Senior Living Industry Report Reveals Technology is Essential to Solving the Industry's Top Priority

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May 14, 2024, 08:00 ET

Operations automation, advanced data, and purpose-built AI among key solutions to overcome senior living's staffing challenge

DENVER, May 14, 2024 /PRNewswire/ -- Over the last five years, LifeLoop, the leading solutions provider for senior living engagement and operations, has consistently tracked senior living operator challenges and strategic priorities through the lens of technology adoption in its annual industry report. Today, the company releases its 2024 issue revealing senior living leaders are optimistic about a more tech-forward future, yet two essential components are necessary for success: a comprehensive technology platform to scale meeting stakeholder demand and purpose-built applications of emerging technologies, including AI.

"2024 Report: The state of senior living and technology" is the fifth installment of an annual investigative series into the industry's changing needs and acute challenges, industry trends, and the evolving role of technology. This year's findings illustrate an industry that is eager to continue its digital transformation by investing in technology strategies instead of reacting to near-term issues. Earlier reports showed technology helped senior living communities overcome unprecedented challenges during the 2020 pandemic and the years following, namely focused on resident well-being and social isolation. Today, operators have found new confidence in delivering quality resident experiences and have shifted focus to technology implementations that have the power to solve essential operational challenges in the categories of staff recruitment and retention, resident and family satisfaction, and market differentiation.

2024 report key takeaways:

Staff recruitment and retention remain the top concern for senior living leaders three years running—and shortages are disrupting community life.

84% of all respondents cite the workforce as a primary concern, and 87% feel the shortages are impacting their ability to deliver high-quality experiences.

Communities are pursuing the use of tech-driven efficiencies to address these staffing challenges.

92% say technology that supports operational tasks saves time, and 83% of large multi-community operators currently using data collection and analysis software are saving more than eight hours of staff time per month.

While operators are leveraging data to drive decision-making and optimizations, data processes are cumbersome, add to staff workloads, and have ample room to mature.

One-fifth of all organizations (22%) report relying on manual tasks to collect data and more than half (55%) report using a mixture of manual and automated processes.

The types of data being collected mostly inform reactive approaches vs. the ability to proactively leverage insights that can positively identify and impact areas of need.

The data reveals organizations are much more frequently collecting and using lagging indicators—such as occupancy (86% are collecting), length of stay (66%), and staff retention (66%)—than leading indicators that inform proactive decision-making—such as resident well-being (56%), resident engagement (49%), and staff efficiency (42%).

The promise of AI is alluring, but the reality isn't there yet.

Only 9% of operators say they currently use AI-aided technology today, but one-third of executives (34%) say they plan to adopt this type of technology in the future.

"This year's report demonstrates both the resilience of senior living operators and the immense opportunity technology presents to provide long-term value to these organizations," said LifeLoop Chief Technology Officer, Dylan Conley. "We're incredibly optimistic about where senior living is headed and pleased to see the eagerness for data-driven decision-making and emerging technologies that can support that momentum, is reflected in this year's report."

This evolving maturation of industry-wide digital transformation is anchored by operators actively seeking solutions that can accomplish more with less. Notably, the findings articulate the need for solutions that provide an increasingly advanced—and seamless—data experience that can improve critical business outcomes and further personalize the resident and family experience. This becomes especially important as the industry prepares for a generation of more tech-adept seniors entering congregate senior living.

To view the full report, please visit the LifeLoop website for your free download here.

Methodology

This is the fifth installment of the annual state of senior living and technology report. Each year, LifeLoop surveys a representative group of senior living community leaders across various functional areas to glean industry perspective on the evolving role of technology within community life. This report analyzes insights from 100 senior living owner-operators and executives from a diverse mix of enterprise (20+ communities), mid-size (5-19 communities), and small (fewer than 5 communities) organizations.

About LifeLoop

LifeLoop was founded with a singular goal: to help senior living communities flourish. Our passion for harnessing technology to improve people's lives has made us the leading senior living software provider for the largest and most diverse population of senior living communities today. Our comprehensive platform provides solutions that help residents thrive by delivering a more holistic approach to enriching the resident experience, not just through engaging content, but also through empowering the staff who support them and facilitating connections with their families—making senior care exceptional for everyone. To learn how LifeLoop helps communities flourish, please visit LifeLoop.com.

Media Contact: Natalie jones | [email protected]

SOURCE LifeLoop