Providers in the senior living space that have held back from participating in accountable care organizations (ACOs) might want to gear up soon for participation. Value-based care–once considered to be voluntary or for front-running organizations–is on a fast track to becoming a national standard for care.
Today’s senior living communities are against what seems to be a rock and a hard place: To attract Baby Boomers, these communities must compete in the market by having innovative, modern properties. But to do so will require investments in technology. How can this added expenditure be sold to the board when finances are already tight?
Value based healthcare is more than just the latest buzzword, more than just a trend running through the medical and payer communities. It is a fundamental rethinking of the way in which medical care gets delivered.
FEATURING KRIS HANSEN, CEO, WESTERN HOME COMMUNITIES
What is value based care and why will it make or break senior living operations in years to come? How can organizations like yours introduce value based care policies, and what benefits will they bring? Download this free guide, produced in collaboration with Western Home Communities, to learn why value based care is shaking senior living care models to their core – and what it means for operators across the senior housing industry.
Going by the description alone, it’s clear why value based care might have an edge on previous models: It’s medical care reimbursement based on the quality and cost of the service provided. Even more interesting, though, is value based care’s ability to deliver a competitive business advantage to senior housing providers.
From Volume to Value: How Healthcare Reform has Affected Senior Living Operators (and what it means for you)
It’s worth saying that the senior living space has always emphasized valuable, high-quality care. Value is not new to senior care. But what is new is the recent rapid evolution toward payment models that reward for efficiency combined with quality in care, and penalize those that don’t achieve it. This is known as pay-for-performance, or value based care.
An active program calendar full of opportunities for resident social engagement can often demonstrate overall business health of a senior living community to potential residents and investors. But can social engagement programs positively affect the bottom line of a senior living business? The answer is a resounding yes.
“There is nothing more important than a good, safe, secure home.” – Rosalynn Carter
On the Senior Quality of Life Blog we’ve examined how senior living technologies can increase resident retention. Tech that automates fall risk assessment, assists with pressure ulcer prevention and can provide early illness detection, can significantly increase resident retention by helping to keep residents safe, healthy, and secure. Read More
Depression and isolation are major issues facing many seniors over the age of 65. According to the National Alliance on Mental Illness (NAMI), most depression in seniors often goes untreated because people assume depression is a “natural part of aging.” This is not the case.
Baby Boomers won’t start hitting 80 — the average age of a senior living resident — until 2026, but that doesn’t mean it is too early to start thinking about their needs.
Right now Boomers already play a big role in supporting resident retention, as they help their parents make critical housing decisions. As a result, understanding what Boomers may want tomorrow is a key to driving resident retention today.