Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
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Question of the Month 26 www.seniorshousingbusiness.com Seniors Housing Business n February/March 2017 Wait for the tech winners to shake out By Steve Simpson Senior Living Executive Aureon The visible side of tech is clearly in the "rapid [r]evolution." I prefer calling it the "shiny objects" phase. There's a steady stream of gad- gets, software and services being announced. Some are unique and new (predictive health systems), others are repackaging of those from other sectors (Uber-type any- thing). My advice is to wait until winners shake out. Now is the time for operators to lay the foundation for the future. Many new in-community technol- ogies rely on wireless connections. Many existing Wi-Fi installations provide coverage by area. The next round will need to provide cover- age by number of devices as well. Is the seniors housing industry currently undergoing a slow technological evolution or a rapid revolution? Incoming tech could cut out operators By Arun Paul Founder and CEO Priya Living The seniors housing business is undergo- ing a rapid revolution, whether it knows it or not. Tech- nology is rapidly changing the delivery of services, and will soon cut the middleman (senior living operators) out. Today, sitting at home, you can easily order groceries (Instacart), meals (Munchery, Postmates, etc.), transportation (Uber, Lyft), and personal care (Care.com). Coming soon are virtual reality and self- driving cars, which will both pro- vide an alternative to community living. Without a doubt, these technolo- gies will benefit consumers but threaten operators. The pressing question is: How do we stay rel- evant tomorrow? Gap widening between those who do/don't embrace tech By Isaac Dole Founder, Managing Partner Birchwood Health Care Properties Like all industries, technology has made a significant impact on seniors housing with the goal of increas- ing efficiency and generally becoming more sophisticated and customized. In recent years, there have been major strides in technology related to procurement, market- ing, staffing, EMRs, pharmacy and more. Some of these innova- tions are improving performance for operators and widening the gap between those who adopt technology and those who don't. Additionally, technology has increased the wellbeing of resi- dents through increased connectiv- ity and customization. However, while technology is a tool, this business will always be heavily dependent on strong personal relationships among all stakeholders to a community. Expect the revolution to accelerate further By Bill Pettit President R.D. Merrill Co. Our industry has not always been quick to adopt new technology, often taking a "wait and see" atti- tude. However, I am amazed at the impact of technology on the way we run our business. While the revolution has been faster than we might have expected, it will truly accelerate in the next decade. Technology has dramatically expanded use-of-care platforms and data capture to improve care delivery, scheduling, risk moni- toring and staffing costs. We are now offering high-speed Internet to residents with multiple options for the coming baby boomers. We have increased programming capabilities with smartphones and tablets, and we use video confer- encing for team member develop- ment and resident communication. Down the line, I see many pos- sibilities with virtual reality pro- gramming and support for our industry. The revolution is still to come By Kevin Tyler Vice President, Investments Welltower The maturation of the senior care industry is starting to acceler- ate, due in part to enhanced data analytics and technology-related innovation. When you also con- sider demographic changes that will impact the number and avail- ability of caregivers, it's clear that new models for revenue and labor management, different building configurations and opportunities to use technology to improve resi- dent care must be front of mind. Technology advancements that drive high-quality outcomes, cost- efficiency and scalability will lead the evolution that is underway. The revolution is still to come. Skilled nursing will lead the way By Patrick Hart Vice President of Senior Living Solutions MatrixCare Until now, the seniors housing indus- try has been undergoing a slow evolution, because the industry tends to lag behind in technology adoption. Since standard seniors housing doesn't have the heavy regulatory requirements of skilled nursing, it has been even slower to buy into data and technology and really see the return on investment that is available. Skilled nursing is going to lead a revolution surrounding care coor- dination. New technologies can connect residents or patients, their family members and everyone on their entire healthcare team for better outcomes across the contin- uum of care. Progress is slow, but still exciting By Matthew Turner Managing Partner MorningStar Senior Living While technological advances are increas- ingly embraced in seniors housing and care, as an industry, we're still relative lag- gards. So it's a slow evolution. That said, there are some excit- ing technology platforms being refined. As a general statement, many of the early adopters are see- ing less-than-compelling results, which just means much opportu- nity still exists. Ultimately, senior care is about care. So while some new technol- ogies are helping to increase effi- ciencies, it will only matter if those efficiencies result in improved care and resident satisfaction. Process can be messy, but we should embrace it By Sheri Peifer Senior Vice President and Chief Strategy Officer ESKATON There is a slow con- vergence occurring within the seniors housing industry where technology is developing rap- idly, but is not yet mature enough to be seamlessly and affordably integrated. Some operators take a "wait and see" approach while others jump in and begin testing, piloting and scaling best practices. We have found the latter approach to be beneficial so we are not left behind. We are all on a continuous journey of perfor- mance improvement and we must commit to exploring new tools of technology. We recognize and understand the process is messy. We will learn from failures and, most impor- tantly, we will capture critical les- sons learned so that next time we can leap frog forward with bet- ter knowledge, experience and execution.