Senior living is a competitive space, with more than 31,000 communities nationwide. The market saturation of the senior living industry can make recruitment a day-to-day challenge. This challenge emphasizes the importance of diversity and being a top choice for each senior interested in what a community offers. Gain a competitive edge and become a top senior living community by first looking at what is going well and assessing what needs improvement.
This blog shows how to maximize revenue, reduce risk, enhance operations, provide a well-rounded resident experience, and leverage technology to become a top choice senior living community.
Maximize Revenue
Senior living communities must take advantage of valuable revenue opportunities. The more revenue a community can generate, the more amenities and events a community can offer residents. Maximize revenue through workflow optimization and revenue-generating marketing tactics that increase occupancy.
Optimize workflows to prevent leakage, meet resident needs, and ensure payments for all services are delivered. Employ innovative marketing and lead-tracking tools to boost recruitment efforts. Marketing tools like Customer Relationship Management systems, or CRMs, keep track of referrals, campaigns, appointments, and tasks to make you more efficient and increase occupancy faster.
Reduce Risk
As regulations and compliance standards increase, it can be challenging to keep up. To remain compliant and set a high standard of care, top senior living communities must master medication management and increased care needs to reduce risk. eMAR software is a great place to start in reducing risk. eMAR software reduces paper MAR's redundancy and gives users improved oversight to increase efficiency, remain compliant, reduce medication errors, and integrate with your pharmacy. Utilizing available technology to manage the advanced needs of residents enables staff to work smarter and is key to achieving superior safety standards.
Enhance Operations
Enhance operations by investing in staff. The level of training of staff can make or break a resident's experience at a senior living community. Studies have shown that taking the time to invest in staff can boost resident satisfaction while also aiding in employee retention.
Support staff education by providing personal development opportunities, hosting continuing education courses, or offering resources on how staff can find them. Continuing education courses give staff access to experts with insight into the issues similar communities are facing firsthand – as well as provide the opportunity for staff to network with and learn from peers.
Provide A Well-Rounded Experience
As more seniors enter long-term care, more expectations are placed on communities to provide a well-rounded experience for their residents. Become a top senior living community by offering personalized care plans and adding highly sought-after amenities.
Staff and caregivers need accurate real-time information tailored to each resident they treat. Innovative tools like an EHR can provide personalized care plans while streamlining processes to make staff more efficient.
Outside of improving operations, adding highly sought-after amenities is another way to provide a better experience. When looking to add amenities to a community, consider the following:
Entertainment
Top senior living communities go above and beyond to cater to the needs and desires of residents. Communities should organize events for residents that allow them to remain active and social. Offerings can be as simple as organizing an outing or providing classes or be as large as building a putting green or hosting lectures where seniors can share their skills.
Health and wellness services
Maintaining all forms of physical and mental wellness is key for residents to enjoy their stay in your senior living community. Offering activities such as "brain training," yoga, water aerobics, and other ways to remain fit gives residents a way to take an active role in their wellness, no matter their physical ability.
Cooking and dining options
Some senior living communities offer multiple restaurants within a community or full kitchens in units to provide more opportunities for socialization and variety in residents' diets.
Social events
Top senior living communities make socialization easier by offering ample opportunities to make new friends and meet other residents. In addition, consider themed activities to reduce isolation and the risk of depression during difficult times like the holidays.
Community service
It's great to feel needed, regardless of age. To keep residents involved in their community, consider volunteer opportunities such as being a surrogate grandparent or tending to community gardens.
Leverage Technology
Senior living communities need to leverage the latest tools and technology to meet the increasing expectations of residents and their families. Current technology also gives communities better insights to make the best care decisions for residents and engage staff in impactful ways. Technology can empower senior living communities to make data-driven decisions to improve every aspect of the business, including resident quality of life. To take advantage of current technology, consider the following:
- Go digital to streamline processes and improve efficiency with an eMAR and EHR software.
- Offer video tours to attract new residents.
- Use a CRM to increase occupancy.
- Provide instruction on smart watches or fitness trackers to motivate seniors to remain active and social.
- Offer digital assistants like Siri or Alexa to help contact care staff and give reminders to make residents feel more independent.
As more adults age into the senior living population, the competition for top senior living communities will also continue to rise. To succeed, these communities must continuously position themselves on the cutting edge of development on all fronts. Doing so will set themselves up to attract, retain, and increase occupancy and revenue for years to come.
About ECP
ECP is the leading web-based clinical, business, and compliance software provider to over 6,500 assisted living communities and other long-term care providers. ECP's core clinical products include eMAR and electronic health records (EHR) used in assisted living communities, group homes, and intellectually and developmentally disabled care settings across the country and globally.
Learn more about how ECP can help you become a top choice senior living community by requesting a demo below.
