This week we bid 2016 goodbye as we prepare for 2017 and all it has to offer. For many, 2016 was less than kind. From the loss of artists and musicians to the tumultuous election, it’s safe to say we are all hoping for a more optimistic year. As 2016 comes to a close we thought it would be the perfect time to reflect on what the last year has meant for the senior living industry, and what we can expect in the coming year.
If you recall, we have discussed the changing face of nursing homes and the role of technology in senior housing at length over the last year. This is due in large part to the fact that technology has had – and will continue to – a major impact on the senior living industry. As Baby Boomers continue to enter into retirement and are in need of long-term care, nursing homes and other SNFs will need to adjust accordingly. We expect this to be the major trend of 2017, but there are a few other trends that are worth mentioning.
2017 is set to be an interesting year in many respects. With a new president in office and other economical changes set to take place, many are anxious to see what the start of the year will bring for senior living and other industries. In some respects we don’t expect the senior living industry to change that drastically, as it has already come a long way from where it was 10 years ago. The industry will continue to adapt to the role of technology and we will see facilities updating their policies and features accordingly. The senior living industry will remain a high-service organization focused on improving resident experience, for one. With this in mind, we do expect 2017 to be a year of SNFs adapting to the changing needs and expectations of residents, families, and regulatory bodies. Operators will feel continued pressure from policy makers and new residents alike, which will undoubtedly impact their course of growth.
Here is a look at a few other trends we expect to see in 2017:
SNFs Will Begin to Differentiate Themselves
As we learn more about what residents are looking for in a long-term care facility, we expect to see SNFs differentiate themselves from the competition. This also has to do with the added pressure from above, as facilities will be required meet specific guidelines and policies as they are implemented. In the past residents were more likely to choose an assisted living community because they could no longer live independently and needed help with their medications and day-to-day activities. While this is still the case, many are looking for communities that offer innovative programs, new technology, and other forward-thinking amenities. Residents are far more likely to choose a facility with all the bells and whistles over one that offers basic care. In 2017, a senior living facility’s message must be strong, clear, and concise in order to stand out.
SNFs Will Listen to the Needs of Residents
Building from the above point, senior living facilities will need to listen more carefully to the needs and desires of potential residents. In some cases this will mean offering at-home care options and smart transportation. This means that some senior living providers may decide to offer assistance to seniors in the comfort of their own home before they are ready to give up their independence and move into a senior living community. By going the extra mile and offering a new level of care to residents, SNFs will be able to provide better care and attract more residents.
We will certainly keep you updated as 2017 gets going on the trends we are seeing in senior living. If you are interested in investing in a senior living community or are looking to sell, please contact Shep Roylance today.