Every day, we are faced with the fact that more and more seniors are in need of senior living services. The numbers are staggering – the 80+ age group is projected to grow 12% by 2025, 25% by 2027 and a remarkable 40% by 2030 — outpacing every other age group in the country. Our aging population isn’t just growing, it’s evolving. People are living longer, healthier lives than ever before, but there is also an increased need for specialized care to treat chronic conditions and age-related ailments that are concurrently on the rise.
Past generations relied on family members to care for older adults, but today’s societal dynamics, including smaller family sizes and increased geographic mobility, look different, creating a need for senior housing and congregate care. Currently, there isn’t enough senior housing inventory to meet the existing or projected demand, and senior living communities are experiencing staff shortages. This is causing employee retention and morale to suffer as well as a high cost of labor for senior housing organizations to navigate.
As a result, senior housing leaders need to identify strategies and solutions that will support their staff and teams and enable them to work as efficiently and effectively as possible.
Thankfully, artificial intelligence (AI) is a viable solution that can positively impact the labor force and streamline workloads so senior housing leaders and their teams can get more done faster and with greater efficiency.
Using AI to tackle a variety of different tasks within senior living can combat many of the overwhelming challenges facing the industry, enabling very positive and forward-thinking developments.
For example, AI can offer support in key areas of senior living technology, including the ability to perform tedious and repetitive tasks, such as rent roll analysis, dataset analysis and document reviews, at a significantly faster rate than humans. Not only does this accelerate general workflow, but it also frees up time for people to focus on tasks requiring human interaction and empathy — something technology can’t do.
Purpose-built AI can also analyze data that truly captures the industry, providing rich, invaluable insights rather than a one-size-fits-all perspective. And AI can offer contextualized and highly curated information, which informs best practices for leaders and staff.
Examples of AI-enabled solutions specific to the senior housing industry include:
Advanced financial analysis — Income Statement and Offering Memorandum Analysis tools support property performance evaluation, helping senior housing leaders stay ahead of industry trends.
Simplified regulatory compliance — Regulatory Chatbot provides quick and reliable guidance on legal matters, helping senior housing administrative staff navigate the complexities of legal compliance.
Strategic market insights — Rent Roll and Property Benchmarking tools support astute investment decisions by providing in-depth, precise, data-driven insights.
Streamlined talent acquisition — Candidate Resume Screener and Interview Guide offer a customized interview process for thorough and effective candidate evaluation.
Not all AI solutions are the same. Look for those that are specifically tailored to senior housing and leverage functionality that aligns seamlessly with unique sector needs. Your AI solution should offer integration capabilities, quickly fitting into existing workflows without intensive training, and support holistic, data-driven decision-making by leveraging a comprehensive market perspective.
The rapid growth of the 80+ age group is a reflection of the stunning advancements we’ve experienced in medicine and healthcare in this country, and it presents a huge opportunity for stakeholders in the senior living industry. The potential for growth and innovation is endless, and the implications are just as profound. Quality of life for millions is on the line, so with this opportunity comes a great deal of responsibility and a real sense of urgency. Industry leaders need to commit to fostering innovation, like AI, to ensure growing demand for high-quality senior housing can be met as the population that needs it expands.
About the author: Arick Morton, CEO with NIC MAP Vision, the most trusted analytics and insights partner for the senior housing industry, giving operators, lenders, investors, developers, and owners unparalleled market data. NIC MAP Vision AI allows clients to utilize NIC MAP Vision’s industry leading supply and demand data from more than 15,000 senior housing communities across the country.
