Turning insights into action was more than a theme at the 2024 NIC Spring Conference, it was a goal. The Innovation Labs held in Dallas offered attendees an opportunity to do just that – with some of the brightest minds in the industry.  

Returning after their well-received launch at the 2023 NIC Spring Conference, the Innovation Lab sessions brought together industry leaders in smaller, “roll-up-your-sleeves,” workshops that allowed for a more in-depth and dynamic experience to tackle some of the most challenging issues facing the industry.  

The conference featured six Innovation Lab workshops on timely topics that included operating models for baby boomers, middle market strategies, the future of Medicare and Medicaid, using data to support senior living’s value, AgeTech, and accessing public funds to enhance profitability. The interactive format provided attendees the chance to collaborate with peers in a small group workshop format. Read further for highlights from two of the Innovation Lab sessions.  

Operating Models for Boomers 

“There are 30 million more boomers than there were silent generation. I’m not sure that has fully sunk in for any of us,” said Bre Grubbs, Partner & Chief Strategy Officer, Leisure Care, opening the first Innovation Lab of the day by laying out just how large the demand will be as boomers enter the senior living market. She emphasized the diversity of the boomer generation while highlighting the vastly different outlooks between the oldest and youngest of the boomers. 

Joining Grubbs in leading the session were Madisen Medley, VP of Business Development at Merril Gardens; Bethany Ghassemi, Chief Legal Officer, HumanGood; and Sophia Lukas, Chief Operating Officer of St. Paul’s Senior Services.  

Reviewing results of a survey conducted to understand what boomers want as they age, Grubbs noted that onsite healthcare services weren’t chosen as a want by the boomers in the survey, even though they’ll need them. “What they do want is to stay at home, but the reality is their health may change and then they have no idea what they’ll do.”  

As breakout group discussions began, attendees were tasked with addressing different focus areas for working with boomers’ wants and needs including accommodations, healthcare, engagement, and fear. 

Ghassemi discussed boomers’ biggest fears, which are overwhelmingly financial—reduction of social security, outliving their savings, declining health leading to long term care expenses – and challenged attendees to think of ways to address them for potential residents.  

To stimulate a discussion focused on engagement, a question was asked, “How do we allow people to continue to live their lives the way they want to live them and maintain their lifestyle?” The accommodations workgroup mentioned the varying transportation needs, recognizing that older boomers prefer a campus shuttle while the younger boomers prefer rideshare services like Uber.  

Lukas offered a provider’s perspective on healthcare services. She noted that what they have and haven’t had success with both related to access – specialists aren’t coming into the senior living buildings so there’s still a need for transportation, residents prefer to keep their own primary care physician rather than switching to the onsite physician, and even the technology infrastructure required to facilitate telehealth is a consideration.  

Discussions turned to meeting the needs of older adults who can’t afford to move into senior housing, including the large middle market contingent, and providing access to services in other ways such as widening the reach to the broader community.  

Grubbs concluded the session by committing to summarizing the insights from the discussion groups for NIC volunteer committees to synthesize for future action. She also noted that she would be bringing ideas back to her own organization to explore what they can start implementing.   

Middle Market 

The number of middle-income seniors will grow to 14.4 million by 2029, double the number just 10 years ago. And there was a full room during the Navigating the Middle Market Innovation Lab, discussing strategies for meeting the looming demand.    

Avery Wallace, Senior Associate at the Milken Institute, opened the discussion with an overview of barriers to serving the middle market, including challenges in managing costs of capital and of care. VIUM Capital’s Executive Managing Director, Steve Kennedy, offered best practices for working with debt providers and noted the importance of communication during each deal phase. 

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“Militant expense controls” were just one of the ’secret six ingredients’ that contribute to Cardinal Senior Management’s success in the middle market said Co-Founder, Joe Pohlen, while Innovation Senior Living’s Founder & CEO, Pilar Carvajal, shared tips from their experience strategically repositioning distressed communities.   

Pine Park Health Chief Strategy Officer, Jim Lydiard, chair of NIC’s Partnering for Health Committee, facilitated working group feedback, which included recognition that solutions will need to be market-specific, and suggestions for use of modular and manufactured construction. 

Innovation Lab presentation materials are available to conference attendees in the Conference App. 

AgeTech, as it is defined, is the dynamic integration of technology that is tailored to meet the unique needs of our seniors. It is also reshaping the senior housing industry as we know it. A tech-infused approach is not only enhancing the overall well-being of our residents but is also addressing the challenges faced by caregivers and communities that provide services for our aging population.

An Enhanced Quality of Life

AgeTech solutions significantly contribute to improving seniors’ overall well-being by addressing their health and lifestyle needs. The integration of smart home technologies and health monitoring solutions ensure safety for patients and provide valuable insights into changing resident needs. These technologies also often enhance quality and longevity of life within our communities.

The technological transformation happening in our communities not only attracts a broader range of residents, but it also enhances the living and working environment for team members who serve our seniors.

