Luxury Senior Living: How to Get Started
By the end of 2030, all Baby Boomers, members of one of the largest generations, will have reached the age of 65. As a demographic, Baby Boomers tend to be spenders who prefer to use their money for quality, high-end, luxury items and experiences. As this generation moves toward retirement, you can bet they’ll be seeking out those same luxury standards when it comes to senior living.
Assisted living facilities and independent living communities are preparing for an influx of Boomers looking to live the high life by focusing on luxury amenities and experiences. But if you think it’s all about gilded finishes and swanky locations, think again. For many luxury senior living communities, success begins with the right software.
Here, we’ll take a look at the ins and outs of luxury senior living, the unique challenges of bringing an upscale lifestyle to market, and how implementing the best technology, like Eldermark NEXT, can be the key to delivering a life of comfort and privilege to your residents.
What Defines Luxury Retirement Living?
Luxury can be hard to quantify, as most individuals have their own definition of what constitutes indulgence. However, there are several qualities that are common among luxury senior living communities, including:
- Ultra-personalized care services
- Upscale amenities such as fitness centers, spas, cafes, salons, on-demand transportation, and libraries
- High-end dining venues that include restaurant-style options for chef-made meals in an elegant and sophisticated setting
- Prime location near desirable towns and proximity to shopping, golf courses, theatres, etc.
- On-site premium healthcare with access to physicians, wellness programs, lifestyle coaches, and health services
- Resort-style environment with upscale landscaping, gardens, wellness center, and attentive service
The Growing Demand for Upscale Care in Retirement Communities
Older adults want to enjoy the fruits of their years of hard work and careful planning. The Baby Boomer generation accounts for over half of all wealth in the U.S., equating to nearly $79 trillion. In fact, even in our rapidly changing economy, Baby Boomers still maintain the record for the wealthiest generation in our history.
At the same time, the demand for luxury housing has reached an all-time high, despite an overall volatile housing market. Considering these trends, it’s not a leap to conclude that aging Boomers will soon be looking for retirement options, and they’ve got luxury on their mind.
For some prospective residents, money may be no object, but the standard of care is certainly at the top of everyone’s minds. Many are expressing more interest in life plan communities that provide a continuum of care ranging from independent living to assisted living, all the way to memory care living options when the time comes.
They’re also seeking open floor plans, roomy living spaces, and apartment homes that provide the feel of an upscale New York City condo or private home, think Pacific Palisades.
The Unique Challenges of Managing Luxury Senior Living Communities
Welcoming residents into the lap of luxury isn’t as simple as offering them fancy dinners and exciting outings. There’s a lot of planning and some risk involved in aiming for the upper crust. What are the primary challenges?
More Complex Operations
Luxury doesn’t just mean better, it also often means more. More services. More amenities. More options. That can all place a big burden on your staff, your facilities, and your budget. Striking a balance between delivering a luxury experience while also maintaining efficient operations can be an overwhelming prospect.
Personalized, Reliable Service Expectations
Concierge services are appealing to many prospective senior living residents, but they also come with inherent challenges. Providing personalized care and custom lifestyle experiences demands a staff that is highly trained and facilities that are impeccably maintained, not always easy to do on the standard senior living operating budget.
Specialized Staffing and Increased Efficiency
More services mean more staff, but it can also mean more qualified staff. You’ll need to plan to recruit from a wide talent pool to find the best, and then you’ll need to have a retention strategy in place to ensure you keep them.
Specialized employees will be a benefit to your community, but they will also cost more and will need to undergo regular training to stay on top of industry trends in luxury living.
High Expectations from Families
Residents and their loved ones alike want to know they’re getting the best return on their investment. Luxury senior living costs around 30% more than standard communities on average, so you know that your audience has high standards and will be expecting you to meet them. Resident satisfaction is the goal with luxury communities, but it can also be much harder to achieve.
The Role of Technology: How Eldermark Can Support Luxury Senior Living Communities
Can a senior living software really help you deliver a luxury senior living experience? It can, if it’s the right software. Here’s how Eldermark NEXT can help you turn ordinary senior living into extraordinary luxury care.
Customization for Personalized Care
With Eldermark NEXT, you can go straight to the source so you can guarantee excellent, custom care for every resident. Improve resident experience by tracking preferences like meals, activities, and social engagement. Then, seek feedback from residents and loved ones to determine how to create a personalized care plan.
Streamlined Concierge and Task Management
Manage your workflows and empower your workforce to provide the personalized services your residents demand with unparalleled task assignments and acuity-based staffing. Ensure you are appropriately staffed at all times to guarantee resident safety, well-being, and enjoyment.
Centralized Communication
Transparent, real-time communication is central to any senior living community, but especially so to one that prioritizes luxury. With Eldermark NEXT, you can send updates about in-demand events and activities, plan engaging social calendars, and track and share details on wellness goals. Making adjustments to care plans is quick, simple, and accurate, promoting resident well-being and making sure they are always involved in their care.
Additionally, communications through Eldermark NEXT provide a portal for family members and loved ones so they can stay connected with residents.
Efficient Operational Management
The tools you’ll find in Eldermark NEXT allow you to leave the administrative headaches to us, so you and your team can stay focused on the biggest priority: your residents. Make your operations more efficient with the ability to make multi-department coordination seamless and smooth.
And take advantage of our proprietary analytics tools to track critical metrics and identify gaps so you can stop revenue leakages and make informed decisions.
How to Get Started With Eldermark NEXT
What sounds truly luxurious to prospective senior living residents? A luxury senior living community that prioritizes their needs and delivers engaging experiences and high-end living. And what sounds luxurious to you? The ability to leave the tedious tasks to someone else, so you can put your energy where it counts.
Get all of that and more with Eldermark NEXT. When you’re ready to start creating efficiency without sacrificing luxury, contact us for a free demo!
