Providers, take note: residents are leaving your communities because of the high costs and poor service, according to a recent article from SeniorHousingNews.com. (Their declining health and a desire to be closer to family were factors too, though these are basically beyond the reach of senior living providers.)
The reality is that senior housing and care costs will continue to rise in accordance with inflation, but there is little excuse for poor service (the report, published by Boston College’s Center for Retirement Research, referenced poorly/inadequately trained staff and low-quality meals in the community dining venues). Yes, there may be a higher cost — which may not always be measured monetarily — for providing a higher level of service, but in order to keep residents happy and at home in your community, isn’t it a price worth paying?
In an industry that seems to change by the second, providers certainly have a difficult job. Keeping up with evolving state regulations, reduced funding from Medicare and Medicaid, the rising acuity levels of their resident population, and competing constantly with the growing aging in place movement — these are challenges that would rattle any business model. However, the opportunities for reinvention and redesign (which many providers are already seizing) offer a necessary balance and motivation.
Dig deeper: Think outside the box and dialogue with us about the future of geriatric care in tomorrow’s #ElderCareChat. Learn more here.