Using Technology and Data to Improve Senior Housing Occupancy Rates
Improving occupancy rates and the overall census is one of the biggest challenges facing the senior housing industry as we breach the pandemic’s one-year mark. Throughout the last year, senior living providers and investors have had to pivot to maintain operations. At the start of the year, numbers were disappointing as occupancy rates reached an all-time low. Assisted living and skilled nursing facilities (SNFs) were the most brutal hit, but senior living communities were also struggling to stay afloat.
While it’s easy to point to the pandemic as the sole reason for occupancy problems within the industry, the truth is senior living has been struggling to attract - and keep - residents for years. Difficulties with staff turnover, poor quality of care, and insufficient services, in general, are just some of the reasons why senior communities have experienced turbulent years.
Technology Brings Renewed Hope
So, what’s the next step? The pandemic put senior living operators in a unique - albeit challenging - position. The traditional way of doing things would no longer cut it, motivating operators to get creative and think outside the box. Thanks to advancements in technology, a growing number of software solutions geared towards senior living, and the digital marketing revolution; senior living is in for a transformation. Now, operators across the country have found new ways to generate leads by leveraging data, taking advantage of digital messaging opportunities, and investing in modern sales and marketing channels. Not only does technology allow providers to reach a wider audience and attract an entirely new generation of residents, but the platforms geared towards senior living are effective and affordable.
Operators that harness modern solutions and embrace this new way of doing business have seen positive results, particularly in occupancy. Technology is an effective tool for senior living, as it can facilitate great connection and engagement within the community and improve operational efficiency.
Resident satisfaction is a top priority as the industry looks to higher occupancy rates, and this starts with understanding the positive impact of technology solutions that address long-term inefficiencies. To learn more about the industry’s current state, contact Sherman & Roylance Real Estate Investment Services. We assist those interested in selling or investing in senior living properties and also offer appraisals. Give our team a call today to learn more.