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3 Big Realities of Eldercare

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Take your knowledge of the senior market to the next level: Few would argue that eldercare is not a growth industry. Whether your organization is planning a senior-living community, skilled nursing …

Take your knowledge of the senior market to the next level: Few would argue that eldercare is not a growth industry. Whether your organization is planning a senior-living community, skilled nursing facility, rehabilitation center, hospice facility, or considering ambulatory senior services and other related programs, the need for eldercare is growing.

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  • 1. 3 Big Realitiesof EldercareSite SelectionYou Can’t IgnoreDemographics alone won’t tell the story.
  • 2. Few would argue that eldercare is not a growth industry. Whether your organization is planning a senior-living community, skilled nursing facility, rehabilitation center, hospice facility, or considering ambulatory senior services and other related programs, the need for eldercare is growing. From one end of the care spectrum to the other, this market expands as America’s baby boomers continue to age. Organizations have long relied on demographic information when planning senior facilities and services. Traditionally, organizations that choose to participate in this market segment have long relied on demographic information when planning seniorMARKET facilities and services; however, a host of new market forces makes today’s senior planning strategiesDYNAMICS increasingly complex. Sweeping shifts in economics and lifestyle choices — never mind the simple demographics alone — complicate the picture.of senior-focused Further obscuring the scene is a diverse and growinghealthcare servicesand communities BLOG E-BOOK
  • 3. playing field of service providers. Those established providers, Other complications in the planning of aeldercare-focused organizations and homecare agencies thatearly on targeted this market segment, now compete with newer new facility or service include the regulatoryentrants like real estate companies that build senior communities, environment and ever-changing legislation.as well as traditional healthcare systems that have set their focuson seniors in an even bigger way by partnering with niche providers. or programs that support the insured and uninsured, which complicates planning.Other complications in the planning of a new facility or serviceinclude the regulatory environment and ever-changing legislation. In addition, a number of developments that span the gamut of lifestyle,Certificate of Need review programs, which allow the coordinated family relationships, financial matters, and population shifts make it unwiseplanning of new services and construction, can greatly influence to rely on demographics alone when planning senior-focused services orhealthcare facility planning. Significantly, the shakeout from upcoming evaluating sites. Consider these inescapable truths that affect the how,healthcare reform may require providers to make changes in services when, and where of delivering care and housing to seniors: BLOG E-BOOK
  • 4. one:Not only is thesenior population It’s no secret baby boomers are aging. The latest data from the U.S. Department of Health and Human Services found that by the yeargrowing, Seniors 2030, the most distant year available for population projections, U.S. residents aged 65 or older will nearly double to more than 72 million,are living reaching their highest level ever.longer, TOO U.S. residents aged 65 or older will nearly double to more than 72 million, reaching their highest level ever. The current life expectancy of a 65-year-old man is 82 years, and the life expectancy of a 65-year-old woman is 85 years, according to the Centers for Disease Control. When you consider that we have another 18 years of advances in medicine before the projected swell of the senior population in 2030, great potential lies ahead for further improving health and extending life expectancy. Such projections are supported by these developments: •  ealth education and wellness programs are helping extend life H expectancy through prevention. •  dvances in medicine and medical technology are helping extend A life expectancy through available treatments and new cures. BLOG E-BOOK
  • 5. highlightPoint: What specific senior-focused services are best to offer in light of greater life expectancy and health? Where do we locate bricks-and-mortar facilities given the increasing use of telehealth and telemedicine? Buxton analytics and data modeling can help you determine which programs and services suit the needs of your audience based on current and predicted future behavior.Telehealth encourages prevention-based healthcare in the form Telemedicine services allow seniors to helpof consumer programs designed to deliver care and drive healthybehavioral changes. Similarly, telemedicine programs, which are typically manage their own care outside of a hospital orhospital based and focused on diagnoses and treatment, help reduce clinic by remotely monitoring their own health.both the number of hospital visits and lengths of stay through the •  revention-based health measures and programs that provide Pexchange of medical information from one site to another via electronic convenience of care also allow seniors to stay in their homes longer.communications to improve health status. Telemedicine services allow Home healthcare services, including skilled nursing and assistanceseniors to help manage their own care outside of a hospital or clinic by with household tasks, are an increasingly popular alternative toremotely monitoring their own health, consulting with a physician or nursing homes.other healthcare professional, and even receiving care from a specialist. BLOG E-BOOK
