About nine in ten (86%) senior housing and care firms use technology to increase human resource efficiency, according to the latest CEO Survey results issued on Friday by the National Investment Center for Seniors Housing & Care.
In this Wave 50 poll, respondents were asked how their firm maximizes employee efficiency through the use of technology. Over nine out of ten respondents (86%) reported utilizing technology to increase efficiency in human resources, followed by two-thirds (67%) who are employing technology in operations and more than half (59%) in marketing and 55% in finance. NIC found that just one in six respondents acknowledged adopting technology to increase personnel efficiency in the supply chain.
Wave 50 comprises replies from 58 small, medium, and large senior home and skilled nursing operators from around the country between February 1 and February 28. 64% of respondents operate entirely for-profit long-term care facilities, 31% operate non-profit facilities, and 5% operate both. 74% of the firms run senior living complexes, 21% nursing institutions, and 28% continuing care retirement communities.
According to the report, an increase in the use of technology results in a reduction in the number of agency employees employed. Sixty-seven percent of respondents anticipate utilizing fewer agency employees in 2023 compared to 2022. About one-third (28%) anticipate utilizing the same number of agency workers as last year, while just 5% anticipate using more agency staff than last year.
“In the operations sector, technology applications include voice-enabled rooms, electronic medical records, and medication distribution,” writes NIC senior principal Ryan Brooks.
“Marketing applications include virtual tours and client relationship management, while finance applications consist of accounting and procurement techniques.”
The Executive Survey includes for the first time a question regarding the sectors affected by the increasing interest rate environment.
“Across all care segments, eight percent of operators report that the rising interest rate environment has hampered their ability to acquire, sell, and recapitalize buildings,” Brooks said.
19% of respondents indicated that they had formal collaborations with healthcare risk-sharing groups, such as accountable care organizations or Medicare Advantage plans. Among the majority of organizations that do not have formal partnerships in place, 26% of respondents responded that their company is in active conversations to develop these sorts of alliances.