Growing numbers of baby boomers are moving into retirement communities – and more senior housing is being needed to accommodate them. Despite the fact that multifamily marketing metrics may differ according to senior housing, marketers should not overlook business intelligence (BI) to promote occupancy and improve operations.
BI tools can help senior living organizations organize data. By entering good data into the system, the technology can perform to its full potential. Once the right data and insights have been gathered, the BI tools provide users with the data and insights they need. A positive outcome can in turn promote greater use of technology and a higher return on investment.
Here are the top 3 types of Data Analytics commonly used in senior housing:
To fully grasp the value of business intelligence, it is useful to understand data analytics and its subsets. A good example is a predictive analytics, which makes predictions from data. Prescriptive analytics is another, a perhaps more powerful subset of data analytics, which examines data more closely to predict potential outcomes. As well as business-wide and localized analyses, this process works well for immediate and long-term applications.
Below you will find the three types of data analytics most commonly used. Knowing them can help senior living operators realize the many benefits of BI tools.
Descriptive analytics:
In descriptive analytics, it is described what has happened over a given period of time – whether the operator filled units in a particular community for example.
Predictive analytics:
Using predictive analytics, users can get a glimpse into what will happen in the future, which can be something as simple as how many new residents will enter the market over the next nine months, and whether operators will be able to fill vacant units due to their prospects.
Prescriptive analytics:
Analytics suggests a course of action based on prescriptive analytics. Knowing how many potential residents will be coming and how vacant units need to be filled allows the operator to determine how much to invest in digital marketing to fill those units.
Using Senior Housing Analytics not only streamlines current business processes but also enables communities to spot smart savings while still providing high-quality care and services, ultimately increasing the overall satisfaction of residents and families.
Keeping track of your operating and care metrics is one of the main benefits of the analytics platform.
The benefits of business intelligence for senior living communities
BI provided from lease transaction data can be used to attract new residents and renew current ones for assisted living and memory care communities, whether they are located on the same campus or elsewhere. This information can be used to narrow marketing strategies based on unit size and amenities among prospective residents within a given demographic. Marketers can even narrow their marketing strategies based on the size and amenities of apartments.
Although managing assisted living or memory care communities may seem more specialized and limited in terms of business intelligence marketing, this type of data can be useful since operations can be monitored to increase efficiency, and ultimately improve profitability. However, the information is mostly mined based on assessments and interviews with prospective and current residents. The use of this information is essential for determining the right levels of care for a patient and minimizing overstaffing, whether or not assessments are made annually or frequently. Through portfolio analysis, this data can tell us how much money is spent on assisting residents – or how much is earned through care fees.
As a result, staff can identify cost increases due to overprovision of services, avoid missed assessments, and monitor census and acuity levels.
Businesses can benefit from Business Intelligence
With an ageing population, assisted living spaces and specialized care spaces are changing almost overnight. By 2025, seniors living will need to hire 1.2 million new employees – including caregivers – according to a recent report by Argentum, a national senior living association.
The market is expanding and becoming more competitive as companies enter the space due to demand. The key to being competitive and controlling expenses is to stay on top of staffing. Seniors have higher costs.
With daily data on lease transactions, multifamily business intelligence also provides insights into what’s driving leads and revenue in senior housing. Large portfolios will find that particularly useful. By analyzing a group of properties each night, BI can create scorecards for each unit type, including staffing levels and care fees.
The implementation of BI in senior living:
BI provides instant analysis of data captured across every facility in order to determine whether or not errors are isolated, recurring, or widespread. Facilities and staff with problems can be identified immediately, allowing leaders to evaluate if medication errors are an isolated occurrence or a trend. A suitable BI solution can help you get a global view of hundreds of facilities at once, identifying the most important issues locally and globally.
BI needs to be as flexible and useful as possible to senior living communities:
- Real-time data aggregation across multiple locations.
- Maintain quality standards, staff performance, and policy compliance.
- When combined with BI, mobile inspection solutions provide real-time insights into the most critical issues.
- Find trends over time or across locations likely to cause Immediate Jeopardy to be declared.
- Identify potential problems and create an actionable report.
Assessing the changing senior market
Trends in the senior market, such as going paperless, senior contact centres and the internet of things, as well as compliance issues, are among the topics addressed.
At Polestar Solutions, we have served Senior Housing Analytics, assisted living, memory care facilities providers as well as hospice providers on their descriptive and predictive analytics needs. We help companies with setting architecture to collect the user data and build visually insightful dashboards. These services have helped our clients in optimizing the existing processes and in achieving operational efficiency.
