Affecting Positive Change and Moving Forward
During 2020, the turmoil of the COVID-19 pandemic spotlighted serious issues plaguing the senior care industry. Our team at Adult Family Home (AFH) Senior Care (AFHSC) took the chaos in our stride as we have steadily focused on developing innovative new solutions for decades.
Our success during the pandemic highlights the quality of our services. If we can deliver excellence in the face of such challenges, we can overcome anything.
As 2021 comes to a close, it is clear that there will continue to be a great emphasis nationally on the already-emergent need for more and better senior care. 2022 will offer even greater opportunities as we double down on our efforts to elevate the industry standards to what we set forth for our clients; the highest standards, the standards that they deserve.
The Critical Need for More Adult Family Homes
In 2020, it was estimated by the Washington State Nursing Association that there were about 3,100 adult family homes across all of Washington state.
By 2021, that number grew to 3,700.
Although 3,700 homes may sound like a lot… it pales in comparison to the need expected by 2030. There will be a predicted growth of 79% in the 80+ population over the coming decade, requiring significant and rapid growth to meet the care needs of our aging population.
Seeing the need and associated costs, WA State is looking to double the number of AFHs which could yield a savings of $1.4 billion annually. With the cost savings and improved services, AFHs are clearly the best option for the state and its residents.
How Business Intelligence Boosts Care Provider Efficiency
As baby boomers age, the need for senior housing grows exponentially. Those in the industry should not overlook how business intelligence (BI) can grow occupancy and improve operational efficiency.
Prior to BI (business intelligence), many AFHs had to create forecasting models on the required pricing for their senior care facilities. This created a disconnect between expectations and reality, with residents often paying more out of pocket and adult family homeowners scrambling to divide up their expenses efficiently.
When the finances are not aligned, something has to give. Whether that may be a greater expense for the families or owners losing out on profits, cutting corners, or devoting more of themselves to compensate for losses.
The adoption of BI grants the ability to examine large libraries of data on market dynamics, aspects of operation, and consumer profiles. For example, understanding how often certain services are required and how they can impact staff time and effort. All of this equates to better planning.
And better planning equates to providers showing more transparency in their pricing by “unbundling” it. This helps operators to offer more customized packages while ensuring that the revenue will closely line up with the actual services delivered to residents.
As industry leaders, AFHSC has had a multiple-year headstart on embracing these technologies within our AFHs and franchises. The results are self-evident, demonstrating a much greater standard of care, increased operational efficiency, and higher bottom-line profits for our community of franchisees.