Industry of Assisted Living
Industry of Assisted Living
Introduction
Assisted living is the process of offering care involving a combination of services such as
personal care, health care and accommodation services to people with disabilities or adults who
cannot live independently or have chosen not to live independently. Assisted living facilities
therefore are the institutions that offer assisted living services. These services are usually 24 hour
based. Assisted living facilities may stand independently while others may be affiliated with
medical institutions hence in some cases referred to as nursing homes. Some of these facilities
offer their services to any clients of any age and any disability category while others are specific
medical requirements or needs.
Services and Activities offered at Assisted Living Facilities
Some of the services offered at the assisted living facilities include: 24-hour management
and surveillance, personal care services- general hygiene, medical supervision or assistance with
self-administration of medicine, social services, Supervision and assistance for persons with
Alzheimer’s or other dementias and disabilities, Recreational, Leisure and spiritual activities,
Health and wellness programs, Laundry services, Housekeeping and maintenance and
Transportation arrangements
Current State of the Assisted Living Industry
The Assisted Living business is currently on the rise. This is according to SBDCNet
(2020), which indicates that in the US, the need for these facilities will continue to increase as
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the population gets older. The boomer’s generation is getting to retirement hence the need for
these facilities.
Trends in the Assisted Living Industry
New technology is revolutionizing this industry. These include smart digital systems
which are used to keep track of medications and important signs to wireless networks that deliver
mobile assistance for seniors in care communities. Personal care robot technology is also
emerging as key advancement in the industry (Stevenson, 2019). The current retirees and aged
assisted living residents are portraying new demands and requirements. The currently retiring
generation is the boomers which comprises of active adults. This means that even their needs
will be different from those of the past generations. For instance, this generation is digital hence
the facilities are required to be up-to-date with the modern technology and other requirements.
The designs and structures of facilities in this industry is greatly changing. The older
generation is concerned with more amenities such as libraries, recreational centers among others.
This is impacting on the design and structures of assisted living facilities as they change to
accommodate these needs. There is also high competition for labor. Labor is a very vital aspect
of the assisted living facilities (Amie, 2020). Recruitment and Retention of staff will remain a
challenge to the assisted living service providers as they compete with other institutions for staff.
There is as well increased home-based health care. Families are opting to stay with their aged
family member as opposed to having them at the assisted living facilities
Assisted living facilities are going green. Going green relates to being efficient and
cutting cost by being environmentally conscious. This economic advantage is prompting facility
owners to adopt it as it touches on areas such as water conservation and energy conservation.
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This will assist in reducing of such costs. Currently, the aged generation is opting to choose
where to go after retiring. Unlike the previous generations who anticipated less on their places of
stay after retirement, the current old generation is characterized by anticipating of where they
would want to spend the rest of their lives after retirement. These rules out the option of assisted
living facilities.
Challenges in the Assisted Industry Business
There is a rise in cases of families opting to stay with their aged members at home rather
than take them to assisted living facilities. This is due to the improved health care facilities. With
this trend continuing, some families might consider not taking their aged members to these
families at all (Barbara, 2019). Staffing and recruitment has become a key challenge in this
industry. Potential employees to these facilities have options of being employed in hospitals,
restaurants and other hospitality industries. This creates difficulties in recruitment and staffing
Control of Expenses is also a major threat to facility owners. The main expenses in these
facilities include labor, energy and food costs. A combination of these three expenses may
always result in imbalance or revenue. This means that at times, the facilities might run at a loss.
Emergency readiness and preparedness is very is a matter of concern to facility owners in this
industry. In cases of natural disasters and other unforeseen calamities, these institutions are at a
greater risk (Craig., 2019). This is because they hold highly delicate clients who are very
vulnerable during these situations. For instance, studies have shown that the current corona virus
has greater danger on the elderly and people with health conditions. This category of people is
the greater composition of this industry, hence need for insurance covers and sophisticated safety
measures.
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Recommendation
For future plans of establishing an assisted living facility, the following should be highly
considered:
Since the current and the future old generation is highly advanced in technology, automations
and current technology is a factor to build on. Technology will also help in cost reduction.
Staff recruitment and retention must be highly considered. Since there are many layoffs from
various businesses and industries during this corona virus pandemic, there is a high level of
unemployment hence a readily available potential labor. However, facility owners will have to
assure their staff of job security among other strategies in order to retain them even after the
pandemic.
Market research must be thoroughly and keenly carried out. Due to the increased home based
care for the aged, investors in this industry must conduct a thorough market research in order to
determine whether to invest in the business or not, and if yes, where? This should be guided by
the fact that the aged generation today is anticipating on where to spend their after-retirement
lives.
Facilities in this industry must consider going green. To cut on expenses such as energy and
water, investors should consider going green, as this will develop even a safer environment for
clients, especially those with health conditions
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References
Barbara., B. (2019). Trends in Senior Living: 5 Challenges Your Facility Will Face in 2019 and
Beyond. Retrieved from https://www.wipfli.com/insights/blogs/health-care-perspectives-
blog/2019-trends-in-senior-living
Amie., C. (2020). 9 Assisted Living Trends to Watch For This Year. Retrieved from
https://www.theseniorlist.com/blog/9-assisted-living-trends-to-watch-for-in-2016/
Sarah., S. (2019). 8 Predictions about the Future of Assisted Living. Retrieved from
https://www.aplaceformom.com/blog/2013-8-27-future-senior-care/
Craig., F. (2019). Assisted Living Business – What are the Main Challenges?
