3 Lenses Into The Senior Housing Market for Hospice Providers
August 23, 2023
NIC MAP Vision for Healthcare offers hospice care and other healthcare providers the unique and specialized data and information you need to boldly go and grow in the senior housing market. Our service is designed to answer the strategic queries that are shared across all growth-oriented healthcare organizations, including hospice agencies, rehabilitation services, long-term care pharmacies, and primary care providers – the answers that you’ll need to trace your path of least resistance and grow your service to residents of senior housing communities.
NIC MAP Vision’s three lenses on senior housing communities will help you focus on the right data and information at the right time to produce the clearest strategy for your growth in the senior housing industry. As you look through each lens, you’ll progress from a standard analysis – the current baseline for market intelligence gathering for each prospective partner community, to a more advanced analysis. When you discover the answers to these strategic queries, you’ll unlock a larger, stickier opportunity to partner and gain repeat business from a senior housing community. The third lens offers the most-advanced analysis, helping you to activate a high-velocity growth plan for interacting with senior housing operators/owners at any level: local, regional, and national.
Lens #1 Understanding Communities in Context
Make important relationships visible and actionable.
When evaluating a senior housing community for partnership, understanding that community in context means pushing beyond the standard geographic analysis and thinking about the other characteristics of the property that might change how you approach them for providing future care for their residents.
Certainly, you start by knowing where the community is located and whether or not it fits into your future service footprint. But it’s also important to find out who owns and/or operates the building and to understand the business objectives for this community. Are they involved in healthcare provider relationships today?
And finally, take a look beyond the four walls of the property. Is this single community an entry point to a much larger partnership that may involve other communities within the owner’s portfolio of properties? The answer may affect your approach.
Lens #2 Healthcare Status for Resident Populations
Understand senior communities and their healthcare needs.
The way to understand the healthcare needs of a senior housing community is to get to know more about who lives there and apply what you already know about the property to how their healthcare needs are being met. Then you start to refine your approach by gathering information on the local level about the overall health of the residents and the healthcare plans in which they are already enrolled.
Finally, you do your homework: You might contact the building administration or clinical leadership and ask if they would share a profile of their patient population. You could consult providers in other specialties who are already serving the property to learn more.
To complete the most advanced analysis, you’ll want to access a complete dataset on the building residents and look for specific information that could define your unique value proposition for this community. Especially if you want to initiate a conversation about value-based care, the complete information about utilization might define an opportunity for improvement that could seal a deal.
Lens #3 Defining Your Competitive Landscape
Differentiate your offering
If you want to be successful in the senior housing market, you want to ensure that you know everything there is to know about your competition: the other providers already caring for residents of the community. You can start by checking out what providers are parked in the parking lot, but this type of in-person investigation could be difficult to scale.
What if you had the names of the other providers treating residents of the senior housing community you seek to partner with? You’d know their specialties and could rank them by reimbursement. That’s the kind of powerful intelligence NIC MAP Vision provides, enabling you to quickly see who the top providers are in a given community as well as where spend is fragmented. If no single provider has earned a relationship with that property, it’s open for you to tailor the right message and be the provider of choice for that patient population.
With the help of NIC MAP Vision, you can go one step further and learn about the senior housing communities under construction in your market, as well as owner/operator/key contact information. You could be well on your way to connecting with communities before they open their doors and win business before any competition begins.
Layering Lenses For Real Growth in Senior Housing
As you gather market intelligence and answer the strategic queries posed in each of the three lenses, you’re getting smarter and smarter about your next move. What will catapult your success is layering together the data from the three lenses to tailor your approach. Here’s one way to layer your lenses.
Choose a target community, then qualify them as a candidate for a preferred partnership. Next, learn about the hospice providers who currently care for their residents. You may discover that the community does not have a top or preferred hospice provider but a few different providers who service the community.
Make this information actionable by identifying the highest-level decision maker you can, preferably the owner and/or operator, so you can have a conversation with them about the benefit of consolidating service. You want to approach them with an offer of resident care that makes more sense than relying on different providers who come in and then are gone.
With new insight like this in hand, your menu of strategic options expands – from the traditional community-targeted entry point to corporate partners who can grant access to portfolios of new buildings to acquiring providers and their patient volume. You can expect to find new entry points that will help you achieve your growth goals.
Ready to Try NIC MAP Vision for Healthcare Yourself?
NIC MAP Vision for Healthcare delivers high-impact market intelligence to care providers who serve residents of senior housing communities. We help providers make smarter, faster strategic decisions about where and how to grow; then accelerate the execution of their strategy.
Our unique datasets offer unparalleled insights about senior housing communities, their operators, and their residents, combined with novel data showing existing healthcare needs and utilization inside each community. Schedule a demo with one of our product experts today.
NIC MAP Vision gives operators, lenders, investors, developers, and owners unparalleled market data for the seniors housing and care sector.