As it relates to senior care programming, health monitoring devices and wearable technology empower senior housing providers to offer personalized healthcare and wellness programs. Through data that these devices provide, predictive analytics can contribute to proactive and preventive care, enhancing overall health management and quality of care, and lifestyle for our residents.

The collection and analysis of data from AgeTech solutions can also provide valuable insights into residents’ health, behavior, and preferences. Senior housing providers can make informed decisions regarding community management, personalized care plans, resource allocation, and the quality of care and services provided. Through this approach, communities can now differentiate themselves as quality and value-based providers.

Erin Maruzzella, the Executive Director of the Innovations in Aging Collaborative, emphasizes the importance of designing caring solutions for seniors, acknowledging the diversity among our aging populations. “We should be designing with seniors, not for seniors. The goal is to understand that every senior is unique, and solutions should be adaptable to individual needs.”

Given the challenges and opportunities, the following are key considerations when evaluating AgeTech solutions:

1. Accessible features for the older adult consumer
2. Consideration of cognitive demands required for utilization (e.g. simple navigation, minimalist design)
3. Ability to leverage solutions for passive health monitoring
4. Affordability
5. Ability to overcome digital literacy barriers
6. Data accessibility and integration with other solutions and platforms
7. Overall ease of implementation for both the consumer and the operator

Conclusion

Solutions should be designed with the ultimate user, the senior, in mind, and vendors should be willing and able to share data in a usable format for communities. There are intermediate steps needed before technology can be fully utilized to ensure adoption and value creation, suggests Danny Kaplan, a gerontologist, co-founder, and general partner for Equitage, a soon-to-be launched venture capital fund that is focused on investing in AgeTech. “You should consider how much customer and user education is required. Specifically, do people need to be educated about the problem, or do they know the problem exists?”

AgeTech is not just a technological revolution, it is a compassionate and thoughtful approach to reshaping the senior housing industry. By fostering innovation, improving resident experiences, and addressing the evolving needs of the aging population, AgeTech paves the way for a future where senior living residents receive efficient, connected, and personalized care.

Attendees gathered in Dallas for three days of content, connections, and actionable insights.

Against the backdrop of an ever-evolving senior housing and care landscape, the 2024 NIC Spring Conference brought together industry leaders, experts, and stakeholders to exchange ideas, network, learn, and chart a forward-looking course for the sector.   

The conference theme — “Insights into Action” — reflected the event’s goal to give leaders the actionable insights to embrace and capitalize on the future of senior housing and care. Thoughtful and engaging programming highlighted the emerging trends shaping the industry, while addressing current challenges and opportunities.   

Drawing more than 1,800 participants, the conference was held March 5-7 at the Omni Dallas Hotel in Dallas, TX.  

Bob Kramer, NIC co-founder and strategic advisor, kicked off the three-day event. He noted that the focus of the conference was care and housing for older adults but within a broad framework. This comprehensive vision goes well beyond the traditional offerings of providers to include the management of chronic diseases and taking increasing responsibility for resident health and longevity. “This opens the need and opportunity for partners as we address the complete needs of our residents,” said Kramer.   

Here are key highlights from the 2024 NIC Spring Conference. 

Important New Research Shows the Value of Senior Housing. Older adults who live in senior housing communities live longer, receive more home health services, and benefit from greater rehabilitative and preventative care in the two years following move-in than those who do not, according to new research presented at the conference and conducted by NORC at the University of Chicago. “It’s all about outcomes,“ said Dianne Munevar, vice president, Health Care Strategy at NORC. 

Dynamic Main Stage Discussions. Eight main stage sessions brought together top experts on the dynamic trends driving the sector. Three sessions focused exclusively on the skilled nursing segment. Here’s a quick recap of other popular sessions. 

• Medicare Priorities and Programs. Answering the question of how senior housing and care providers can better work with the Centers for Medicare & Medicaid Services (CMS), Dr. Meena Seshamani, Deputy Administrator and Director at CMS, took the stage with Dr. David Grabowski, Professor of Health Care Policy, Department of Health Care Policy at Harvard Medical School. Seshamani said the agency’s expanded definition of care and other initiatives will impact senior housing and care. “It is extremely important to us to encourage data, transparency, and innovation,” she said. 
• Big Retail Healthcare Strategies. The lines between healthcare and retail are blurring. Companies like Kroger and Amazon are diving into the healthcare space at a time when senior living is trying to figure out where it fits in. Leaders from major retailers and healthcare companies including Kroger and One Medical, discussed the opportunities to partner with the senior housing and care industry in new care delivery models. “Amazon and Kroger have invested in data and have evolved. As a senior housing and care industry, we have to change too,” said panelist Chip Gabriel, partner, Senior Living TransFormation Company. “Amazon is customer obsessed, so One Medical is patient experience obsessed” said Lindsay Botsford of One Medical. “We want to make it dramatically easier for customers to find, choose, afford, and engage with the products and professionals that can improve health.” 
• Capital Markets. Commercial real estate faces a difficult financing environment, even as the economy continues to expand. Rising interest rates have slowed senior housing transactions. One of the country’s leading economists, Doug Duncan, chief economist at Fannie Mae, put the discussion in context. He was joined by a panel of senior housing finance executives. Duncan noted that the service side of the economy has continued to show strength despite other soft spots. He expects three interest rates cuts by the Federal Reserve in the second half of 2024. Recognizing an opportunity, the REIT Welltower will continue to put capital into senior housing, according to John Olympitis, senior vice president and head of corporate development at the company. Panelist Jamie Cobb, chief financial officer at Columbia Pacific Advisors, said it’s a good time to deploy capital in the sector, but hard to do since banks are hesitant to finance new development.

