The senior living industry is quickly evolving, putting pressure on today’s providers to either sink or swim. To succeed in this new environment, it’s essential for community leaders to understand what they’re up against to build an effective business strategy.
One of the biggest elements impacting senior living providers is the new consumer. Future consumers don’t resemble those of years past. They’re older, have higher acuity levels and a new set of expectations. More than half are over the age of 85, and 95% have chronic health conditions. And, when it comes to delivering services, approximately 75% require help with their activities of daily living.
As a result, prospective residents are checking on a community’s quality metrics, not just the activities offered, when deciding where to live. It’s imperative providers learn how to develop their communities for these new residents, as well as how to completely and efficiently meet their care needs and personal preferences.
At the 20th annual Ziegler Senior Living Finance + Strategy Conference, NIC noted that the desire for personalization and customization will require new solutions and strategies in order to provide diverse care delivery options. Some properties have expanded their current and future customer base by offering wellness and rehab programs. This helps to diversify revenue as well as attract a wider variety of new residents.
This sentiment was also echoed at the 2017 NIC Fall Conference: Investing in Seniors Housing & Care Properties, as industry leaders advised against a “one size fits all” approach to care. As with any demographic, different seniors have different interests and the current property offerings don’t always take that into account. Some properties focus on the physical comforts and care or they play up the “fun and active” angle.
Providers need to be thinking differently about the future, and prospective residents, in order to succeed in this evolving market. To help navigate this new market, Robert Kramer, NIC’s Founder and Strategic Advisor, presented a session called “Looking Ahead: What’s in Store for the Senior Living industry, and What Does This Mean for Providers?” at PointClickCare’s SUMMIT in November.
Kramer wasn’t the only person from NIC speaking at SUMMIT this year. Chuck Harry, NIC’s Chief of Research & Analytics, also gave a presentation on the latest trends in the seniors housing and skilled nursing property markets.
Among other topics, Harry had shared benchmark data that revealed how skilled nursing and senior housing property markets across the U.S. are performing. Attendees came away with insights on the most recent trends for senior housing and skilled nursing occupancy, rent growth, supply and demand, as well as property sales pricing for seniors housing and care properties.
To hear more from Robert Kramer, check out his interview with The Leadership Series.
Or to hear stories from SUMMIT 2017, click here.Tags: assisted living benefits of an EHR quality rating senior care trends senior living