We are excited to introduce the NIC MAP Financial Benchmarking Initiative, originally launched by NIC in 2018 to establish transparent financial benchmarks for the senior housing sector.
Now redesigned, the initiative leverages NIC MAP’s cutting-edge AI technology and the newly standardized Seniors Housing Industry Chart of Accounts. This program empowers NIC MAP clients to gain deeper insights into their financial performance, comparing their properties against a market cohort to make more informed decisions.
Participation is simple. Contributors submit detailed income statements on a quarterly basis, and they can submit in their own chart of accounts – NIC MAP’s unique AI technology maps the submitted statement to a standard chart of accounts. Furthermore, to protect submitter confidentiality, NIC MAP anonymizes the statements before ingesting them. Once benchmarking is complete, NIC MAP’s reports provide insights into key metrics like revenue, expenses, and profitability, allowing stakeholders to identify areas for operational improvement and strategic growth. By distinguishing between market-driven performance changes and property-specific issues, the NIC MAP Financial Benchmarking Initiative enables operators, owners, and investors to optimize portfolio performance, reduce costs, and drive stronger financial outcomes in an increasingly competitive landscape.