Conference attendees can view conference presentations in the conference app. 

Collaborative Innovation Labs. The conference featured five Innovation Lab sessions. The interactive format was brought back from its well-received launch at the 2023 NIC Spring Conference. Attendees collaborated with peers in a small group workshop format. Timely topics included middle market strategies, operating models for baby boomers, and AgeTech, among others

Networking Opportunities. Attendees also enjoyed a variety of opportunities to connect with colleagues. Comfortable networking areas including two designated networking lounges were provided to meet with industry peers. Evening receptions were held outdoors for participants to enjoy the spring weather. First-time attendees participated in a special gathering with fellow inaugural conference participants. 

A special Women’s Networking Meetup was held the first morning of the conference to allow attendees to meet and network before the full start of the conference. Colleen Blumenthal, COO at HealthTrust, shared personal stories with advice on how to achieve professional and personal goals. She offered the group some advice: Decide and define what you want to be. Find your people. Let go, occasionally. And set new goals.  

Looking Ahead. Attendees at the 2024 NIC Spring Conference gained a deeper understanding of the opportunities and challenges facing the industry that will serve as catalysts for change. As NIC’s Kramer concluded, “We are turning insights into action.” 

Mark your calendar! Join us at the 2024 NIC Data & Analytics Conference, May 21-22, 2024, in Minneapolis. Registration is now open.     

With more than 1,800 attendees at last week’s NIC Spring Conference, it was the ideal time to ‘take the temperature’ of the stakeholders serving and investing in the senior housing and care landscape.

Attendees were asked, “What is your 2024 outlook for senior housing and care?” to which they selected a response ranging from “Extremely Positive” to “Extremely Negative.” As detailed below, nearly 8 out of 10 attendees responded, “Somewhat Positive” or “Extremely Positive.” 

Not surprisingly, there were differences in outlook across various stakeholder groups with developers, lenders, and investor/equity providers expressing a less positive outlook. Given the current conditions related to access and cost of capital, this result was not unanticipated. The average ratings by attendee category are noted below, with the higher the average representing the more positive the outlook.

Despite the differences, in general, the sentiment on outlook is one that is fairly positive. This is an important finding, particularly given the current headwinds facing the sector. Clearly conference attendees remain bullish on the sector despite some of today’s challenges.

One of the additional goals of asking the outlook question was to develop a sentiment index that can be assessed over time as the industry progresses in the months and years ahead. NIC will again survey conference attendees at the NIC Fall Conference and the 2025 NIC Spring Conference to examine industry sentiment over time.

Older adults who live in senior housing communities live longer, receive more home health services, and benefit from greater rehabilitative and preventive care in the two years following move-in than those who do not, according to new research. The research was supported by a grant from NIC and led by an independent team of researchers at NORC at the University of Chicago. 

Researchers compared older adults who moved into senior housing communities in 2017 and resided there for two years or until their death to a similar group of older adults who remained living in the greater community. They analyzed six measures: mortality, days alive, days away from home due to adverse health events, days receiving home health care, preventative and rehabilitative health services days, and days on anti-psychotics to understand the impact of senior housing.  

On average, older adults who move into senior housing: 

• Live longer—Living more than one week longer than older adults who live in the community, and have a lower mortality rate; 
• Receive more home health care—Receiving 10 more days of home health care services than older adults who live in the community; 
• Obtain more preventative/rehab services at home—Receiving four more days of preventative and rehabilitative services at home than older adults who live in the community; 
• Spend less time on anti-psychotics—Spending three fewer days on anti-psychotics than older adults who live in the community. 

Researchers found that older adults who moved into senior housing properties spend roughly the same number of days away from home to receive high-acuity care as older adults who live in the surrounding community. 

The implications for this type of work are significant and will also inform future research projects. One of the findings was that while on average, senior housing properties have metrics more favorable than for those who live in the greater community, the variability among senior living properties is meaningful. There can be more done to learn about those properties who consistently rate among the highest quartiles and replicate those qualities to narrow the spread of rankings between the highest and lowest performing properties.  

The study is the third part of a four-part project supported by NIC to assess the health and well-being of senior housing and care residents. Previous studies provided insights on the vulnerability of senior housing residents and access to health care providers, and the final study will assess health outcomes of residents in senior living settings. Access the summary report on the longevity findings, which provides more details, here.