Operational Budget Planning: How Much Should Senior Living Communities Spend on Technology?

Trying to scale back your operating budget? You’re not the only one. Businesses in all industries are seeking ways to minimize costs and reduce operating expenses, especially when it comes to software and technology. A recent study shows that on an annual basis, companies spend an average of $1,000-3,500 per employee on software. In a senior living community with dozens or even hundreds of residents, that can add up quickly.

However, it’s critical to remember how imperative it is to have the right software and tools in place when it comes to operating your community. The right software can make your staff more efficient, empower them to do their best work, and ensure that residents are highly satisfied. So how do you find the best software that meets your needs without exceeding your operating budget? We’ve got tips and insights to keep you on the right track, plus one game-changing solution.

Understanding Your Technology Needs

First though, it pays to get a deeper understanding of the types of technology and software your community needs. While there’s not exactly a one-size-fits-all solution, you may well benefit from finding ways to consolidate software vendors into a single, more efficient provider. Look for one that offers a wide array of functions, including:

• EHR: You’ll want an intuitive and user-friendly way to manage electronic health records.
• eMAR: Depending on the specifics of your community, proper management and distribution of medications is crucial.
• CRM: It’s extremely helpful to have an integrated CRM that updates across platforms to help improve occupancy and leads.
• Analytics and data: Make informed decisions with a platform that offers actionable insights based on your real-time data.
• Finance: Manage your operating budget and give residents and families simplified ways to pay with an all-encompassing platform.
• Resource management: Ensure staff is used appropriately and efficiently, so you always get their best.

There may be other types of software you’ll need in addition to these, and all of this can add up to big money. Eldermark customers leverage technology to improve resident care and boost their bottom line. Hear how by downloading our ebook today.

Planning Your Technology Budget

So, how do you plan an operational budget for technology that won’t break the bank? We’ve compiled some tips you can use when budget planning season rolls around.

Audit Your Current Vendors

Technology vendors and SaaS (Software as a Service) platforms are constantly updating their features and functions, and you might find that over time, your needs have outgrown a particular platform (or they’ve outgrown you). Make sure to conduct an annual audit of all the platforms you’re using to ensure they’re still the right fit. Look for those that have added features you don’t need, and especially for those that have increased pricing. Often, you end up paying for services or functions you don’t need.

Stay Up on the Latest Tech

It’s constantly evolving, just like your business, and it pays to know what services and platforms are trending. Leverage your professional network to find out what other communities are using. Read reviews and sign up for demos and free trials whenever possible. Know the market so you have real, meaningful insights when it comes time to budget and negotiate with vendors.

Check Out Case Studies

Beyond your peers and other real-world users, it helps to read in-depth case studies that offer actual data and clear insights into the different software services you may be considering. It also helps to look at other communities of similar sizes to see how they plan their operating budgets and manage expenses. Download our ebook to learn how other operators build their technology budgets.

Consolidate Vendors

Most importantly, you can manage your budget and ensure your technological needs are met when you find a comprehensive, end-to-end software solution. Vendor consolidation offers numerous benefits to your bottom line and to the way you conduct operations. 

Not only does consolidating vendors cut costs, but it also allows you to focus your energy on creating one strong vendor relationship, which can ultimately benefit your organization. It also leads to a reduction in mistakes and errors, improves accuracy, and leaves both staff and residents more satisfied. Seamless platform integration can be hard to find when you use many different vendors, but a single, consolidated solution eliminates the need for that. It also reduces the need for tedious onboarding and training, saving both time and hassle for your staff.

The Benefits of Consolidating Technology Platforms

You might think it’s smarter to shop around and find one-off solutions that fit each of your unique needs. That may work for some communities, but most of the time, it just leads to budget strain, inefficiency, and headaches for staff and residents. Here’s why a consolidated solution may be right for you:

Data Integration

Managing large amounts of data across platforms is inefficient and unsecured. Compliance becomes harder and privacy concerns grow when you’re inputting data manually into multiple platforms. Consolidating to one comprehensive platform eliminates the need to cross-reference every entry, and ensure your data is exactly where it needs to be, without overwhelming effort.

Improved Accuracy

Integration also leads to greater accuracy and fewer errors. This is extremely important, for instance, when it comes to operations like medication management and financial planning. A multipurpose software solution will cut down on mistakes and make data input easier for your staff.

Frictionless Onboarding

How much time does your staff spend on training and learning the ropes of every new software platform you adopt? If you added it up, the hours spent would probably shock you. But you can cut back on those hours with a consolidated solution that offers a smooth and seamless user experience. New hires will be onboarded and ready to go in a far shorter time, while existing employees won’t have to interrupt their work to learn new systems or adjust to non-integrated platforms.

Cost Savings

Of course, the budget is always one of the top concerns, which is why many organizations want to shop around to find the best pricing. However, that frugality often ends in just the opposite: fees and rates that continue to grow over time, while the benefits remain the same. That’s because many vendors will offer promotional rates or discounts at the beginning of a contract, then lock you in as rates climb. 

In the meantime, you might discover that all the new bells and whistles you’re paying for aren’t really what you need. An all-in-one solution with a transparent pricing structure will cut costs in the long run, allowing you to plan your budget without having to account for rate hikes or hidden fees.

Relationship Management

Having many vendors also means managing many vendor relationships, which can be difficult. The more vendors you have, the more contacts you’ll have, and the more chances that a relationship will sour, or will take more and more effort to maintain. A consolidated option also consolidates the vendors you need to get to know, allowing you to focus on a single contact and build a relationship of mutual trust and respect.

Leveraging Eldermark NEXT for Budget Efficiency

If vendor consolidation sounds like the right move for your community, Eldermark NEXT might just be the right solution. Our end-to-end platform offers everything you’ll need to manage operations with integrated data and cross-platform functionality — all in an easy-to-use package that keeps staff and residents satisfied and helps you stay within budget.

Our next-gen senior living software could ultimately save your team hours of administrative work and result in thousands of dollars more in revenue each month. Best of all, it has the functionality to meet all the needs of your senior living community, from robust CRM to actionable analytics to stellar resource management and a simple and easy pay system. Want to hear from our customers? Learn how they cut through the confusion, and discover a tech plan that fits their budget and goals by reading our ebook.

Getting Started With Eldermark NEXT

We designed this end-to-end software solution to provide communities like yours with comprehensive functions that meet their unique needs while keeping their operational budget in mind. We’d like to show you what Eldermark NEXT can do to deliver the best technology and software to you, your staff, and your residents. 

Schedule a demo today and see how it can make your operational budget planning easier than ever.