A carefully researched Senior Living Market Feasibility Analysis for assisted living is a must-have tool that can help developers and skilled nursing facility managers make the right decisions for building or expanding their facilities.
At Senior Consulting, LLC, we recommend commissioning an analysis as early in the project development as possible, as their results can shape and direct choices ranging from site location to interior design to marketing.
A Senior Living Market Feasibility Analysis works to analyze your competition and current market demand for additional services, such as independent living, assisted living, or dementia care. Our research has indicated that almost every regional market in the country has a growing need for memory care specifically.
We will utilize the results of the study to work with you on developing an appropriate plan and timeline for building or expanding services in your facility.
In the study, we analyze the demographics of potential customers and also the potential competitors in your area. Our comprehensive Senior Living Market Feasibility Analysis will mystery shop each competitor to determine their strengths and weaknesses. Additionally, we will draw data from licensing authorities to telephone surveys to discussion with area planners and agencies geared toward elderly services. We also include a demographic segmentation analysis that includes age, income, and amenity needs is included.
When considering the ideal location for a new or expanded site, we believe it is imperative to consider the physical and environmental elements of the service area. Such elements can include, but aren’t limited to, highways, mountains, and rivers. We will always encourage our clients to build where the site can be easily by major transportation means while retaining a sense of privacy and quiet.
Our Senior Living Market Feasibility Analysis will share with you recommendations, upgrades, and plan adjustments where appropriate when it comes to things like overall project size, services and care levels, as well as the sizing and mixing of units, their pricing, and potential add-on services and amenities. We may also recommend you examine the memory care opportunities with a Memory Care Feasibility Study as well.
We will also examine the potential for adding rehabilitation services to the mix. America’s health system is increasingly moving toward a managed care model that emphasizes cost-effective, quality care and plenty of choice for older adults’ living options, including community-based settings. Accountable Care Organizations (“ACOs”) are a network of doctors and hospitals that share responsibility for providing care to patients. In the new law, an ACO would agree to manage all of the health care needs of a minimum of 5,000 Medicare beneficiaries for at least three years. ACOs would make providers jointly accountable for the health of their patients, giving them strong incentives to cooperate and save money by avoiding unnecessary tests and procedures. By courting newly emerging ACOs and hospital discharge planners to refer acute care discharges to their new SNFs, ALFs, and linked home health agencies, assisted providers can now offer medical and insurance referral sources a full post-acute care continuum for their patients that is coordinated and has ongoing communication with these payer/provider entities. The addition of rehabilitation capability and therapies to newly developed assisted living will create a strategic advantage in each marketplace among existing competitors. Medicare cutbacks will force the delivery of care down the continuum where care can be provided cheaper. Assisted Living Communities who cater to current and future Medicare recipients will inevitably find it compelling to offer a continuum of healthcare services for their residents to participate in this program and avoid exclusion from these referral circles.
Contact Us to speak to a senior living consultant about how our Senior Living Market Feasibility Analysis can enhance the quality and success of your skilled nursing facility.