As technology evolves, experts find new ways to strengthen security and amplify health management in retirement homes. Senior care technology is reshaping the landscape of senior living from ensuring safety in their daily activities and promoting health to elevating social connections and streamlining operations.
The senior living industry generates revenue exceeding $94 billion annually, highlighting its significance in the healthcare and real estate sectors. As the industry continues to evolve, encompassing various housing and residential care options tailored to the needs of older adults, the role of technology within these facilities has become increasingly paramount. For those with aging parents, selecting the right tech gadgets can significantly enhance independent living and their ability to age in place safely.
The senior living sector has experienced significant growth over recent years, with annual revenue increasing from $78.2 billion in 2016 to $94.2 billion in 2023. This upward trajectory underscores the industry’s expanding footprint and critical role in today’s healthcare and housing landscapes.
Among other businesses with facilities that require multiple telephone lines that run to various locations in numerous rooms, companies in the hospitality, multifamily, and senior living sectors place an extremely high value on their private branch exchange (PBX) telephone services. Briefly defined, a PBX is a small, on-premises telephone system that an organization operates independently of any outside public telephone network. While an outside telephone company may act as a supplier or provider for certain PBX operations, each PBX system is privately acquired and managed by the specific enterprise that owns it.
It is impossible to overestimate the importance of digital connectivity in the modern property management industry, whether you are working in the hospitality, senior living, or multi-family residential sector.
Business market research professionals such as Inkwood Research’s Sherry Thomas generally agree that unified communication (UC) systems offer tremendous advantages to the organizations that implement and use them. Thomas describes the many ways in which UC systems enhance the ease and flexibility of communications to boost productivity, tighten security, slash operational costs, and drive business growth.
The majority of seniors are incredibly comfortable using technological devices. To provide a comforting living experience, senior living communities must begin investing in technology that enables their residents to feel right at home. For example, a high-speed network for senior living communities enables properties to deliver data, video, and voice to residents so that they can enjoy their new home.
In the past, your network provider would have to move from room to room to install, update, and troubleshoot hardware and network systems. Thanks to modern technology, however, property managers are increasingly moving to Wi-Fi networks with cloud management functionality that makes network management more efficient. Thanks to remote access and real-time dashboards accessible via the cloud, providers can more easily manage these networks—without having to be on-site at your property.
Over the past 10 years, Millennials (individuals born between 1980 and 1995) have been the primary target for hotels and student housing communities alike. Many hotel chains have launched minimalist brands to appeal to this population, and student housing developers have tailored their design concepts to be Millennial-focused with minimalist, modern features, co-working spaces, and open-concept lounges.
When we talk about residents of senior living in 2023, we’re referring to members of the baby boomer and Gen X generations. Baby boomers are much more technologically adept than their counterparts from a few decades ago. In fact, a recent Pew study found that 40 percent of seniors now own smartphones. In fact, a recent Pew study found that 61 percent of seniors now own smartphones. Let’s explore the topic more thoroughly.