Investing in Healthcare Technology: Why Top Providers Started Yesterday

With the pace of healthcare technology, many senior living operations might feel it’s better to wait for the next big wave before surfing into investment. But when you take a look around, top providers are already speeding along and leaving stragglers behind.

These providers aren’t early adopters or particularly obsessed with innovation — they’ve just recognized that there are several factors for implementing healthcare technology now rather than later. Here are some key reasons why they’re already riding high when it comes to healthcare technology usage:

HIPAA compliance

Without a doubt, HIPAA regulations are crucial when it comes to senior living and healthcare technology, especially with mobile apps, data storage, and online medical record portals. Top providers understand that cobbling together a “good enough” system that meets compliance standards isn’t sufficient. Particularly with cloud-based solutions, a technology approach has to be scalable enough to anticipate compliance mandates in the future.

Resident demand

The Baby Boomer generation is retiring at record rates, and that surge is expected to get even larger in the years ahead. Much more technically savvy than the generation before them, Boomers are expecting a technology-rich environment that gives them access to healthcare technology resources as well as social media options. Solutions that offer a wealth of benefits — such as fall monitoring, mobile access, social portals, and entertainment choices — are worth the investment, especially as more and more residents are gravitating toward online activities.

Increased quality of life

In addition to social connections and health information access, residents expect senior living organizations to provide a high level of care. But there’s no way to achieve a one-to-one ratio of staff-to-resident, unless you use healthcare technology like remote monitoring. Top providers are already invested in these solutions, because they’ve recognized that better fall reduction and injury detection can not only address immediate problems, but also prevent issues in the future.

Value-based service

Considered one of the top trends for this year, the rise of the value-based service model is likely to drive significant changes at many senior living operations. The Department of Health and Human Services wants to see 30 percent of Medicare payments tied to quality or value-based medicine by the end of this year. That target will be 50 percent by the end of 2018. By showcasing senior housing as a provider of choice within the healthcare landscape, top providers can drive the industry toward the value-based service model. Healthcare technology will be a large part of that effort, because it allows operations to provide proof of beneficial outcomes among residents.

Long-term vision

For surfers, there will always be another big wave coming. For senior living providers, there will always be more healthcare technology innovation on the way. At some point, you’ve got to hop up on that board. Taking advantage of the type of technologies available now allows any provider to get started on an implementation that meets resident and operational goals. With that kind of momentum, it’s much easier to incorporate new and emerging technologies, instead of always being in a reactive mode.

Even if you might be slightly behind in your healthcare technology investment, a technology roadmap can provide a way to catch up quickly. By determining your organization’s goals and understanding the technology pace of others in the industry, you can turn tomorrow’s plan into today’s investment—ensuring a more solid future for your senior living operation.

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