25 Oct From Care To Wellness. Changing the Paradigm in Assisted Living
It has often been said that “necessity is the mother of invention; discontent is the father progress.”
With the rapid increase of baby boomers, the care culture is transitioning to a wellness culture in senior living. When residential assisted living business owners gain a return on their investment (ROI), they are able to advance our human condition. For example, just like customers benefit from the value-added by supermarkets and smartphones, so to do assisted living businesses. Business revolves around money.
Did you know that the right model of assisted living can earn business owners a monthly return on investment of $5000, $10,000, and up to $15,000 for one home? Sound business practices ensure the fair use of other people’s money to create added value for seniors seeking services and housing. The ROI in residential assisted living homes enables owners and operators to change the paradigm of a care program to a wellness culture.
There are 5 components to consider when preparing for upcoming assisted living industry changes:
- ROI Analysis
- Future Thinking
- Business Value
- The Wholeness Culture
- National Association Assuring Success For Assisted Living Owners
1. ROI ANALYSIS
The concept of this transition is simple. Assisted living owners, operators, and caregivers should be able to demonstrate increased revenues based on longer length of residence. As a result, you can justify the financial investment in your resident wellness program. Providing prospect residence with a spreadsheet to demonstrate how your wellness program contributes to the quality of senior life enriches your overall business.
2. FUTURE THINKING
Unquestionably, senior housing is moving from a solely care focused culture to a wellness culture. Wellness programs are evolving into the new business model permeating the residential assisted living industry. As a result, the assisted living enterprise is elevating its value. This forward-thinking concept of wellness over care, includes healthy eating, fitness programs, and socializing within the rapidly growing aging residents. This new idea is based on the premise that health-orientated individuals gravitate toward entities that meet their personal needs while promoting well-being. The residential assisted living model of communal living helps seniors maintain their vitality after moving into a senior living home. Social wellness is a new-aged concept and seniors are proving that it produces results. As more and more seniors find that wellness is central to their experience, they will stay in your assisted living home longer, pay more, and spread the word to others.
3. BUSINESS VALUE
Business owners find these financial metrics compelling. In business, your expenses should be an investment in your revenue. If the connection can’t be made between an expensive investment and revenue return, then the expense should likely be avoided. Focusing on revenue distinguishes your assisted living business from charities, government programs, and hobby efforts. Profit is necessary for successful businesses. However, it should never be exploited into greed. The purpose of the residential assisted living industry is to deliver value to seniors while exercising fiscal responsibility.
4. THE WHOLENESS CULTURE
While the residential assisted living industry is currently transitioning from care culture to wellness culture, the next big wave will be the wholeness culture. Between now and 2050, researchers are estimating that people entering residential assisted living homes will be middle-aged. Observing what drives this demographic can inform us about the near-distant future. When industry leaders reduce the tendency of marginalizing the elderly, assisted living homes will be able to ensure that seniors are treated as individuals who have purpose and passion.
5. NATIONAL ASSOCIATION ASSURING SUCCESS FOR ASSISTED LIVING OWNERS
The assisted living business model engages owners and operators to become more connected with human fulfillment. It is centered on the ‘Do Good and Do Well’ concept. It is too early to be certain about the wholeness culture, although the Residential Assisted Living National Association (RALNA), stays ahead of industry shifts, detours, and changes. If this trend evolves as expected, human wholeness for aging residents will become a central theme in the industry. Preparing now is harmless, and will make you ready for the coming era.
Either businesses adapt or they disappear, RALNA is here to help you prepare and thrive during the coming tides of cultural change. Visit www.RALNA.com today and learn how you stay ahead of the game as a paradigm of assisted living changes from care to wellness.