Money is tight in Hospitals and they are becoming much more creative and entrepreneurial as a result. Keeping patients in an acute care ALC bed is very expensive, when they are unable to discharge patients due to a shortage of nursing home beds. Hospitals know the opportunities the senior population offers as a supplemental revenue source, while fulfilling their mandate to address the needs of their community.
There are many examples of what initiatives exist today and some indication of what is to come. Campuses of Care are the most obvious. These are multi-serviced environments consisting of a variety of combinations including: acute care hospital, rehab hospital, physician clinics, long term care, supportive housing, retirement home, condos and even seniors housing. These complexes are sprinkled throughout the country and are quite impressive.
The second example, which is becoming common, is converting unused hospital wings or even empty hospitals into a form of Retirement Home while waiting for a long term care. These locations are prime real-estate. Sitting empty costs money. Converting them into some form of seniors’ accommodation generates revenue and a sharing of the hospital’s overhead costs.
There are many things that you can do:
- Join them! Some creative retirement home and long term care operators have partnered with these initiatives and become part of the complex.
- Create an affiliation! Others have become affiliated with the hospital in order to provide their expertise and service to operate these sites. Retirement homes need to make sure that their local hospital are aware that they have beds available, if even for the short term.
- Plan Ahead! Still others have developed sites where relocation of a hospital is possible should the hospital need to rebuild.
- Participate! Start the conversation with the hospital. Isolationism by retirement homes or even long term care homes is counterproductive and can be quite costly. Join whatever committees are available to learn what hospitals are planning or considering. Get ahead of the curve in order to determine the best strategy.
- Show the Difference! It is impossible to go head to head with a hospital when it comes to pricing. However, it is very practical to demonstrate what your site promotes and has available. Hospitals may provide the same services and atmosphere but could be challenged to change their acute care image.
Seniors’ care has become a competitive and complex market and that will only increase over time.
Would you like to learn more about how MED e-care can help you? Please don't hesitate to "book a presentation" or "ask a question".