Last week at the annual Assisted Living Federation of America (ALFA) conference, five CEO's of senior living homes provided an insight for the future of Senior Living. They shared their predictions about this industry which we found very interesting.
They predicted the following:
1.) AMERICANS WILL PROACTIVELY CHOOSE SENIOR LIVING
Senior living is a new concept for people when learning about different housing options for their loved ones. People are not viewing senior living as a step on the way to higher-actuality care but rather as somewhere to age in place.
2.) CONSUMERS NEED GUIDANCE IN SAVING FOR SENIOR LIVING
The demand for senior living is constantly increasing more and more. One of the main reasons people do not move into senior living is because of the high costs. They believe that this industry can play an important role in educating people about their finances for this time of their life prior to reaching it.
3.) SENIOR LIVING WILL BECOME A LEADING CAREER PATH
This field of work will continue to be very rewarding and they believe that Millennial's and people from Generation "Z" will be wanting to work in this industry. This industry requires the roles of caregivers, financial professionals, asset management, sales, marketing, healthcare and food services. With so many different options and the increase in senior living, there will be a lot of job availability and success in this field.
4.) THE SENIOR LIVING AND HEALTHCARE INDUSTRIES WILL CONVERGE
The Healthcare industry wants to improve outcomes while reducing costs, they will need to collaborate with the senior living industry to achieve that goal. This will then help to create develop a relationship between assisted living and home healthcare providers, hospitals, and physician practices. By creating that positive relationship, they will both be able to offer integrated services to their consumers.
5.) FORMALIZED STANDARDS WILL CREATE A "SEAL OF APPROVAL" FOR SENIOR LIVING OPERATORS
ALFA will help enforce standards for the industry so people within the industry can perform at the highest level and continue providing comfortable living facilities for the elderly.