Revenue-Generating Opportunities in Senior Living
The pandemic was rough on the senior housing market; there’s no doubt about it. According to the LTCG 2020 Cost of Care report that was just released, senior living and care facilities faced higher costs and lower occupancy rates last year, reversing a five-year growth trend. However, not all the news is so glum. As we’ve discussed over the past year, one silver lining to the pandemic has been the rate at which senior living operators adopted technology.
Technology became increasingly important at the height of the pandemic, especially for assisted living residents who were isolated from loved ones and the outside world. Thanks to Zoom and other video conferencing tools, older adults residing in these communities could virtually connect with family and friends when in-person visitations weren’t an option.
Tech is Driving Revenue
In 2020, providers across the nation embraced technology and used it to support residents and staff, forever changing the face of senior living. But technology has done more for the industry than drive personal connection and combat isolation, and it has proven to be a strategic asset for senior housing facilities.
Forward-thinking, tech-savvy senior living leaders aren’t just waiting to see how the market bounces back, and they are leveraging tech to uncover some major revenue-generating opportunities. Many operators were forced to cut costs and embrace digital marketing strategies to attract new residents without allowing the quality of care to falter. Marketing to residents became a whole new world as senior housing industry trends shifted to meet today’s modern demands. From the rise of telehealth and senior-friendly tech to voice assistants and intergenerational communities, the industry is in the midst of a monumental change.
Facilities that embraced technology and made moves to put the right technology infrastructure in place are well-positioned for success in the post-pandemic landscape. Some of the ways tech is creating new revenue streams include:
Mobile meal ordering
Meal delivery services for adults who want to age in place
Virtual cooking classes for residents
On-demand transportation for social activities, shopping, doctor appointments, and more
Wi-Fi equipped facilities
More accurate identification models
The new tech model enables operators to market to Baby Boomers and tech-savvy adults looking for more modern housing options, and it’s also creating business opportunities for investors. If you want to learn more about these investment and revenue-building opportunities, contact Sherman & Roylance’s senior housing investment experts today.