The senior living market is changing. Spurred on by the pandemic, there’s a growing need for new technology that addresses changing business dynamics and resident needs. There's a pressing array of business issues that all senior living organizations now face, staff turnover, rising operational costs, changing consumer expectations, and more, the challenges facing the senior living business line are complex and multifaceted. At the same time, the U.S. population continues to grow older, increasing the demand for exceptional senior care. This growth in demand means technology that guides decision making and increases efficiency has become essential for any senior living organization looking to thrive in 2023.
In response to these evolving needs, Eldermark is looking to provide software, solutions and expert consultation that directly address these business issues. Senior living operators need to make rapid and accurate decisions based on real-time data every day. Driving decisions with data can lead to improved care quality, streamlined operations, and the delivery of more meaningful outcomes for residents.
That’s where ElderSmarts the built-for-senior-living analytics platform comes in. It brings all your data into one place, analyzes it, benchmarks you against your competitors, and proactively provides your team with actionable insights and prescriptive recommendations your team can take.
In this page, explore what’s possible when a senior living organization turns to analytics, functionally how tools like ElderSmarts can empower teams with actionable insights, what types of recommendations it can make for you, and how you can apply technology like this at your senior living organization.
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The COVID-19 pandemic not only intensified existing challenges for senior living communities, but it also brought new ones to light. One of the most critical revelations has been the vital role data and analytics can play in running efficient operations. The ability to leverage data has swiftly become a top priority for senior living communities nationwide — and it makes sense why.
Leaders within senior and assisted living organizations are responsible for making decisions that impact the critical care of residents every day. For example:
Without the right data, those decisions become more risky.
As a leading provider of software in the senior living industry, Eldermark noticed this growing demand for data-driven insights — the need to use data to describe, diagnose, and prescribe action. The ElderSmarts platform we designed proactively prescribes these insights to senior living teams, guiding them toward more efficient and effective operations.
Related article: The Demand for Data in Senior Living
Actionable data is information that provides clear and relevant insights that can lead to practical steps or strategies. Anyone can gather data, but what you do with it is what truly matters.
Senior living communities need tools that can distill data and provide informed business decisions and strategies without requiring a data scientist on the team. That’s exactly what ElderSmarts Analytics offers.
Related article: Turning Data Into Actionable Insights at Your Senior Living Community
Analytics empowers senior living teams to make data-driven decisions that ultimately enhance operational efficiency, improve resident satisfaction, and maximize profitability. Below are some specific ways the right data can benefit your community:
Finding the right analytics software tailored to your senior living team's unique needs requires a systematic approach. Here are some steps you should consider:
While the existing Eldermark Dashboard Reporting provides basic data on par with anyone in the industry, ElderSmarts is a far more advanced analytics platform specifically tailored to proactively provide insights to users in the senior living sector. The platform is designed to break down data silos, unifying data from every source within an organization and making it accessible on one platform.
But data collection and aggregation isn’t the only thing ElderSmarts does. What really sets our platform apart from any others in the industry is that it takes that data, measures it against industry benchmarks, pairs it with predictive analytics, and then uses that to generate constant, meaningful and actionable insights. This comprehensive approach provides organizations with a holistic view of the following:
For example, with insights into occupancy rates, resident acuity, risk management, revenue optimization, and workforce staffing, ElderSmarts actually helps organizations forecast and proactively address problems and inefficiencies allowing for senior living teams to enhance productivity, streamline processes, and identify untapped revenue streams. That’s true data-driven decision making.
With the advanced analytics provided by ElderSmarts, the platform helps senior living professionals get deeper insights into the following (and more!):
But how does it really work? Sure, you know ElderSmarts offers industry-leading data insights, but where is it all coming from? Let’s explore:
ElderSmarts excels at handling and interpreting large amounts of data. Whether it’s your EHR, your social media marketing reports, or your financial software, ElderSmarts is software-neutral and compatible with any existing data at your organization. This capability enables a truly accurate view of what's going on within a community. Data that used to be scattered across various tools is now unified and accessible on one platform.
The platform uses predictive analytics to identify trends and patterns within real-time data, but ElderSmarts goes beyond just showing you trends — it interprets the meaning of those trends and then provides recommendations on how to increase efficiency, improve care, and more. That feature helps leadership become more agile and responsive with everything from sales and marketing to healthcare operations and nursing.
ElderSmarts also offers flexibility in presenting data. The platform is designed to provide customizable analytic views, allowing you to tailor the presentation of your data to your specific KPIs and your team’s needs. These customizable dashboards give you more control over how data is viewed across your organization.
Beyond customization, ElderSmarts is equipped with pre-made "content sets," which are expertly curated selections of the most sought-after analytics reports in senior living. These sets offer insights into crucial areas, such as:
These content sets have been developed based on what Eldermark experts identify as the most insightful and popular reports with existing ElderSmarts users, providing users with a better starting point.
Read more about how senior living teams can put analytics into action in our eBook.
Our analytics platform helps many senior living communities throughout the country. Want to see how it works? In our recent webinar, you can hear from Eldermark data and industry experts about how ElderSmarts assists communities in navigating challenges. Our experts also highlight the platform’s practical applications and demonstrate the system's flexibility in integrating and analyzing varied data sets for actionable insights.
Watch now and learn what’s possible with ElderSmarts: Your Own Data has the Answers to Senior Living Challenges
Senior living communities should rely on analytics because it enables them to make smarter, more informed, and more strategic decisions. Whether it’s about optimizing staffing, personalizing care, or enhancing resident satisfaction, analytics help identify and address operational challenges.
From marketing to nursing and everything in between, senior living communities generate vast amounts of data. At many organizations, data is an untapped resource because it’s unorganized, misinterpreted, or not even acknowledged. A tool like ElderSmarts can use data to help leadership get the most out of their team’s work.
Absolutely! ElderSmarts was designed to manage large amounts of data. A large Eldermark customer recently ran a comparison between ElderSmarts and its old reporting database, attempting to pull more than 850,000 records with each system. The old system failed multiple times to compile the same number of records as ElderSmarts — and that one time it did succeed, it took 20x longer!
It’s time to embrace data-driven decision-making at your senior housing organization. With the actionable insights from the most advanced senior living analytics platform available, you can scale your business, grow occupancy, simplify your team’s busy schedule, and discover new financial opportunities.
With the help of our analytics software, along with other services, we recently helped a senior living community in Minnesota increase the monthly revenue at each of its 33 communities by $61,000 — that’s an additional $22 million year over year.
Ready to get started? Contact us today for your first introductory call. In that call, we’ll discuss the current goals of your organization and explain how analytics can help. Then we’ll talk about how it integrates into your team’s current workflows and what process improvements you could expect to see.
Are you ready to gain insights into your operations and make data-driven decisions? Schedule time with our experts now and learn more.