When senior care facilities leverage big data, overcoming resource shortages and streamlining everyday operations becomes possible. Big data is essentially large and diverse sets of data that have analytical value. Senior living providers use several software sources to operate their businesses – tying these together yields insight to a wealth of opportunities to improve upon overall financial performance. According to a Statista report, the market for health-related analytics services using big data will increase to $13 billion by 2025.
Prone 2 Dream delivers big data analytics by integrating the various critical software programs you rely on for your business operations. With accurate, dynamic, real time reports, analytical insights promote more informed decisions that will benefit your company with improved financial performance.
This article highlights the benefits of big data analytics for enriching operations in senior care facilities today.
Circumvents staffing challenges
It’s no secret that the pandemic placed additional pressure on an already tenuous staffing situation in senior living. In fact a New York Times feature explains that staffing shortages account for an estimate of 342,000 job losses since 2020. This reality impeded daily operations at almost all senior care facilities. With big data, however, providers can analyze their timeclock, payroll, and agency labor to deploy strategies for improvement. Using big data analytics, administrators can identify inefficiencies and subsequently manage them.
Prevents compliance gaps
Big data enables applications that help providers comply with federal and state regulations, especially those related to their facility’s staffing levels. Administrators can enlist our DreamCore Intelligence Center to reveal compliance gaps such as RN shortages. This technology also makes recommendations on how to address and fulfill reporting requirements. Ultimately, senior care services can avoid incurring penalties or sanctions when they don’t meet staffing standards.
Offers accurate and customized daily reports
When senior care providers’ processes are optimized by data, normal human errors that come from misrepresented information can be avoided. Our DreamCORE Intelligence Center integrates your data sources and delivers accurate reports through robotic automated processes. As such, information displayed on the dashboards provides both historical and prospective pictures enriching financial strategies. For instance, our declining budgets feature calculates daily adjustments to SpendDown based on current client base (census). In our post ‘Changing Minds Changes Habits’, we mentioned how DreamCORE Intelligence connects all your frontline managers to daily adjusted budgets. This means overspending becomes an active choice, instead of human error. Your frontline leaders want to succeed in their roles – provide them the tool, DreamCORE, to do so.
Promotes faster, evidence-based decisions
Comprehensive financial strategies are crucial in achieving a profitable bottom line in senior care facilities. With the right financial data, managers at every level are empowered to allocate appropriate funds for all their department’s needs. Utilizing DreamCORE bolsters faster, evidence-based decision-making. Do all your leaders have the right data to improve their financial performance and accountability?
As seen in Maryville University’s post on assisted living, America’s population of seniors is large and growing. According to the U.S. Census, there are 47 million seniors age 65 and older in the United States; the Population Reference Bureau expects this number to double to more than 100 million by 2060.
The value of big data to the senior living industry covers a broad scope, from the financial benefits outlined in this article to clinical advances which we’ll address in a future post. For more insights on how big data can positively impact your company, stay tuned to our latest articles on Prone 2 Dream.
If you’d like to learn more about leveraging big data to enhance operations for your senior living centers, contact us for a consultation or a demo.