Serviam Care Network’s 2023 Public Benefit Corporation Report
Click here to read the full report.
Serviam Care Network was created to serve a coalition of senior living providers whose purpose is to transform how America cares for seniors. Because of that, we are a Delaware Public Benefit Corporation (PBC). That means our purpose is built into our legal structure. Public Benefit Corporations (PBCs) have measurement standards for several reasons. These companies, unlike traditional corporations, are legally required to balance profit-making with a specified public benefit or mission. The measurement standards serve a few crucial purposes:
Build trust
Seniors are one of the world’s most vulnerable populations. We want to be explicitly clear that our purpose is real. PBC status encodes into our legal structure our promise to take the higher ground and serve the greater good.
Protect our purpose
We have a large vision that we plan to pursue aggressively. As the organization grows, PBC structure provides safety checks to make sure that we never stray too far from our purpose. It helps protect the company from the toxic short-term thinking that’s so common in the marketplace today.
Accountability
Measurement standards demonstrate they are fulfilling their stated public benefit purpose.
Comparison and Benchmarking
Measurement standards allow PBCs to compare their performance against established benchmarks.
Legal Compliance
Measurement standards provide a clear framework to evaluate whether they are meeting the requirements outlined in their charter or under state-specific laws governing PBCs.
Under Delaware law, the Board of Directors of the PBC sets the measurement standards based on the company’s stated public benefit purpose outlined in its charter or articles of incorporation. The company establishes metrics and guidelines to track its progress toward achieving these goals. The Board ultimately determines if the company is meeting its measurement standards and thus, fulfilling its public benefit purpose.
How Serviam’s Purpose Relates to the 2023 P.B.C. Standards
Serviam’s purpose “to be in service to the transformation of how America cares for seniors” has gained tremendous momentum in 2023. A growing group of Senior Living operators and their caregivers want a voice before the government determines and defines 2030 Value-Based Care (VBC) industry requirements. Many industry leaders recognize Serviam Care Network’s hyper-focus on VBC and are listening to its Thought Leaders, joining its movement, and collaborating with other aligned operators like never before.
Serviam Care Network’s Board of Directors adopted 2023 standards to measure the corporation’s progress and determine whether or not it is achieving its purpose. The standards listed below were approved by the board as objective and factual data to assess Serviam’s success in meeting its objectives and promoting its public benefit.
- Communities/operators using the VIA Platform (HigherPath Operating System™ and Contact Center)
- Increase in Serviam Care Network Membership
- Conversations and Interactions with Seniors and Families through VIA Contact Center
- Serviam Thought Leadership Opportunities
- Seniors Impacted by Serviam Services Number of residents in Network Membership
- Number of residents in communities using VIA Platform
- Number of seniors served by Serviam Diagnostics Laboratory
- Number of seniors served by Serviam Pharmacy
- Number of seniors in communities in the Value-Based Care Alliance of Virginia
This report addresses each of the abovementioned standards. Click here to read the full report.
CLICK HERE TO READ SERVIAM’S 2023 PBC REPORT