  • 6. two:not all seniorsare createdequalSeniors’ healthcare consumption behavior varies greatly by health,lifestyle and income. Some seniors may enter the spectrum of careonly at the end of life, others early on. No matter their age or positionon the continuum of care, many seniors have more choices today ofwhere and how to live, as well as which healthcare services to receivefrom myriad providers.Out of economic necessity, many seniorsmust work longer and retire later.Recent changes in the labor and lifestyle patterns of seniors, manyof whom feel challenged by rising healthcare costs, reveal moreabout their differences:
  • 7. highlightPoint:What is the lifestyle of seniors in a particular segment or market? •  ut of economic necessity, many seniors must work longer OIs the senior living alone or with family? Household-level data and retire later. Nearly 7 million seniors aged 65 years orcan help you determine not just simple characteristics like older are working, a 60 percent increase since 2001. Anddemographics (age and income), but also localized consumerand patient behavior. Buxton’s super-targeted consumer growing numbers of these workers are aged 70 or older.analytics can focus on hundreds of characteristics, including • ut of economic need or simply to make care easier, Obehavioral, financial, demographic and psychographic. many seniors now live closer to their adult children or, in many cases, with them. According to U.S. Census Bureau figures, in the last decade the number of multigenerational households increased 30 percent. •  o accommodate growing demand for multigenerational T housing, more homes are being built with a second master bedroom, even with separate entrances. According to the Pew Research Center, the senior population is the population segment most likely to live in multigenerational housing, at 20 percent. BLOG E-BOOK
  • 8. three: Family decision makers — usually the children or relatives of the senior — play an influential role in the healthcare and living choices of the senior.It’s not just These “initiators” or decision makers, many of whom live within close distance to the care recipient, are also taking time off work to care for aging parents.about the Not only do these initiators help with care and make care-related decisions,patient or senior: many also contribute financially to the senior’s healthcare or living expenses.The “initiator” A 2011 study found nearly 10 million adult children over the age of 50 care for aging parents.* The study also found the percentage of adult childrenplays a role that provide personal care or financial assistance to a parent has more than
  • 9. tripled over the past 15 years, to about a quarter of adult children, many baby boomers themselves. In addition to affordability, convenience is important to initiators for eldercare-related services and facilities. Those healthcare providers that deliver a high level of convenience to initiators, as well as the patient, will likely emerge as the providers that thrive in coming years. Family decision makers — usually the children or relatives of the senior — play an influential role in the healthcare and living choices of the senior.highlightPoint:For a particular facility or service, how does the potentialof one market area or trade area differ from another? Whichmarkets are the most promising for consumer and patientbehavior involving a particular senior-related offering? Whilein many cases the relationship between a senior living in onemarket and a potential initiator living in another may not beknown, our analysis of data provided by the healthcare clientmay help uncover these links. • Study findings released in 2011 by the MetLife Mature Market Institute, the National Alliance for  Caregiving and the Center for Long Term Care ResearchBLOG Policy at New York Medical College. and E-BOOK
  • 10. Smarterdecision making Without doubt, the senior market is growing and changing rapidly. Because not all seniors are created equal, the stakes are too highwith Buxton for healthcare and senior-living providers to simply purchase lessanalytics expensive real estate in untested locations and then rely on demographics to paint the market picture. When planning senior healthcare facilities, senior housing or senior-focused services, healthcare providers — from behemoths to niche providers — must make highly informed decisions. Careful analysis is required. Buxton can help with tools that examine market data, your organization’s data, and other meaningful datasets, and combine them with the appropriate statistical methodologies and research techniques to get clear answers. Use Buxton analytics to see the big picture and: •  odel your sites to locate new facilities in current markets M already serviced, as well as in potential markets. •  xplore new offerings, services or programs. E •  etermine which services or programs to offer at existing D facilities or new developments. BLOG E-BOOK
  • 11. Take yourknowledge of For more information, call us atthe senior market 1-888-2BUXTON (888-228-9866),to the next visit www.buxtonco.com or email us.level