How to Customize Your Value Proposition for the Senior Housing Market
July 5, 2023
The senior housing and care industry is grappling with the way healthcare services are integrated with residential services. Currently, most senior housing communities engage healthcare services in “preferred” partnerships, where referrals are made to reliable, high-quality providers.
NIC MAP Vision serves both healthcare providers and senior housing operators with insights and data about the senior housing market. Providers and operators need the penetrating data NIC MAP Vision provides to better understand the senior housing industry. This gives us a unique vantage point on the diverse nature of the relationships they develop.
New Relationship Structures Emerging Quickly
In response to industry consolidation, payment innovations, and new ways to improve operations and outcomes, a novel question arises: What does a best-in-class operator-provider relationship look like now?
Senior housing operators tell us they want to hear from healthcare providers who can innovate on the current model and develop reimagined partnerships with them. Innovative senior housing operators are interested in developing services and programs that make meaningful improvements in residents’ health, as a differentiated program of service or as part of a strategy to engage in value-based payment models for care.
As a healthcare provider in a crowded landscape, your goal is to understand the power your value proposition has in developing these kinds of partnerships that senior housing operators are looking for. Your unique value proposition is essential to identifying the best matches of your service strengths and a senior housing community’s needs.
Within a single operator’s community portfolio, you often need to address community segments differently, as policy and payment updates drive increased specialization. This means you must understand each senior housing operator’s business objectives and timeline to successfully align your services to their expectations.
Growth-oriented senior housing operators now expect their potential healthcare provider to:
- Demonstrate high-quality care as a differentiator.
- Be an innovative partner who can deliver shared revenue in addition to excellent care.
How to Customize Your Value Proposition with Examples
It’s important to get the basics right regarding your healthcare services’ value proposition. An excellent value proposition:
- Clearly describes who your customer is.
- Identifies your customer’s main questions, issues, and concerns.
- Explains in detail how your healthcare services are the ideal solution to help them answer their questions, solve their issues, and quell their concerns.
- Differentiates your services from the competition, especially concerning your customer’s unique needs.
- Demonstrates specific results your customer can expect from your healthcare services.
- Helps to persuade your customer to develop a working partnership with you for your services.
Test Your Unique Value Proposition With Examples
Ready to evaluate how your unique value proposition meets the needs of real operator scenarios? The following examples are anonymized summaries of operators in the senior housing industry who have contributed to NIC MAP Vision research:
Scenario #1: Bringing Some Services In-House
A four-state operator of up to 20 communities across a wide geographic distribution wants to bring new clinical services in-house for new revenue and quality assurance. They’re looking for outsourced services and clinical partners who will be there “in good times and in bad” and stay closely aligned with day-to-day operations and their mission.
Scenario #2: Balancing Ease and Innovation
A three-state operator with CCRC communities and a PACE program is interested in hearing about innovative programs, especially those that drive shared growth. However, they are mindful that their workforce may be stretched thin and want to prioritize reducing friction for staff.
Scenario #3: National Operator with a Lifestyle Focus
A large operator has AL, IL, and SNF communities in multiple states. They have recently opened new communities targeting active adults prioritizing wellness and premium experiences. They are looking for healthcare partners who can fill in all of the geographies on their corporate map and who will align with their standards for quality.
Scenario #4: Showing Improved Outcomes
A regional operator of 10 to 20 IL, AL, and MC communities wants to document improved healthcare costs and outcomes for their residents so that they can initiate a value-based partnership with a managed care company in the next two to three years.
How would your healthcare organization respond to these requests? Here are a few questions to ask yourself:
- How would your healthcare organization approach them?
- How would you describe your value proposition to them?
- What are the next steps to guide your response?
In this video, NIC MAP Vision CEO Arick Morton discusses their role in bridging the gap between healthcare and senior housing. Thanks to the transparency, connectivity, and the necessary data that supports these industries working together, NIC MAP Vision is actively improving the communication between these vital resources that support millions of seniors. Hone Your Value Proposition with NIC MAP Vision for Healthcare
As a senior healthcare provider, it’s easy to see the importance of the in-depth, industry-leading senior housing market intelligence that NIC MAP Vision delivers. Our unique data and easy-to-browse platform offer unparalleled insights into senior housing communities, their operators, and their residents. We help you:
Understand the healthcare needs of senior communities – Learn about demographics, incumbent provider relationships, operator portfolio connections, and geography. Fifty-eight out of 77 of the largest owner/operators partner with us to share their data.
Make smarter strategic decisions and important relationships for faster growth – Our data synthesizes public and proprietary data, then applies our own powerful analytics to deliver actionable insights.
See into the future of your market – Identify new development projects years ahead of groundbreaking in any market nationwide. In addition, we ally with National Investment Center for Seniors Housing & Care (NIC) economics experts and recognized thought leaders for essential information about senior housing communities and how they connect to healthcare services.
Ready to Try NIC MAP Vision Yourself?
Schedule a demo with one of our product experts for a detailed explanation of how you and your team can benefit from our product suite, save time in an increasingly competitive market, and grow your healthcare business.
NIC MAP Vision gives operators, lenders, investors, developers, and owners unparalleled market data for the seniors housing and care sector.