Senior Living Industry

Challenges and Opportunities Facing Senior Living Businesses

Your independent or assisted living, memory care, skilled nursing facility, or continuing care retirement community has unique challenges and opportunities. Costs, staffing and care quality concerns, and government regulations are just a few of the issues to consider. Solver is designed to help navigate pressing issues for senior living businesses, including the following:

• Staffing Shortages – Recruiting and retaining qualified healthcare and caregiving staff is difficult among high turnover rates and competition for skilled workers in the healthcare industry. Consolidated operational and financial data can identify trends among employees.
• Affordability – Senior living options come with high costs, particularly for assisted living and skilled nursing care, causing financial barriers for some seniors. Detailed, customized reporting and analysis can aid in cost management.
• Regulatory Compliance – It’s difficult to navigate the complex, evolving regulations related to healthcare, safety, and resident rights, while ensuring compliance to maintain licensure and accreditation. Tapping into tools and knowledge to stay organized is critical.
• Quality of Care – Maintaining high standards of care for residents requires continuous training and development for staff. Understanding patterns within the business can identify problem areas to target.
• Aging Population – The global population of seniors is growing rapidly, driven by increased life expectancy and aging baby boomers. Modeling and planning can help meet the demand for senior living options in the coming decades.
• Market Competition – New entrants to the marketplace and alternative senior care models increase competition. Reporting can help identify the business’ competitive edge to retain patients.

Benefits of Using xFP&A Software

With Solver’s analytics and reporting features, you can use the power of data to run your business. Here are the benefits of using the Solver Suite for your senior living business.

Adjusts to Your Operations' and Business Goals

Thanks to its high level of configuration possibilities, Solver provides features that fit your approach to business instead of a cookie-cutter solution that cannot be modified. Create unique data fields, key performance indicators, financial reports, budgets, analysis, and dashboards that reflect your care services and goals.

Drives Data-Informed Decisions

Solver provides the insights you need to make business decisions based on facts and statistical probabilities. Analyze your business performance and your market to make smarter choices.

Enables Proactive & Adaptive Planning

Plan ahead for market changes and optimize your strategy. Solver’s forecasting capabilities empower you to plan for multiple future possibilities. Meanwhile, multiple budget iterations and automated data integration allow you to quickly adjust to any change in the market.

How Solver Can Help Transform Your Senior Living Business

With a growing total addressable market on the horizon, senior living businesses must begin modeling and strategically implementing solutions today to prepare for success. Solver helps you future-proof your senior living company by giving you the ability to:

Streamline Data To Provide Patient-Centered Care

Get a full view of patient care by using the Solver Suite as your single source of truth for data stored across data sources. Get an all-encompassing view of patient service levels through dashboards and reports. 

Drill Down in Reporting To Maintain Regulatory Compliance

Compliance with legal regulations, particularly Medicare and Medicaid, requires complex and detailed reporting. Solver simplifies the process with professionally formatted reports that enables drilldown to analyze the underlying transactions and validate data. 

Get Full View of Costs and Revenue To Budget Accurately

Say goodbye to limited views into facility operating costs and projected patient revenue. Solver’s budget templates provide contributors with immediate access to operating expenses and projected revenue, all in one solution.