A company with a grand vision of “decentralizing medicine” is planning to grow in the senior living sector in the next two years.
The company, Novo Integrated Sciences (NASDAQ: NVOS), has holdings in a variety of industries, including manufacturing, health care and research. Bellevue, Washington-based Novo already has an eldercare division focused on markets in Canada that provides services to older adults living in homes and retirement communities, including physiotherapy and exercise.
Now, Novo Integrated Sciences wants to “take it one step up” and become more involved in the management of senior living communities, according to CEO Robert Mattacchione. The company has already outlined a plan to grow in Canada, with a $40 million funding commitment through Gulf International Minerals and Energy Group for the joint-venture development of eldercare and senior living communities there.
But Novo Integrated does not plan to stop its growth in Canada, and the company’s top leaders have ambitions to expand in the U.S.markets in the next 18 months.
“We think being able to laterally come across the sector gives us the opportunity to be super efficient … and an opportunity to control the pathway to the entire enterprise,” Mattacchione told Senior Housing News.
The company’s leaders expect that the company will have its first owned or managed community in Canada within the next six to eight months. From there, it will be a “very accelerated rollout” with senior housing operators in Canada to expand the company’s footprint.
“When we enter the U.S., we’ll take that same approach,” Mattacchione said. “We want to align ourselves with organizations that are in transition, that have properties and locations that can be ideal for redevelopment.”
Outside of senior living, the company is also expanding in food-based agriculture and international proprietary products. Novo Integrated’s leaders believe that plan will yield “significant revenue growth and positive net income over the next 12 to 36 months, with potential for hyper-growth,” according to a recent press release.
Expanding into senior housing also fits in with Novo Integrated Sciences’ mission of decentralizing health care and becoming what Mattacchione called a “wellness aggregator,” meaning it takes a holistic approach between business and care with the services it offers. To do this, the company puts an emphasis on medical technology to promote ease of access for patients, including remote patient monitoring, healthcare clinics and virtual and in-person needs for seniors, both at home and in clinics.
In elder care alone, Novo Integrated Sciences operates its Novo Peak Health program for rehabilitation and activity programming plans for seniors to take advantage of.
Mattacchione is a proponent of senior housing communities with different personalized levels of housing and communities that fit the resident rather than a more traditional long term care center. Doing so makes care for older adults more “proactive rather than reactive,” he said.
Looking ahead, Mattacchione said he is excited and the company has been preparing for the challenges of growing scale. The next two to three years are anticipated to be “extremely transformative” for Novo Integrated Sciences.
“For us, it’s going to be a magical time,” Mattacchione said. “It will finally be the realization of the hard work of years in the making.”
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