The senior living industry is quickly evolving, putting pressure on today’s providers to either sink or swim. To succeed in this new environment, it’s essential for community leaders to build an effective business strategy.
One of the biggest elements impacting senior living providers is the new consumer. Future consumers are not the same as those of the past. The future consumer is older, with higher acuity levels and a new set of expectations. More than half are over the age of 85 and 95% have chronic health conditions.
Some properties have expanded their current and future customer base by offering wellness and rehab programs. This helps to diversify revenue as well as attract a wider variety of new residents. A “one size fits all” approach to care will not work. As with any demographic, different seniors have different interests and the current property offerings don’t always take that into account. Some properties focus on the physical comforts and care or they play up the “fun and active” angle. Providers need to be thinking differently about the future, and prospective residents, in order to succeed in this evolving market.