Senior living operators who focus on the health and happiness of their residents above all else will find they tend to succeed in most other aspects of the business, as well.
When looking at financial reports, senior care executives must not get too wrapped up in looking at move-ins for the month. Instead, closing the back door and keeping residents in the community is often the way to a more successful bottom line at the end of each month. It’s not secret that resident retention is just as important – if not more so – than moving residents into a community. However, it might be a surprise that focusing on clinical items, such as fall risk assessments, can increase resident retention rates.
As every senior housing executive knows, attracting new residents is only the beginning of the relationship. Often the greater challenge is in ensuring resident retention over time. A number of pressures come to bear to make resident retention a business challenge, and those pressures are only increasing as the new year begins.
It only makes sense. When someone is happy, they tend to want that happiness to last. In the same way, seniors who are happy with the quality of care and quality of life afforded them through their senior care community are likely to stay put.
Resident retention is always high on the list of priorities for senior housing operators. Keeping rooms occupied ensures a steady income stream and is an indicator of resident wellness and satisfaction. Turnover on the other hand inevitably equates to lost revenue and missed opportunities.
Resident retention is always among the foremost business concerns for a senior housing operator, and with good reason. According to the most recent numbers, the median annual resident turnover across all assisted living residences stands at nearly 50 percent. Other forms of senior housing have historically shown similar figures.
While “value based healthcare” may have started out as a buzzword for healthcare reform in the U.S., time has come to show that it’s more than just a passing conversation. This outcome-based approach is gaining momentum and is changing the way that CMS is looking at reimbursement for senior care.