April 4, 2024
The National Investment Conference (NIC) in Chicago was a great conference full of senior living practitioners and investors that shared the challenges and successes of growing our businesses in today’s changing landscape. One conference takeaway that stuck with me, is how technology and accurate data are being utilized like never before to guide businesses. Similarly to other industries, the senior living industry is starting to respond to the benefits of the continuous data stream that comes from using CRMs, time tracking, and real-time health data.
I consider myself fortunate to be one of the practitioners that is taking part in this transition. As both a senior living operator and a technology start-up CEO, I merge my agile practices and data-analytics platform to provide benefits in my community. In the startup world, we’re all too familiar with the risk-reward mindset which requires making quick decisions with limited information and resources in the hopes of achieving our objectives of scaling our business. In order to succeed, we rely heavily on data and continuous monitoring of our test metrics. Similar in structure to the scientific method, we test hypotheses with carefully selected variables and constants, and then analyze the results. Whether that’s running a series of ads or changing the interface on our app these experiments are designed to iterate, test, and repeat.
The same data-driven approach can be used to benefit senior living communities. Data is a powerful tool that can be used to better the community and set up the right path for growth. Using our technology platform, we’ve been able to obtain real-time data from the home which provide insights into care. These insights allow us to make informed decisions such as the exact time a family is ready to move in. Using accurate and timely information about my facilities and my communities, I have confidence in making marketing, sales, and other operational decisions.
Our tool, Transition Care is a technology platform that helps senior living communities improve their sales conversions at scale. I’d be happy to show you a demo of how this works and how it’s worked for our communities.