Dallas-based firm delivers outsourced accounting, business office management, and underwriting services to help operators launch faster, protect margins, and make informed growth decisions.
DALLAS, Texas — As senior living faces a growing imbalance between supply and demand, operators are being challenged to scale efficiently while navigating rising labor costs, tighter margins, and increasingly complex financial decisions. ICON Financial Services, a Dallas-based firm specializing in outsourced financial operations for senior living providers, is helping operators build the infrastructure needed to compete in the years ahead.
Founded in 2023 by senior living finance professionals Steven Crittenden and Michael Kropp, ICON Financial Services supports operators across Arizona, California, Colorado, Connecticut, Florida, Idaho, Indiana, Massachusetts, Minnesota, Nevada, New Hampshire, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin. The company provides outsourced accounting, business office management, underwriting, annual budget planning, and financial analysis services designed specifically for senior living organizations.
As demand for senior housing continues to accelerate, many operators — particularly emerging and regional providers — lack the financial resources to build large internal back-office teams. ICON fills that gap by delivering institutional-level financial expertise without the overhead associated with hiring, training, and managing multiple in-house positions.
“Senior living operators are entering one of the most important growth periods our industry has seen in decades,” said Steven Crittenden, Co-Founder and Chief Executive Officer of ICON Financial Services. “Demand is expected to outpace supply for years to come, but growth requires more than occupancy. Operators need strong financial systems, accurate reporting, and disciplined decision-making. ICON exists to provide that foundation so our clients can focus on serving residents and growing their portfolios.”
ICON’s services are built around three primary areas:
Outsourced Accounting
ICON provides full-service accounting support for senior living operators of all sizes. The firm’s accounting platform helps organizations streamline reporting, maintain financial visibility, and reduce the burden of recruiting and retaining accounting personnel. The service is particularly valuable during ownership transitions, acquisitions, and management changes, ensuring financial operations continue uninterrupted.
“Senior living accounting looks nothing like standard real estate accounting, and that difference shows up most clearly inside the electronic health record,” adds Steven. “While many accounting firms stay at arm’s length from clinical systems, this approach requires working directly within them. When a resident’s condition changes, that update can’t stop at the chart. It has to carry through to billing accurately and on time. Getting that handoff right is what it means to manage the mission and the margin together.”
Business Office Management
Through its remote Business Office Management solution, ICON manages critical administrative functions including resident billing, Medicaid management, accounts payable, vendor onboarding, payroll administration, human resources support, and related back-office responsibilities. The model provides operators with experienced support while reducing dependence on increasingly expensive on-site staffing positions.
Budgeting/Underwriting and Financial Analysis
ICON underwrites and analyzes approximately 20 to 30 senior living communities each month, a complimentary service for their existing clients, helping operators evaluate acquisitions, assess operational performance, establish realistic budgets, and identify financial risks before they impact long-term success.
The firm’s approach goes beyond reviewing financial statements by examining the operational drivers behind community performance. That starts at the resident level. By breaking down every resident’s rate by room type, acuity level, and care fee billing structure, the team can identify opportunities to capture revenue that might otherwise go unbilled. The same rigor applies to the Medicaid mix. For communities with Medicaid residents, there’s often a fine line between the census level that supports the budget and the one that strains it. Rather than guess, the firm models where that line falls, giving operators clear, data-backed guidance on the right Medicaid mix for their community.
Since its founding, ICON has experienced rapid growth as operators seek more efficient ways to manage financial operations. Under the leadership of Co-Founder and Chief Operating Officer Michael Kropp, the company’s reporting footprint expanded by nearly 200% annually between 2023 and 2025. Kropp brings more than 14 years of commercial real estate accounting and operational leadership experience, including oversight of accounting teams responsible for more than 100 properties and a wide range of ownership structures.
“We built ICON around a simple idea: Operators should have access to the same financial expertise and infrastructure as the largest organizations in the industry,” said Kropp. “Whether a client is evaluating an acquisition, managing growth, or strengthening daily operations, our goal is to provide clarity, consistency, and confidence in every financial decision.”
“Since ICON took over our accounting and financial reporting, we have not missed a single deadline,” said James Denny, Owner and CEO of Imagine Senior Living. “Draft reports are delivered before the 10th, final reports before the 20th, and every report is formatted so ownership and investors can easily understand the information. That kind of consistency has built the trust we needed for a real partnership.”
About ICON Financial Services
ICON Financial Services is a Dallas-based financial services firm specializing in outsourced back-office solutions for senior living operators. Founded in 2023, the company provides accounting, business office management, underwriting, and financial analysis services that help senior living organizations launch, grow, and operate more efficiently. Serving clients across 20 states, ICON delivers the financial infrastructure and operational support operators need to compete in a rapidly evolving senior housing market. For more information, visit ICON Financial Services’ website.