Airlines and hotels have been slowly embracing the unbundled service model for years. It allows consumers to access quality services at a lower entry price and pay for extras as they see necessary. So, it’s only natural that as Senior Living further segments into more independent and active living operations, unbundling services will become more prominent. Today’s seniors are looking for control over their lifestyle and operators are always looking for ways to attract new revenue streams. Here are four reasons the Senior Living Industry is embracing the unbundled model:
Data Enables Smart Decision Making
One of the biggest hurdles to unbundling in Senior Living has been how to address staffing. Without steady funding from bundled fees, it can be tough to assess payroll budgets. However, more senior living operators are relying on data-driven analytics (like in the hotel industry ) to drive their decision-making regarding which amenities to provide and their staffing.
It Attracts Younger Residents
To go from owning your own home or apartment to renting an apartment or cottage in a managed facility can be a tough transition for many retirees. Older adults reject being “taken care of” until their care needs are extensive, often making for an emotionally and physically difficult transition. If they have control over their lifestyle within a senior living community, an early transition will be more appealing.
Creates Affordable Options
Another hurdle to moving into an independent or active living community is the cost. Though it depends on the state and facility, the average cost of these communities is almost always more than your average mortgage or rent. A lower base rent will help retirees make the move at an earlier age since their fixed income will stretch farther into their retirement years. Not only will this help them transition earlier, but it will give higher-end communities the ability to attract the more cost-conscious resident.
Lets people Age in Place
Depending on the type of facility, unbundling could allow residents to remain in a single community for longer. As their needs increase, they can have the option to add services like housekeeping, meal plans, and driving services.
Let Our Senior Living Recruiters Help
The Senior Living industry stands at a pivotal point of change. Find the hospitality, senior care, and culinary leadership who can think outside the box to keep up with the newest trends in senior living. Contact our Senior Living Recruiters to learn how we can help.