When putting together an effective technology strategy, many senior housing communities are turning to healthcare IT consultants, and for good reasons. These professionals not only understand the latest systems, but also bring with them knowledge about best practices, scalability, training, and an understanding of healthcare-specific regulations.
As senior housing operators know, technology options abound when it comes to software, hardware, devices, and infrastructure. Choosing the best IT services to bring them all together can be challenging, since you need to balance the needs of residents and staff. But there’s one more group to keep in mind when putting services in place: regulators.
A new year is on the horizon, which gives senior care executives the opportunity for a clean slate and the chance to take a look at the expense and revenue column in the budget. Operating costs can be big or small, but even cutting the small ones can make a substantial impact at year’s end. Senior care communities can lose money without an executive even noticing it until it is too late. Here are some strategies to control operating costs and stop unnecessary spending.
Sometimes it helps to think of seniors as residents: This is where they live, where they have their friends and engage in their pastimes. Sometimes, though, it is helpful to shift the lens a little and think of them as consumers.
For decades, now, healthcare and senior services have been reimbursed according to volume. This fee-for-service method is now going by the wayside as providers strive to incorporate value based care. Under the changes brought about by the Patient Protection and Affordable Care Act of 2010, value based care is to be built soundly on efficiency and quality. It’s about finding better ways to do things to bring about even higher quality care at lower costs.
As senior housing looks forward to the coming year, there is much to be optimistic about. Occupancy rates remain high, in an industry that is increasingly looked upon favorably by seniors and their adult children.
When mechanical engineer Charles Babbage began conceptualizing the first automatic computing machine in 1822, it’s highly unlikely he had any idea of how his invention would evolve and change the world.
For years, the senior living industry has prepared for the Boomer generation. Investors and executives worked together to build communities that they thought Boomers would love. But as Boomers have started to age, many new senior communities sit empty. Where is the elusive Boomer, and why are they not moving into senior care communities that were so carefully crafted for them?
As of the second quarter of 2015, the average senior living occupancy rate is 90 percent according to the National Investment Center for Seniors Housing and Care. This is a respectable improvement over occupancy rates during the recession, which hovered around 86 percent. While a layman might point out that there’s hardly a difference between 86 percent and 90 percent, senior living executives and strategists know that a four percent increase in occupancy rate can be huge for a senior community. It can mean the difference between just breaking even (or worse) and strong profitability.
Over recent years, many healthcare and senior living communities have begun to use remote patient monitoring, and it’s no wonder. Remote patient monitoring can help improve resident health and wellness, increase efficiency of care, lower costs, prevent readmissions, prevent injury, and improve resident satisfaction, to name a few of the benefits.