With the new year officially upon us, what better time than now to look ahead to what we can expect for the senior housing industry? Before we closed out 2017, we did a brief recap on what the year meant for senior housing, From the changing needs of Baby Boomers to the role of technology and innovation in senior housing, 2017 was a big year. With everything we experienced in 2017, many are asking what 2018 has in store. While we can’t be sure quite yet – just two days in to the new year – we have a free predictions to share:
- More coordinated care and wellness opportunities – Wellness was a major focus for many senior living providers in 2017, and we only expect this to continue. Skilled nursing facilities (SNFs) across the country began integrating wellness programs with comprehensive care aimed at anticipating the needs of resident – both right now and down the road. We expect this focus to continue and expand with the help of technology, wellness apps, and other tools that will give residents what they need to meet their health needs.
- Changing expectations – Another point building off of what we saw in 2017 is changing expectations – of both residents and their loved ones. SNFs can no longer get away with sliding under the radar and doing what they’ve always done – they must evolve to meet the demand of the industry and these new residents.
- The urban building boom will continue – In 2017 we also saw a rise in urban senior living communities, a trend construction companies saw on various scales. In 2018 we expect this urban building boom to create new opportunities and communities that integrate a wide range of amenities, such as fitness centers, dining rooms, and space for socialization.
- Senior caregivers will become a focus – Senior housing residents and their loved ones aren’t the only focus for 2018 – SNFs must also shift their process and pay more attention to caregivers, nurses, and other staff members. There is a very high expectation in the United States right now for excellent customer service, and the senior living industry is no exception. Providers will be on the lookout for talented, dedicated, and compassionate employees who are valued, respected, and compensated appropriately.
- Disruption will continue – Not unlike many other industries, the senior living industry is in the midst of disruption and monumental changes. This is due in large part to technology and the ease of online research. In order to keep up and continue to cater to the needs of residents will attracting potential buyers or management teams, SNFs must embrace these changes and work to adapt.
- Collaboration is key – Many industry experts predict 2018 will be a year of collaboration and working together with others within the industry. For example, long-term memory care facilities may work together with dementia centers and continuing care retirement communities (CCRC) may aim to develop stronger relationships with hospitals and outpatient facilities. The focus will be on wellness and providing a much higher level of are than in the past, which is exciting for all of us in the industry.
We wish you the very best in 2018 and look forward to standing alongside you as the year unfolds! If you have any questions about our senior living offerings or are considering investing, please do not hesitate to contact Shep Roylance.