Technologies for the Senior Living and Assisted Living Market

This past year saw a substantial uptick in technology investment in the senior living industry. Nearly 80% of senior living providers reported an increase in technology investment to address the pandemic, and 87% expect to increase their technology spending in 2022. While this helps, we believe providers must substantially allocate more funds to adopting the smart systems that address the health of older Americans, including social, mental and emotional.

Smart devices can enable senior living providers to cut down on some of the most costly aspects of their operations, starting with labor. Through automation and efficiencies of scale, technology can enable them to optimize staffing levels and limit labor dependencies, which have long hampered the industry.

Personal care aides in the senior living industry average a turnover rate of approximately 50%, a costly figure considering the expenses associated with recruiting, onboarding and training new workers, not to mention the downstream impacts, including worker fatigue, burnout and diminished performance. These costs can contribute to a higher price tag for the consumer and make affordable living an elusive value proposition for senior living organizations. Smart tech creates the opportunity to automate low-level tasks and create more meaningful and lucrative career opportunities, potentially improving retention and eliminating the vicious cycle of high turnover.

Technology offers benefits for preventing acute problems as well. Motion sensing technology and wearables can detect when seniors are at heightened risk for falls, which constitute the leading cause of injury and injury death in the U.S. Every year, falls send 3 million seniors to the emergency room for expensive treatment. By detecting the problem, it affords caregivers and others a chance to save seniors from serious injury, surgery and/or disability.

Senior living organizations can begin building smart communities by following the timeless formula for efficient and effective technology adoption — starting at the top of organization. Leaders should make the transition to smart tech a key organizational priority, which includes establishing the vision and purpose of the effort and communicating both effectively across every level of the organization.