Driving smart decisions with the power of Analytics in Senior Housing
As greater baby boomers age, the capacity pool of senior living residents and with it the need for senior housing keeps on increasing every day. The growing senior population with longer anticipation will drive increasing demand for affordable senior housing across the state.
Developing senior housing that meets current and future needs are becoming increasingly complex. With the arrival of new devices and the adoption of digital platforms across different touchpoints, the senior care communities are sitting with valuable data that may be harnessed to supply better facilities to the seniors also to stay ahead of their competition.
Today’s senior living communities have started going high-tech, and thus the evolution has quite an effect on communities and residents. The senior living community owners, operators, and employees who are using the proper Business Intelligence tools are experiencing the best results and being one step ahead of their rivals. With an ageing population, the assisted living and specialized care spaces are changing almost overnight. Consistent with a recent report by Argentum, a national senior living association, the industry will attract 1.2 million new employees, including caregivers by 2025.
How large is the Senior Housing Industry?
As the economy changes within the US, so do the realities of senior care. By 2050, it is estimated that over a fifth of the population within the US might be 65 years or older, compared to only 15.6 % today. With a rapidly ageing population, we must start planning now for how we should look after the senior population for the longer term. In 2017, the not-for-profit senior living organization National Senior Campuses reported over 19,000 senior living units across the U.S. Aside from housing, personal and medical aid for seniors is another pressing issue, with huge potential for growth within the coming years.
Among the population of older adults within the U.S, almost 7% require care from other persons, often dealing with meal preparation, transportation, and help with personal grooming. In response to the urgent need for senior housing, many massive senior housing organizations have established senior living communities all across the country. The whole market capitalization of this investment seniors housing is to be between $250 billion and $270 billion.
In the U.S., mental illness was considered to be the top expensive disorder, costing around USD 201.0 billion annually. This is often expected to render exponential growth in the assisted living industry. The approximately 77.0 million baby boomers that are expected to retire over the subsequent 20 years are also likely to contribute to plugging growth within the country.
How Advantages of Analytics can help TODAY & TOMORROW?
The practice of data in data analytics today is quickly becoming more prevalent at companies in almost every industry. About 95% of Fortune thousand companies have made significant investments in Big Data initiatives within the last five years.
The right use of information with the practice of analytics which has already been tracking it in ways, turning data into actionable analyses and saving valuable time. With the practice of such analytics, Senior Housing not only can streamline current business processes but these analyses also allow communities to spot smart ways to save lots of money while still providing high-quality care and services and, ultimately increasing overall satisfaction of residents and families.
Analytics platform helps you keep track of a very important operating and care metrics system which makes it fully Integrated Solution.
Today, CFO leaders can use business analytics to enhance programs, services, and quality of life for residents because it allows them to understand how effectively they run the business. With technology and predictive analytics, senior living communities can set themselves up to form better, more informed decisions about resident care. Likewise, with any advancement, it's imperative to execute arrangements that fit the wants of your staff and inhabitants.
Because senior living communities house many residents at various stages of health, the resources they need are more complicated than those related to taking care of just one person. By developing and deploying analytics capabilities, facilities can enhance the utility of devices by collecting an outsized quantity and types of information on residents then using that information to target resources.
The ability to research larger data sets in the future can cause more innovation during a regeneration loop. Senior care communities can then act to mitigate the consequences of these events or, in some cases, avoid them entirely.
Analytic tools also help communities to reinforce staffing and workflow for later and hold the potential to transform how senior care providers achieve that goal.
Some Business Intelligence & Visualisation use cases in Senior Housing
Following are some of the ways that senior housing providers are leveraging BI to optimize their offerings and remain competitive
- Examine electronic health record (EHR) or an electronic medical history (EMH) to better get through the expertise of person resident’s care needs
- To predict Revenue according to the occupied room for Facilities in unexplored geographies & Analyse New vicinity for Facilities
- Increase Lead Conversion price via predicting the possibility of lead conversion, the tempo of conversion and period of life
- Predicting 'Move out' of resident on the idea of the degree of acuity, monetary, aggressive and pleasure degradation
- Competitor Analysis to require corrective measures at the idea of Facility degree percentage, sales report, Market developments, and social media
Implementing BI for Senior Living:
BI helps leaders determine whether errors are isolated, recurring or widespread by providing instant analysis of information captured across every facility. Leaders can immediately identify problem facilities or specific staff and evaluate whether medication mistakes are a trend or isolated incidents. With an appropriate BI solution, you'll look out on many facilities directly and identify the foremost important issues globally.
Assessing the Level of Care and the ability to analyze large data sets can lead to more innovation in a positive feedback loop. Senior Housing classifies its levels of care under seven different options for senior care services: Independent Living, Assisted Living, Memory Care, Skilled Nursing, Affordable Housing, Short-Term Care and Rehabilitation.
To provide maximum utility and adaptability, BI within the senior living industry needs to:
- Aggregate data across multiple locations in real-time.
- Monitor quality standards, staff performance, and policy compliance.
- A mobile inspection solution with BI helps prioritize the foremost critical issues, providing real-time insights.
- Identify global trends over time or across locations that would trigger an Immediate Jeopardy declaration.
- Create an actionable report that red-flags potential problems.
We offer numerous solutions to assist businesses in better managing their data. We have helped senior care providers in setting up data management platforms to capture all the relevant data and implement comprehensive data analytics and business reporting platforms.
Feel free to get in touch with us if you are looking for any of these or related services.