The Senior Housing Market Is Competitive for Healthcare Providers
June 9, 2023
In today’s dynamic senior housing market, healthcare providers like you who want to win new business strive to understand their competitive position in the overall provider landscape. That’s because your ongoing success in the senior housing industry depends on how your healthcare value proposition matches each potential operator partner’s unique needs.
What should a healthcare provider know about a senior housing operator before proposing a partnership?
NIC MAP Vision serves both healthcare providers and senior housing operators with insights and data about the senior housing market. Before approaching an operator, savvy healthcare professionals should gather as much market intelligence as they can about:
- The incumbent providers that already serve each senior housing community.
- The operator’s current relationships with incumbent providers.
Healthcare providers can use what they learn to craft a unique message around the quality of their service, whether it be primary care, rehab, hospice, long-term care pharmacycommitment to a preferred provider.
3 Competitive Senior Housing Industry Opportunities for Healthcare Providers
NIC MAP Vision recently asked our senior housing operator partners what healthcare providers need to know when developing new, mutually valuable relationships. They identified the following opportunities for better outcomes.
1. Pre-competition – Construction is planned where no provider partnerships are in place yet.
Identifying senior housing projects under construction gives providers a head start in securing new business. They can connect with the operator before opening to offer day-one services.
NIC MAP Vision Solution: Our data platform provides insights on senior housing projects still in the construction pipeline, which can give healthcare providers a look into the future of their market.
2. Fragmented competition – In some senior housing communities, healthcare service to residents is spread across multiple providers with no clear preferred partnership in place.
Forty to seventy percent of healthcare spending by senior housing residents is fragmented, depending on specialty or ancillary service. Consider proposing a preferred provider relationship to communities that do not currently have one.
NIC MAP Vision Solution: Our research has documented increasing consolidation to a single incumbent provider in healthcare spending by senior housing residents by community, suggesting an increase in commitment to preferred partnerships.
3. Shifting competition – The senior housing industry is dynamic, with properties regularly moving in and out of operator portfolios.
When a change of ownership or operator occurs in senior housing, it’s also a time when provider partnerships are re-evaluated. Be ready to propose a preferred partnership to new operators when they take charge of a senior housing community.
NIC MAP Vision Solution: Our data platform offers healthcare providers a view of senior housing communities aligned by operator, so changes in your market can be identified.
NIC MAP Vision for Healthcare
NIC MAP Vision delivers high-impact senior housing market intelligence to senior healthcare providers. 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. As a result, the Wall Street Journal, New York Times, and Washington Post recognize us as the industry leader in senior community 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.