The Power of Business Intelligence in Senior Housing

Manage the growth of senior living property management through business intelligence As more baby boomers age, the prospective pool of senior living residents – and with it the need for senior housing – grows each day. While the metrics that drive multifamily marketing may appear to diverge when it comes to senior housing, marketers should not overlook business intelligence (BI) to grow occupancy and improve operational efficiency. Business intelligence benefits senior living communities BI, delivered from lease transaction data, can support assisted living and memory care communities in attracting new prospects and renewing current residents, whether in the same or on a separate campus. Valuable information identifies trends among prospective residents within a given demographic that narrow marketing strategies to unit size or amenity level. BI even allows senior housing marketers to narrow marketing strategies to unit size or amenity level. While operating assisted living or memory care communities may feel more specialized and limited with regard to business intelligence marketing, BI is beneficial because operations can be better monitored to improve efficiencies, and ultimately the bottom line. The difference is that the mining of data is largely based on assessments and interviews with prospective and current residents. Such information is useful in determining the right care levels and minimizing overstaffing as assessments are done, whether annually or multiple times per year. Across a portfolio, this data can directly affect how much money is spent on assisting residents – or how much is earned through care fees. BI ultimately enables staff to monitor cost increases attributed to overproviding care, avoid missed assessments and oversee census and acuity levels. Portfolio-wide visibility aids in administering care levels According to Alison Stump, vice president of business intelligence at RealPage, Inc., daily updates to senior hous...