Technology investments in senior living and care are returning to “normal priorities” after the initial focus on the COVID-19 pandemic and infection control systems, according to the results of a new survey.
Specialty investment bank Ziegler released the results of its December 2022 CFO Hotline Survey this week, which lists the top technology spending categories for senior living — Ziegler says assisted living; independent living; Demonstrated designation as memory care and skilled nursing.
The survey, conducted biennially by LeadingAge CAST, reflects responses from more than 150 long-term care chief financial officers and financial professionals, mostly from nonprofit communities with a strong focus on the retirement community/life plan community.
The top five technology investments relate to information and communications technology, or ICT:
- Infrastructure (high-speed Internet connection, wired/wireless) 74%;
- electronic medical/health record systems; 54%;
- electronic care/point-of-service documentation systems; 51%;
- workforce/employee scheduling systems; and 47%
- Access control/visitor management systems 47%.
Spending on monitoring technologies, including automatic fall detection devices, increased last year (8% in 2022 and 18% in 2022); user-activated emergency response systems (41% in 2022 and 28% in 2020); including physical exercise and rehabilitation; technologies (23% in 2022 and 18% in 2020). Technical support for residents has also increased, compared to 29% in 2020, according to 40% of survey participants.
In general, Respondents said they would devote an average of 8.3% of their total capital budget to technology. This figure is up from 8% in 2020, but down from 12.2% in 2014.
Last year, Organizations are the least likely to invest in medication management technologies (15%); Less likely to share care planning and care coordination tools (15%) and robotic process automation (3%).
The top five investments in 2020 are video conferencing capabilities; ICT infrastructure; resident access; Internet and social networking sites; Ziegler said it showed a clear link to infection, including infection control systems and access control/wandering management systems.
Next year will focus on future spending, according to the survey.
- ICT infrastructure 37%;
- data analysis tools, 31%;
- electronic medical/health records; 31%;
- Access control/visitor management systems and 29%
- No. of e-care/service platforms; 29%.
Over the next year, spending will decrease on infection control systems and staff/resident screening technologies, and respondents indicated that their technology investments are evolving to meet the needs of children entering the long-term care system. The oldest baby boomers turn 77 this year, and the youngest is 59.
