Just recently, the 6th Annual Ziegler Linkage Fund Symposium took place at Ziegler’s corporate headquarters conference space in Chicago, Illinois. Industry leaders came together to discuss and share their ideas on what could very well shape the future of the U.S healthcare industry.
One thing came out certain, technological innovations are the future of aging and post-acute care.
(1.) Value-based Care Will Drive Better Outcomes in Senior Living
More healthcare providers will be looking towards value-based care solutions in a post-pandemic setting. CMS is pushing more providers to take up the concept of “value-based risk sharing” and leave behind traditional “fee for service” models. Senior living stands to benefit from value-based care models, in terms of better outcomes for residents, their families, operators and investors. Providers with such systems will be better equipped in returning to pre-pandemic levels in occupancy, lead generation and net operating incomes.
Providers can implement a phased approach to value-based care, and can look up partnerships requiring little to no financial investment. The fact that so many health systems and primary care networks are looking for opportunities in senior living will make identifying a partner easier for the provider.
Value-based care acts on the principle of incentivizing both providers and payers to keep costs low while working for better health outcomes. A Medicare Advantage plan for example, might form partnerships with different providers to make sure older adults living in senior living can access health services, thereby avoiding unneeded hospital stays and other costly interventions.
(2.) Technology Makes it Easier to Engage and Retain Healthcare Staff
The ongoing industry challenges of having to hire the right people but also ensure those people continue working for you can be tough. Fortunately, technological advances can aid recruitment and retention efforts by those in the healthcare industry. Senior living will benefit from this and can leverage technology to hire, engage, motivate and retain their staff members. Currently, the senior living industry is at the verge of one of the highest turnover rates compared to any other industry.
Many in the healthcare industry are adopting and incorporating new technologies to help improve retention rates. Tech-savvy millennials and post-millenials joining the senior workforce expect workplaces to have systems in place that make their jobs easier, not the other way around. The only way to achieve this is by bridging communication gaps that exist all over the healthcare sector. Senior living communities must invest in advanced communication technologies that make it easier for staff to connect with each other at any point in the day. This will help caregivers feel supported, as that constant channel of communication ensures that their voices do not go unheard by the staff management.
Hucu.ai is one such communication app that makes it easier for care teams to connect with each other, as they have access to a platform where care teams can come together, grow together, exchange ideas, support each other and have higher job satisfaction levels overall.
(3.) Strategically Managing Data in Order to Unlock Potential Value
Organizations all over the world are dealing with ever-increasing levels of data, both internal and being received across organizations. Learning how to strategically manage data is a much needed exercise for business leaders, in order to unlock the greatest value for residents.
“Senior living providers need a tech platform to capture data and deploy predictive analytics to create customized solutions. It is these customized solutions that will drive real value for investors, owners, operators and customers.”
A strong data culture is in many ways the foundation of senior living. This is where modern data stack platforms can be of particular use. This will allow senior living operators and other healthcare providers to make better use of this data in improving patient experiences. A modern data stack platform will help you and your team achieve successful outcomes and better patient care in the future. An all-in-one data platform stands to benefit everyone in the process of care delivery, from residents, their families all the way to the community’s team members.
Senior living facilities today are swamped with staffing shortages and that just adds to a more stressful environment for the employees. Better management of data can help staff at a senior living facility. With one comprehensive platform, every employee can easily look up key info on patient prescriptions or appointments using this rather than scrambling to try and find the needed data. This saves time, lowers stress and helps team members manage patient care much more effectively.
(4.) Addressing Diverse Tech-Support Needs of Senior Living Consumers
Increasing technological proficiencies among the elderly make it challenging for senior living providers to better manage modern-day resident needs. As the aging population continues to grow and place immense strain on health communities, there are more opportunities for tech entrepreneurs to help senior living ward off some of those challenges.
Chronic conditions are far too common among seniors, but they do not always require surgical interventions or a trip to the doctor. However, these can be managed through modifications, with the aid of technology.
The use of smart technologies can help senior living providers in tracking changes in residents’ behavior, activity, sleep and other social determinants of health. For instance, digital health companies have created glucose meters to help people be in better control of their conditions. These devices offer real-time health data, reminders and better tracking helps avoid unnecessary hospitalizations and other serious consequences. This helps seniors in staying engaged in controlling their diabetes and avoiding costly healthcare incidents at the same time.
This is how we build healthier communities.
Smart devices can swap for many routine activities that might need human intervention. This will save staff time as well. Smart thermostats, for instance, will no longer require senior living workers to monitor the room temperature. More of these tools will save you time and help channel that energy towards more meaningful activities.The skilled nursing landscape stands to benefit from innovative tools and technologies. Staff will feel supported, with more meaningful connections between staff, residents and families.
Sources
Value-Based Care Can Help Drive Occupancy, Valuations, Outcomes in Senior Living
How Technology Can Improve Employee Engagement, Help Reduce Turnover.
Ways To Build A Thriving Senior Living Center Using Technology
Data, analytics increasingly important in senior living
Why a strong data culture is the future of senior living?
How Long-Term Care Facilities are Using Technology to Generate Better Patient Outcomes.
