Data is no longer a buzzword; it is essential to the health of a business. While the need for data to inform business practices and improve outcomes is not a new concept, the way in which businesses can leverage data has evolved tremendously over the past two decades. When we observe how the senior living industry has adopted data and analytics strategies into broader business practices, there’s a clear gap that is brimming with opportunity.
Community staff need a solution that helps them optimize their day-to-day, enabling them to reduce workday redundancies and focus on providing exceptional resident care and experiences to retain residents and maintain occupancy. Senior living operators need enterprise operations intelligence that enables them to better understand and manage owning and operating a portfolio of communities in an increasingly competitive market. The answer to both of these challenges is data—actionable, enterprise-level, and reliable data.
This is why we developed LifeLoop Insights, the industry’s most advanced data and analytics solution allowing senior living executives to analyze and optimize community performance at scale. LifeLoop Insights is specifically designed to support the business practices and unique needs of senior living, putting the power of actionable, enterprise-level data into the hands of community operators and staff. What sets our solution apart from all others available in the industry today is the Community Engagement Index (CEI). The CEI is a benchmarking tool powered by our proprietary algorithm that is based on the largest engagement and operations dataset in senior living – more than half a million seniors across the nation.
When we developed LifeLoop Insights, we consulted with senior living operators to identify critical challenges and trends across the industry. The resulting solution focuses on solving for:
- Proactive vs. reactive insights – how to identify leading indicators that enable operators to proactively solve for potential issues impacting key business categories
- Simplicity and efficiency – providing a tool that is easy to navigate and understand to accelerate operator adoption and value, including the simplified UI/UX and consolidated KPI (CEI)
- Reliability – allowing operators to benchmark community performance against the largest and most dependable dataset in senior living
Let’s pull back the curtain on these challenges to illustrate how LifeLoop Insights arms operators and staff with a solution to overcome these obstacles.
Leading indicators vs. reactive insights
Operators are consistently challenged with achieving competitive differentiation to both maintain and grow resident occupancy, while navigating industry-wide challenges that impact this growth-- most notably, the ongoing caregiver staffing crisis. Today, senior living executives depend on leading industry data sources to provide outcome data on these top-line business metrics such as length of stay, staff churn, and margin. However, by the time operators have this insight, it’s too late to mitigate the impacts imposed on their business. LifeLoop Insights and the CEI enable operators to quickly understand crucial areas of need, anticipate potential issues that can impact business health, and then act quickly with best practice recommendations to improve the business.
The CEI visualizes critical indicators across engagement and operations performance, outfitting operators with the information needed to make improvements in lagging categories of service or care. Operators can systematically view their organization – types of activities offered, range of dimensions of wellness, maintenance request times – and map data points to trends that may require intervention. Whether viewing portfolio-wide insights in the interactive heat map, or drilling further into a single community’s performance, operators are constantly informed of areas that require attention and able to anticipate areas of concern.
Simplicity leads to efficiency
Technology adoption in senior living grew exponentially post-COVID. Operators actively sought solutions to help solve community and resident operational and engagement challenges, however, many now suffer the impacts of disparate tools and data sources that don’t work together. LifeLoop is a single, comprehensive platform that houses all of these essential engagement and operations metrics under one roof – this same concept is what drives the value of the CEI at the portfolio level. Operators no longer have to manually source and analyze performance across systems and data sources, the CEI is a single composite KPI that immediately and consistently aggregates those insights into one reliable metric.
Operators are further supported with auto-generated recommendations to improve performance based on best practices drawn from dataset averages across the LifeLoop customer landscape. The consolidation and visualization of this data help operators and community staff save valuable time while improving data governance.
Data reliability
There is no shortage of data available across the industry, but data collection is not synonymous with data analysis that can drive tangible business outcomes. Senior living is a relatively niche market within the broader healthcare industry – operators need a rich and distinct dataset that delivers insights meaningful to the unique elements of senior care. Going on 25 years in the business and supporting over half a million seniors at more than 4,700 communities across the nation, LifeLoop customers benefit from the most expansive and dependable industry data source of community engagement and operations today.
With LifeLoop Insights, operators can confidently improve community performance through enhanced insights into the necessary investments and improvements needed to increase top-line growth and resident care.
LifeLoop Insights is a needed and exciting resource for today’s innovative senior living operators. At LifeLoop, we are committed to our community partners’ success, and dedicated to providing our customers with the solutions needed to accomplish what’s most important to their businesses.
LifeLoop Insights was recently launched and is now available to all LifeLoop operations platform customers. To learn more or schedule a demo, reach out here.
