The population of older adults living in the U.S. is growing at an unprecedented rate. According to a 2019 report by Love & Company on senior living trends, more than 76 million baby boomers will start making post-retirement life choices by 2025 and beyond. The sheer number and spending power of the boomers make this financially savvy demographic important prospects for senior living providers, especially those who are reinventing services and amenities to meet evolving expectations. Many partnerships and other types of management relationships will form as a result.
As a senior living provider during these rapidly changing times, you have to adapt quickly to maintain sustainability and capacity. A recent article by Love & Company poignantly states that today’s senior living communities must plan for their futures, rearrange their campuses and reposition themselves in the market. The problem is that rarely do these communities adopt deep change nor do they place urgency on change until other communities adopt new trends with success. Having anticipatory thinking is a great start but is not enough in today’s market. Healthcare communities must adapt.
What does all this mean for senior living providers today?
Senior living providers need to be disrupters — and willing to take risks — in order to lead the pack and create meaningful change in the market.
There are many emerging trends in senior living today including:
- The importance of lifelong learning programs
- Technology as an integral part of the senior living experience
- Engagement with the greater community and surrounding area
- Availability of on-campus parking
- Equipment such as bikes and kayaks to promote and maintain active lifestyles
- Emphasis on choice and person-directed care
- Delicious and healthy food options
Adapting to market changes will ensure your community is competitive and thriving. After all, people have many choices when it comes to choosing a senior living community. Thousands of choices, in fact. If your community doesn’t have a plan in place to evolve with the changing trends before they become commonplace, you’re already behind.
At UCHM, we understand that change takes a while and many senior living communities don’t have time to waste. If you’re a senior living community in need of some guidance, download our FREE white paper to learn how to revive your community in just five steps.