The senior living industry is making significant strides in data collection and middle-market efforts, with a focus on redefining operations for a new generation of residents. Despite years of discussion on these topics, the industry has only recently seen significant movement in these areas. My impression after meeting with operators and attending sessions at the American Seniors Housing Association (ASHA) conference in Miami last week is that progress is accelerating.
With the coming generation of baby boomers turning 80 in just two years, the industry faces a shift in resident needs and wants. Additionally, new leaders are taking the reins as older ones retire, bringing new ideas and approaches to the industry. This generational shift is expected to infuse the industry with fresh perspectives and innovations, according to industry thought leader Bob Kramer.
Leaders in the senior living industry are gearing up for data collection. LCS, for example, has recently made significant investments in hiring data scientists and implementing new reporting tools to better understand and address operational needs. Vitality Living has also reorganized its approach to data collection and analysis to improve operational efficiency.
Furthermore, there is a growing focus on catering to the middle-market demographic, which was previously thought to lack profitability. Models such as those developed by United Church Homes show that catering to the middle-market is a viable possibility and can result in good margins.
The industry is currently undergoing a “transitional decade” characterized by leadership shifts and opportunities to demonstrate its value in society. This transition is marked by the shift of leadership to a new generation, as well as increased scrutiny from the public and lawmakers. There is also a growing push for greater diversity and representation in leadership from younger leaders, who are actively working towards broader representation in senior living leadership.
Overall, the industry is on the cusp of significant changes as it embraces data collection and middle-market approaches while transitioning to a new generation of leadership, all of which will play a defining role in the future of senior living.
