My opinion...The first rule regarding codes in LTC is to do your best to not let it go there. If they are a full code I try to ship them out at the first sign of circling the drain. I have been known to call 911 FIRST, then call family, MD and notify supervisior. I know some of you would get in big trouble for this, but it has saved a life more than once. You just have to be right - no calling 911 first for something silly like constipation (LOL, but have seen it done).
In the event of a code in LTC it tends to be all hands on deck as soon as someone calls the code. The nurse usually starts directing traffic - assign someone to go get backboard, O2, suction, etc. Assign someone to call 911 and prepare to direct the responders to the exact point you need them. Assign another nurse if available to start transfer papers. Assign someone to start CPR. Many of these tasks can be done by staff other than a nurse. In LTC there is rarely more to be done that BLS and hope the heck responders don't get caught by a train!
Hope this helps.