Senior Living: How to Exceed Occupancy Goals in a Declining Market
The State of Senior Living Occupancy Q2 2017
Is your team aware of your community’s current census? According to data released by the National Investment Center for Seniors Housing & Care (NIC) on Wednesday, July 12th, the average occupancy rates for assisted living communities in Q2 2017 fell to 86.5%. That’s a 0.7 percent decrease from the average occupancy rate in Q1 of 2017, and a 1.4 percent decrease on the average occupancy rate from 2016 during Q2.
To put that into perspective, the current occupancy rate of 86.5% is tied for the lowest ever which was during Q2 of 2009. What does that mean for your community?
While the current state of occupancy rates may not affect your community, it shows a trend that your team should be cognizant of. There’s no resting on laurels in this space. Even if your community is winning today, there are no guarantees for the future. In order to continue maintaining and exceeding occupancy goals, your community must strategize not just for today, but for the next 10 to 15 years. The Linkmedia 360 Senior Living team will show why your community may already be behind in its occupancy strategy.
Strategize for Today’s Census, Forecast for Future Occupancy Challenges
Pew Research Center has reported that roughly 10,000 baby boomers will turn 65 today, and every day until 2030. That means that by 2030, if projections remain consistent, 18% of the country will be comprised of adults age 65 and older. When taking the current average age of residents living in assisted living communities across the U.S. into account – currently at 86.9 years – it spells the need to create strategies for the influx of baby boomers your community will likely receive in the upcoming years.
If your community isn’t strategically forecasting for long-term occupancy solutions today, it’s already behind. And to the marketing director’s scoffing at that, with a community sitting at 100% occupancy, I ask this: Is there a strategy set in place to respond to a shift in occupancy? Here are four considerations to factor:
- Does your community currently have a waiting list in place?
- Does your community have strong digital visibility (where does your community rank amongst competition)?
- Does your community have a valued and trusted reputation?
- Is your community creating a “closed loop” between its sales + marketing?
The considerations paint the picture that your occupancy strategy doesn’t end with today’s results. If long-term occupancy planning seems daunting, the Senior Living team at Linkmedia 360 provides a way to help.
Tackle Tomorrow’s Occupancy Challenges with Marketing Automation
During Part 3 of 3 in Linkmedia 360’s Webinar Series, Phil Smith from Linkmedia 360 and Patrick Hart from MatrixCare will take marketing teams through the final stage of the digital marketing maturity curve – from Practitioner to Advanced.
During the advanced stage – Phil and Patrick will show how teams can take full command of their prospect/customer database through CRM integration and marketing automation. Both strategies will prove critical in exceeding occupancy goals for the long-term.
Register for Part Three HERE.
That’s not to say marketing automation and CRM integration are the only tactics to consider when forecasting for present and future occupancy challenges. For general or specific questions, contact our team. We’re happy to help.
Based on the current state of senior living occupancy and the daily rate in which people are becoming baby boomers, can you really say your community is prepared to handle long-term occupancy challenges? If not, the Webinar Wednesday, July 26th is a great place to begin the conversation.