The effect of globalization has catapulted the need for digitization. For senior living providers to remain competitive, they must stay on their A-game by embracing modern technology and implementing innovative solutions to cater to the growing needs of residents and their families.
In senior care, consumers have high expectations of emerging technologies. To keep you ahead of the curve, we’ve curated this roundup of 2023 trends that’ll have a direct impact on senior living providers.
Top Senior Living Trends of 2023
Many senior living trends have surfaced over the years, but two have garnered considerable momentum:
The Widening Middle Market
The income threshold for the middle market varies geographically, as some areas may be predisposed to higher inflation rates. The expanding gap in the middle market suggests that elderly adults will be less likely to afford senior housing in 2023. The concept of aging in place, when seniors remain in their private homes, is also on the rise. This has the industry looking for ways to engage those individuals with tailored programming or remote monitoring. Aging in place also means that when seniors do eventually move into senior living facilities, they are coming in much older and with more significant medical needs, further driving the need for qualified staff.
Revolution in Healthcare Approaches
Recent healthcare advancements have transformed and upgraded the healthcare paradigm, and it’s becoming more visibly apparent in post-pandemic times.
Attracting and retaining a qualified workforce continues to be a challenge for the senior living industry. Organizations are now looking to technology for ways to augment their staffing.
The telehealth business model has especially seen rapid advancements due to its widening appeal to mass consumers. As a result, more payers will collaborate with virtual senior care providers as they see profits and benefits embedded within the telehealth model. Since this may directly affect senior housing facilities offering patient care, more communities should start pivoting toward this direction by integrating telehealth with their services.
2023 Technology Strategies for the Senior Living Business Model
Deep Diving Into Bigger Data Analytics
We have undeniably reached the age of the consumer as well as the age of data. Long-established businesses have harbored a massive pool of data over the years. These days, fresh data is being produced and recorded at an unprecedentedly high rate.
Mature data analyses will position senior living communities to thrive by further empowering them to ensure minimal losses, evaluate costs, and accurately track consumer growth goals. Data-driven results have been proven to boost business performance and give companies a competitive advantage.
With advanced software, it’s possible to draw real-time analytics from collected data. This can lead to more reliable outcomes and help senior living executives make informed and practical decisions.
Adopting an Ever-Expanding Approach
As they enter senior living, Baby Boomers demand more amenities that cater to their health and wellness concerns. They are also looking for technology support when it comes to using their own devices. Gaining Boomers’ trust involves adapting to their needs, which includes increasing efforts to help them achieve their desired lifestyle. This requires technological intervention to provide insight into what the consumer wants from senior living providers.
Taking Robust Security Measures
More than ever, technology advancements are accompanied by a multitude of cybersecurity risks and threats. Electronically-protected health information isn’t exempt from security breaches, and hackers can use this data for malicious purposes. Such practices are on the rise, which requires a higher level of risk mitigation.
Criminals have found a way to sell confidential healthcare data on the black market. Outdated paper-dependent systems pave a pathway for internal disclosures of confidential medical data. Moreover, our mobile devices have access to sensitive information that is also hackable.
In today’s world, it’s critical to protect confidential patient records. The good news is that healthcare organizations have greater accessibility to cybersecurity services than in the past.
It is mandatory to establish HIPAA-compliant security measures for the welfare and protection of residents. HIPAA compliance safeguards data stored within electronic reports, websites, medical devices and images. It is, therefore, a major determinant for the success of healthcare-associated business models as it helps in the development of patient-to-clinician rapport.
Increase The Reliance on Artificial Intelligence
Physicians and clinicians are showing greater confidence in the power of artificial intelligence (AI), which could help overcome medical staff shortages among other related issues. Artificial intelligence can’t entirely replace the role of a doctor or caregiver. However, it’s capable of easing their immense workloads.
Due to its reliable and consistent nature, artificial intelligence has a probable place in every field of medicine. In senior living, it can compensate for staff shortages. AI has also proven itself reliable in monitoring behavioral and activity changes for senior living residents.
Comrade robots are already being employed to carry out various tasks, such as home automation, home equipment control, and home security. In the future, robots may also prove useful in helping elderly adults execute daily-life activities. They could also augment dining staff and take over duties such as landscaping, sanitation and medication sorting.
2023: The Year of Senior Living
Senior living communities can reap the benefits of technological innovations in 2023. Due to inflation, however, senior living prices have jumped to 15.6% from 2019-2022. This makes it more challenging for senior living providers to cater to Boomers’ ever-growing needs—without technology, at least.
Hartman Executive Advisors can help your organization take a strategic approach to technology. If you’re a senior living executive, contact the industry experts at Hartman Executive Advisors to learn more and schedule a free consultation.