Dave Sedgwick is CEO of CareTrust REIT, an owner and investor in more than 150 skilled nursing facilities nationwide. With more than 20 years of experience as a licensed nursing home administrator and several previous leadership roles with The Ensign Group, Sedgwick has a wealth of operating and financial experience when it comes to post-acute care.
Sedgwick takes the Hot Seat to share some of the steps that took him into the industry, as well as his greatest career inspiration, his love for (a large quantity of) gelato, and why he’d trade places with Top Gun’s Maverick — if given the chance.
Are you a morning person or a night owl?
Morning. I read (and “joined”) the “5AM Club” a couple years ago. There is a massive difference to my productivity and effectiveness on any given day based on whether or not I started it at 5am with my routine or not.
What is your personal mantra?
“No regrets”
If you could have one superpower, what would it be and why?
Willpower over sugar because I’m not getting any younger.
It’s 7 am on a Saturday. Where are you right now?
Most likely on a long road bike ride along the coast.
What is your favorite weekend activity?
Date night with Jess in Laguna Beach, ending with an obscene amount of gelato.
What inspires you?
I draw inspiration from a lot sources depending on the particular area of focus. My wife, kids, faith, parents, ancestors, books, podcasts. I consume a lot of information on a daily basis. My friends tease me for being too easily “inspired” by things I learn and a bit too quick and eager to evangelize.
If you could trade places with any other person for a week, who would it be and why?
Maverick. Jess has had a crush on him since the original Top Gun. The sequel didn’t help things. I don’t think I’d need a week. Just one mission in an F18 or Mach 10 in that hypersonic jet would suffice.
What is your go-to breakfast? What makes it your go-to?
I stopped eating breakfast this year after reading the Longevity/Lifespan work by Dr. David Sinclair. I dare you to listen to only the first episode of his podcast, Lifespan (see what I mean about evangelizing stuff I learn?) But, I’ll make allowances for a local dive I’ve been hitting for their breakfast burritos for about 35 years, A’s Burgers. Best salsa on the planet.
What was your first music concert? When was it?
Tom Petty at Irvine Meadows when I was in high school. I didn’t exactly have a ticket so, along with a couple co-conspirators, I snuck through the adjoining water park and hopped the fence and joined my friends on the lawn section of the outdoor arena.
What’s your favorite destination worldwide?
That may be the toughest question today. My wife and I love to travel. It all started when we backpacked throughout Europe as newlyweds almost 25 years ago. She loves to plan trips and I go along for the ride. I would like to visit every continent before I’m done. Here in the U.S., we got back to Yosemite as a family the most. Outside the U.S., I love Africa (Kenya, Botswana, South Africa), Italy, Argentina, India, all for very different reasons.
What’s the emoji you use most often?
What was your first job and what was your biggest on-the-job lesson from that experience?
My first job in skilled nursing was as an Administrator-in-Training and then administrator of my first facility. It was a turnaround operation; 385 beds in a tough part of Phoenix, AZ without a director of nursing. Long and colorful story short, I was replaced after 9 of the most stressful months of my life. I was 26. I was offered a second chance within the organization. I said, “no thanks.” Skilled nursing wasn’t what I thought it would be. After a couple days, my brother encouraged me to take the second chance offered to me. Needless to say, I’m deeply grateful to him that I did (and that I got a second chance)! After the dust settled on that change, I realized a couple very important lessons: 1) my pride/ego drove me to caring more about being liked by my staff than caring about results and making the hard decisions needed for what was best for the operations of the facility. And, 2) failures shouldn’t necessarily be “death sentences” because they represent the priceless tuition needed to be paid for growth and development throughout one’s career.
If you could change one thing about the skilled nursing payment landscape, what would it be?
I applaud the Medicare change from RUGs to PDPM. On the Medicaid front, many states are shamefully under-allocating resources to caring for their seniors. I’m hopeful that the pandemic has shone a light on that fact and that Medicaid rates begin to match rhetoric about how important senior care is.
What is your most important people management principle?
I’m blessed to not only NOT be the smartest guy in the room but to also be aware of it. That awareness helps me to surround myself with brighter and more talented people than myself and sincerely listen to them and empower them to decide, act, and grow. I try to give people as much of a voice in the direction of the company as they want to contribute.
Who is your greatest career inspiration?
I have two. My dad and my brother. They are both heroes to me and are both named Don. My dad passed away when I was 22. They modeled for me one of my core values that is best articulated from the quote, “No success in life can compensate for failure in the home.” My wife and I have six kids ranging from 22 to 8 years old. That value has driven our most consequential career decisions.
What would you say to someone who said working in health care is boring?
“Said nobody in healthcare ever.”
What’s one thing all skilled nursing professionals can to do improve the patient experience?
Read the poem, The Calf Path, by Sam Foss and approach how your work affects patients through their/new eyes.
If you were recruiting someone to join the industry for the first time, what are three words you would use to describe the skilled nursing industry?
Challenging, rewarding, necessary.
