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- Widening scope of capabilities to accommodate more patient needs, cultivate additional streams of reimbursement; construction of new facilities, retro-fitting established buildings, investing in IT / IoT / IoHT
- Marketing strategy needs to account for assertive acquisition / consolidation throughout the Assisted Living market sector
- Advances in telehealth are a promising resource but conversely may reduce patient load in favor of home care support
... This is a list of Assisted Living providers; scroll down for trends, Senior Care associations ...
The Assisted Living sector is highly specialized. It requires its own market access strategy for healthcare product and healthcare service companies to successfully engage its key customer accounts, payers, GPOs, trade partners and other stakeholders. Assisted Living facilities are a growing healthcare market segment and coming under significantly more regulation.
About 70% of persons over the age of 65 will require some sort of care provided by assisted living and/or long term care. The average age of patients is 80 years of age, about 70 percent of them are female. There is a lesser number of professional medical staff on premises than nursing facilities (long term care ( LTC ), skilled nursing facilities / SNF ); patients in assisted living facilities require less advanced healthcare support. Unlike LTC / SNF provider facilities, there are much less uniform standards which apply to assisted living facilities.
Most of the reimbursement is through self-pay or through an insurance plan which covers assisted living, payment through Medicaid sources is low but growing. Many of the larger assisted living companies also operate long term acute care hospitals (LTACs), nursing facilities and rehabilitative centers. Costs vary state by state but on average, the annual cost of assisted living services rises approximately 4.26%.
Assisted living is evolving; facilities are adapting to meet the needs of existing patients / residents for a longer period of time to avoid being transferred to another facility which may be operated by another organization. Some have literally become multi-purpose, multi-population complexes with specialized units for patients with physical, behavioral or other additional needs. These facilities require personnel with added caregiver credentials and also need enhanced IT systems and staff to manage day-to-day record keeping and billing for accurate reimbursement. Depending on the facility and care it provides, a combination of assisted living transitioning to long term care is offered by some. As these additions of care capabilities are made, facilities are then tasked with aligning to deeper regulatory standards and more complex reimbursement guidelines.
Telehealth is an emerging care and technology segment that is rapidly growing can have a positive impact in the assisted living patient population. It enables patients to be cared for / monitored remotely via mobile technology and other digital means. For fragile, high care patients living within assisted living facilties, clinician staff and the patient's primary care physicians can get ongoing insights as to the condition of the patient via telehealth resources. For some patients, telehealth can enable them to be remotely monitored while at home and reduce the need for the patient to be cared for in an assisted living facility. In this perspective, telehealth may be considered a competitive to assisted living providers.
... Leading Aging, Senior Care, Assisted Living Associations ...
... The presentation below provides market access strategy insights to be successful in specialized healthcare business sectors like Assisted Living ...
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