Fall alerts may offer a dramatic improvement in resident wellness. Of almost equal significance, successful falls management can also be a significant indicator of the business health of a senior housing enterprise.
As senior housing executives know, even small improvements in operational efficiencies can make a big difference to the bottom line. A mere $2 per resident-day expense reduction (typically 1.5 to 2 percent of total expenses) produces additional bottom-line cash flow of $52,560 to $78,840 per year.
The cost of falls almost certainly tips that equation when one considers the added staff time needed to care for an injured senior, the potential expense of added medical attention, the threat of litigation, and the daily cost of an empty room if a fall should cause a senior to leave the facility.
Fall alerts do more than keep seniors well: They help improve and sustain the business health of a housing venture. How so? Consider these critical factors.
Quality of Care
A fall alert system keeps residents healthier. This drives greater satisfaction among seniors, and among the family members responsible for their care. Word of mouth spreads, and the business thrives. Quality of care is a direct business driver.
Just as fall alerts attract potential residents, these same systems can be a draw to possible investors. As housing providers look to expand operations, senior living executives are tasked with creating properties that are attractive to potential backers looking to invest in such enterprises. A sterling record on falls gives investors confidence.
Businesses that demonstrate themselves as leaders are the ones that tend to thrive. By showing the world a dedication to excellence, businesses place themselves in just such a leadership position. The point? When a housing operation invests in the latest, most effective falls technology, resident care executives position themselves as cutting-edge players – a position that in turn drives ongoing business health.
Contributions to business stability
Falls are an inherent driver of business instability. They may cause vacancies, which impact the bottom line. They may drive fluctuations in staffing needs, or generate unexpected costs. It’s hard to run a business in such an environment. Thus, effective fall alerts help to smooth out the bumps, generating a more consistent, more predictable business environment.
Addressing changing demographics
Demographics are changing in senior housing. Today’s residents are typically older and more frail than those in the past. As a result, the likelihood of falls is on the rise. From a business perspective, a proactive stance on fall alerts indicates a readiness to respond to the changing senior housing population. In so doing, a business positions itself for growth in a changing market.
Looking for ways the gauge the health of your senior housing business? Consider assessing your organization’s current response to falls and methods for handling fall alerts. Your efforts in this area may be a strong indication of your business’s present and future prospects.