5 benefits of data and analytics for senior living facilities
In the current market, the senior living industry is grappling with a variety of competing challenges. Critical financial, operational and strategic issues demand significant attention and resources. Additionally, while technology solutions have produced an abundance of data, actionable insights are still lacking.
At the intersection of these two vexing problem areas is a huge opportunity in which organizations can leverage their data to support targeted decision-making processes.
But where to start? The potential use cases for data are vast, so it’s helpful to focus on scenarios that can quickly generate large value. Below are five instances where senior living facilities can see benefits from leveraging data and analytics:
1. Financial and operational transparency
The majority of senior living organizations have reporting in the areas of finance and operations, but often these reporting processes are highly manual, Excel based and time consuming. Modern data and analytic solutions allow for automation and optimization of these processes, which provides more time for analyzing and acting on the insights as opposed to manipulating the data. The result is higher quality and better capabilities for the facility.
Intuitive dashboards can make key financial and operational metrics more readily available across an organization. They allow leaders to dynamically drill into their respective areas in near real time and directly impact metrics in a valuable way, rather than relying on the rearview mirror.
Accessibility to core financial and operational metrics allows organizations to be nimble and is critical to remaining resilient in the current market. This helps diminish the risk of turnover within an organization, as well as provide information readily for quick and educated decision-making.
2. Quality of care
Use of data analytics tools enables senior living facilities to monitor their standards of care. These tools allow analysis of valuable information such as:
- The percentage of short-stay residents who showed improved mobility over a specific time period.
- Year-over-year changes in the number of long-stay residents who have fallen.
- Change in the number of short-term patients requiring outpatient emergency department visits.
- Annual reporting metrics.
These data and analytics tools also allow easier access to data that is helpful when meeting government regulations or applying for federal or state grants. Having this information on demand enables organizations to constantly assess performance and identify areas for improvement, enhancing the safety and experience for residents.
3. Staffing and retention
With current staffing challenges throughout the healthcare industry, finding talent is extremely difficult, which makes retention a higher priority than ever. Predictive analytics can play a key role in retaining staff as well as optimizing staff scheduling. Regarding retention, predictive models can be deployed to help determine a flight risk for staff. This type of proactive identification can help managers implement retention strategies and diminish overall risk.
Improved transparency, real-time data and predictive analytics can also support enhanced forecasting and planning for staffing. Enhancing existing staffing processes with these data and analytics capabilities can help improve accuracy, support growing resident volumes and decrease costs for supplemental labor and overtime.
4. Marketing and growth: Attracting new residents
Effective marketing is a great way to maximize the inflow of new residents into your facility. Understanding your resident profile will provide you with valuable insights that can be used to pinpoint the locations where your current residents are coming from and areas where you should target your marketing efforts. By tracking and creating visualizations of your current marketing endeavors, you can:
- See exact ROI by specific campaigns and trends across locations or campaign type.
- Determine location voids in previous campaigns.
- Better understand correlations between new residents and campaign successes.
- Identify previously untapped opportunities.
Both aggregate-level and detailed-level information is beneficial in understanding and then attracting residents to your organization. Common data analytics tools allow users to easily navigate between these high and low levels of detail for powerful business discovery. Additionally, geoanalytic (enhanced mapping) capabilities in data and analytics offerings can maximize insights for organizations in this area.
5. Experience, surveys and feedback
While employee, patient and family satisfaction surveys and feedback platforms are commonly used, organizations can find it difficult to aggregate and process the data these platforms produce. Data and analytics tools allow this data to be organized effectively, demonstrating value by delivering actionable insights.
Understanding these insights, both positive and negative, allows organizations to market to strengths and improve deficiencies. Data and analytics solutions help improve the timeliness and accessibility of feedback, which supports quick and impactful changes for an organization.
How Wipfli can help
Data and analytics are taking on an indispensable role in the healthcare industry. Wipfli specialists have the knowledge and experience to help your senior living facility leverage your data as an asset to support your critical decision-making and address the unique challenges you are experiencing.
Contact us to learn more about how we can support your needs.
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