing expenses category, there's a well known REIT. 05:52 They had 109 sites, independent living, assisted living, memory care, 05:56 skilled nursing, across the board. 05:59 They all had cable, standard bulk cable like your Comcast, 06:03 your Time Warner, your Spectrum, etcetera. 06:06 So through that entire portfolio we were to able, 06:09 we were able to carve out cost and literally save them $1,000,000 a year. 06:14 And you think how is that possible? 06:15 Yeah. 06:16 So you take 109 sites by an average of 800 something a month across the board 06:22 times the 109, it's 80 + 1000 times 12, a $1,000,000. 06:27 Conservatively, if that tranche of building sells at a 5X, 06:31 we helped increase that that enterprise value by $5,000,000. 06:37 Yeah, that's remarkable. 06:38 So Dave, in addition to providing value for 06:40 providers, you also provide a free community channel 06:43 for each community. 06:44 Tell us about that free community channel. 06:46 Exactly. 06:47 Everybody needs it. 06:49 You can put up content, customize the community shows up on every 06:53 TV. 06:54 It's typically charged for, we included at no cost and residents can 06:57 get that in their room just by going to one of the channels that's on the TV 07:01 right in front of them. 07:02 We typically put it on Channel 2, similar to a hotel. 07:05 When there's something going on at the spa, it shows up like that informational. 07:09 It's, it's amazing, Dave, honestly, I sit here and I don't know why anybody 07:14 wouldn't talk with you and consider using your service. 07:17 You provide a great service for the residents, give them comfort and joy. 07:20 You save money for the, for the providers. 07:23 You've got this community channel. 07:24 It's awesome. 07:25 And that's the reason we're so excited that you're now a part of Park Place. 07:29 Dave, thanks for all of this. 07:31 You bet, Mark, I appreciate your time and hope to see 07:33 you soon. 07:34 And thanks all of you for your continued support of Park Place.
