Presentation on theme: "2008 -2010 Senior Living 2008 -2010 ~We lost the confidence of our Consumer the Senior him or herself. Waiting on the Sidelines~ Economical Living ~ Buckle."— Presentation transcript:
Senior Living ~We lost the confidence of our Consumer the Senior him or herself. Waiting on the Sidelines~ Economical Living ~ Buckle down! presented an environment in Senior Living Operations to evaluate our effectiveness and our efficiencies. American families net worth decreased Senior Living Perceived Value was now questioned.
Senior Living Housing Reaction Communities adapted with: Concessions Pricing adjustments Efficiencies where we could find them Average age increase, frailty increase, that lead to turnover and then the that lead to more marketing dollars. Continued limited funds for development decreased new construction to record low in 26 years.
What is our Position in the Market and How is Senior Housing Stacking up? 75 plus sector (Our Consumer)of the population is expected to increase by 22.4% over the next 10 years. (4.2 MILLION more Seniors!). Right now we have availability in Managed Senior Housing for 6.8%. Year end 2010 Senior Living growth rate was 1%. This is well below the 26 year average of 4.7% annually. Over the past seven years SH properties have outperformed the National Property index published by NCREIF. Total returns of 11.2% vs. 7.3%.(Include two components: Income generated by the property and the change in value of the property based on the appraisal. Senior housing was the only major property sector to report an increase in rental rates from 2009 to 2010.
Trends of Today and Tomorrow Technology/Technology Marketing Filling the Continuum Wellness and Healthy Living Taking the “R” out of CCRC/Life Long Learning Customized Services and Programs Resident Choice and Empowerment Going Green! The Stay at Home Option Globalization to Senior Living
Technology –Technology- Technology and Seniors Seniors are serious about Technology. The next generation of seniors will be the most wired in history. That means that senior living communities must offer state-of-the-art systems for computer-savvy seniors. Those leaving the workforce today have become accustomed to and very adept at building their careers and a portion of their personal lives around computers. Seniors want services available that will allow them to maintain independence. Currently, 22% of CCRC’s are now offering Web-based education. However, that number is expected to soar to 69% over the next four years. Using technology to enhance senior living Wireless pendants that activate a phone in case a client falls Motion-detector; Devices that monitor vital signs, and Medication management devisees sensor technology, which helps identify small health issues before they grow larger. Interactive applications that connect people to family members and health care professionals. Wireless throughout the entire community
Technology and Marketing Social Media Interesting statistics: Social Networks and Blogs are now the fourth most popular online activity, ahead of personal Facebook has more that 200 million users; 100 million log on at least every day Growth of adults 65+ who use social networking sited or update their profile on Twitter is 100% 47% of people age (up 88% from April 2009) 26% of people age 65 or more (up 100% from April 2009) were using social media sites. How does the iPad fit into the picture? key for the senior population. Phones are too small for the older people to consume much information. Large enough so they can actually see the screen, communicate using it, and utilize the apps. Lghtweight, portable, and very easy to use.
Filling in the Continuum Senior living residents are choosing to “age in place.” Residents will seek services and programs that will support “aging well” in place. These include home care and home health services, onsite health clinics, and geriatric assessment programs. CCRC’s ~Campus Extensions, Larger Homes and Home Healthcare in Independent Living Nursing home operators are adding Assisted Living and Independent Living Catered/Supportive Living
Wellness Finally a Must and a Focus! Healthy living tops the list Health and wellness programs and services are top priorities. Senior living communities offering wellness programs for residents and staff will nearly double (from 40% to 78%) in the next five years. Fitness programs, wellness coaches, spa services, aquatics, saunas, and steam showers will be important features for the next generations of residents. A significant percentage of respondents are also interested in developing partnerships with health systems and fitness centers to meet the growing demands for health and wellness services. This means embracing the entire the “Whole Person Wellness” theory. Physical Spiritual Emotional Vocational Cultural, and Nutritional…..
Taking the 'R' out of CCRC 76% of boomers intend to keep working and earning after retiring from their current job and even exploring entirely new careers. This desire to continue working is motivated by earnings and by a desire for “continued mental stimulation and challenge which will motivate them to stay in the game.” University associations~ One of the more progressive manifestations of this change in attitude is the development of senior living facilities built either directly in association with universities or near academic campuses. These near-campus locations offer residents access to public lectures, beautiful campus settings, high-level medical facilities, and athletic and cultural events. “I don’t want to live with a bunch of old people” Web-based educational offerings to residents
Customized Services/Programs Residents are demanding “customized services,” driving the need for senior living providers to offer a customer-driven portfolio of services and programs. Memory care Palliative Care Options Hospice programs Rehabilitation and restorative services. Memory care According to the Alzheimer's Association there are nearly a half million new cases of Alzheimer's each year. By 2050, that number will double to nearly a million new cases per year. It would be wonderful to be able to eliminate all memory care housing because that means there is an Alzheimer's cure. Until then, communities need to provide empowering housing and services that will allow people to live as fully as possible with this devastating disease.
We need to think out of the Box Language, perceptions, and attitudes of care providers must be updated to reflect changing older adults’ needs and expectations. “life coach” rather than an “activity director.” The old model of an “activity director” is not going to have the right mind-set to understand and know how to treat customers with higher, more self-actualizing expectations.
Resident Choice And Empowerment No “one size fits all” Community Resident choice has overtaken the old concept that caregivers and health professionals know what is best for each resident. Resident-centered, where daily routines, activities and general lifestyle are created individually and each resident’s experience differs drastically from the next. Flexibility with regard to individual amenities and services they are paying for. All services will need to be itemized and transparent as to what, exactly, one can expect for their retirement dollar. Love the cookies, but the cookie-cutter approach is so last century.
Sustainability / Going Green! Seeking more sustainable environments 35% of senior living community providers are expected to observe “green” standards in new construction or renovation. LEED Certification (Leadership in Energy and Environmental Design) Green design concepts— Daylighting Improved indoor air quality Energy and water conservation Views of nature, gardens and waterfeatures Efficient lighting and lighting controls Another sustainability concept that we're seeing is adaptive reuse of existing buildings. Green Dining Programs
The Stay at Home Option To Renovate your Home vs. Senior Living Facility - Home renovation is expected to have double digit growth during the year of All about the $$$$. The upfront costs VS. assisted living costs. At-home services: Not everyone wants to live in senior housing. We will start extending outside of the bricks and mortar to serve people who want to remain in their own homes. Technology ~Smart Home to Maintain high level of sustainability in a safe environment.
Globalization of Senior Living Capitalizing on globalization These trends are not confined to the United States. Many other countries, particularly in Asia, have ballooning senior populations and are looking to stimulate new senior living options—some of which are heavily influenced by American prototypes. What's driving this? Adult children, both men and women, are now working, as often as not in different cities from their parents. Better healthcare, the parents are living longer, and need more care than their children can give them Societies like Korea and Japan, there is greater acceptance of aging parents not necessarily wanting to live with their grown children.
Outlook Good, WHY?? Limited new supply of senior housing product compared to: Exponential growth in the 75 plus age group over the next decade. Pent-up demand created by delayed consumer decisions due to economic recession. Greater acceptance by the general population that Senior Housing is a viable retirement option.
References: [http://www.ecumen.org/aging-resources/10-choosing-a- memory-care-community/] go-to" source on aging gracefully [http://www.ecumen.org/aging-resources/2-tips-for-aging- well/], (Nielson Online) (Facebook) (Flowtown) PEW Research Center (Internet and American Life Project, May 2010) The New Retirement Survey” by Merrill Lynch Senior Housing Market Insight 2010, Vantage Pointe