As the population over the age of 65 becomes an increasingly larger portion of the U.S. population and health care reform is fully implemented, impacting the senior living industry, competition will heat up to meet the growing demand for senior housing and services and the needs of the local health care systems. Consider it a two front approach to the market. You will need to be attractive to your future customers, and you will need to be just as attractive to your referral sources, the health systems in your area. Such competition and environmental changes can breed innovation by accelerating your facility’s strategies for growth, capital improvements, and systems enhancement and integration.
In order to compete effectively for market share, senior living facilities must understand their market positions in comparison to their competitors. Benchmarking against others is essential to identifying opportunities and improvements. But what factors should you benchmark in order to establish, grow, and sustain your market position?
One of the best ways is by understanding consumers’ expectations and changing medical needs, understanding the local health system’s need for benchmark data, exploring trends in senior living facility design and services, and then assessing your own systems and processes and facilities and amenities accordingly.
Continue reading to learn more about market-related benchmarks, quality benchmarks, and strategies to increase your overall profitability.
Length: 2 pages (PDF 156 kB)