The U.S. population is aging rapidly and the impact this aging boom is having on the senior housing industry is multifold. Staff shortages create a domino effect leading to an overly taxed workforce and increased cost of labor. There’s a growing demand for senior housing and low inventory. Senior housing leaders are continuously asked to do more with less.
However, there’s a solution. Artificial intelligence (AI) will offer relief within the senior housing industry, allowing leaders and their teams to work more efficiently and effectively. As with any new technology, there are hesitations within the industry. Yet when applied strategically and thoughtfully, AI is powerful.
The Power of AI
By using AI, you can:
- Reducing repetitive or cumbersome work. AI allows leaders to accelerate decision-making processes so they can quickly complete data-related tasks critical to senior housing investment, market research, and operations.
- Streamline best practices. Repetitive tasks relying on relentless attention to detail are made easy by applying AI’s diligence and speed.
- Make better data-driven decisions. Senior living leaders are used to turning to data to drive their business decisions. AI is an important tool to help you collect and analyze data faster than ever before.
All of this allows your organization to refocus human efforts on other tasks where team members can be more productive.
How to use AI
Imagine a world where you can quickly research state and federal regulations to receive instant regulatory compliance guidance and minimize compliance-related risks. Or quickly screen job applicant resumes to identify top candidates, analyze their performance using their prior state survey results, and create a list of interview questions. All of this is possible right now, with the click of a button, using AI.
Here are four ways in which AI can make you more efficient:
- Advanced Financial Analysis: Effortlessly evaluate property performance with our advanced Income Statement and Offering Memorandum Analysis tools, ensuring you stay ahead of market trends.
- Simplified Regulatory Compliance: Navigate the complexities of legal compliance seamlessly with our Regulatory Chatbot, providing quick and reliable guidance on legal matters.
- Quick, Strategic Market Insights: Utilize our Rent Roll and Property Benchmarking tools for in-depth market positioning and astute investment decisions. Quickly delve into market dynamics with precise, data-driven insights.
- Streamlined Talent Acquisition: With the Candidate Resume Screener and Interview Guide, you can efficiently identify the most qualified candidates tailored to the senior housing industry’s needs and supported by a customized interview process for thorough and effective candidate evaluation.
Choosing the right AI tool
While AI very clearly offers innovation and powerful solutions that increase efficiency, it’s important to be mindful about who is behind the AI tool. Not all AI solutions are the same.
Be aware of technology providers who are eager to get in on the AI hype without understanding our industry. These enterprise software giants promise their tools can be configured to serve any business in any industry. But the senior housing industry is nuanced and has a storied history. It’s important to make sure your AI partners are focused on the business of senior housing. Look for solutions from trusted partners who are deeply rooted in the senior housing industry.
Generic tools will always return a generic result. This doesn’t increase efficiencies and instead places an increased burden on the end-user to review the accuracy in the results. Your AI tool will churn our results that are only as good as the data it can access. If the data is lacking or flawed, the results from your AI tool will match. We call this ‘junk in, junk out.’ Instead, look for senior housing-specific AI tools that are scalable to enterprise level, but still specific to senior housing’s unique challenges and data sources.
For example, NIC MAP Vision AI draws information from NIC MAP Vision’s industry leading supply and demand data. NIC MAP Vision deployed a team of AI engineers to develop its tools specifically for the senior housing industry. NIC MAP Vision’s analytics and insights – that the industry already knows and trusts – paired with the power of AI, is a winning combination.
AI positions our industry for immense growth and opportunity. Senior housing leaders can meet the country’s aging population’s needs through strategic and creative solutions and technological innovation. By using the right AI tool that is custom built for the senior housing industry, senior living leaders can unlock a diverse array of new capabilities that will elevate the efficiency, accuracy, and power of their teams.
About the author: Arick Morton is Chief Executive Officer of 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 35,000 senior housing communities nationwide, with rate and occupancy data provided for 140 markets – offering a one-source solution for senior housing stakeholders.
