The 2024 NIC Spring Conference’s Innovation Lab explored “Tech-Enhanced Senior Living.” Moderated by Abby Miller Levy, vice chair of NIC’s AgeTech Committee, the session delved into technology’s transformative potential in senior living. Panelists highlighted strategic prioritization and implementation strategies, emphasizing end-user inclusion and thorough vendor diligence. Attendees engaged in interactive activities, discussing challenges and best practices, fostering collaborative problem-solving. The Lab showcased technology’s role in addressing older adults’ unique challenges, promoting holistic care, and improving health outcomes. It served as a catalyst for collaboration between tech vendors, capital providers, and senior living operators, envisioning a future where technology enhances quality of life for older adults. Read more here.

The Federal Reserve Board met last week for their second meeting of 2024 and chose to hold rates steady at 5.25 to 5.5%. Coming out of that meeting, Federal Reserve comments suggested rate reductions in the near future and the potential for three reductions in 2024. It is anticipated that June will be a key meeting for an initial drop in the Federal Funds Rate. Click here to read more about remarks from Chairman Powell and what impacts this may have on the senior housing and care sector.

Returning to the 2024 NIC Spring Conference, six Innovation Lab sessions brought together industry leaders in smaller “roll-up-your-sleeves” workshops to tackle some of the most challenging issues facing the industry. Kicking off the workshops, groups discussed operating model concepts for meeting the wants and needs of the large baby boomer population poised to need senior housing and care services. “Militant expense controls” were just one of “secret six ingredients” that contribute to Cardinal Senior Management’s success in the middle market according to Co-founder, Joe Pohlen. Read more takeaways from the Innovation Lab sessions here.

“What does the industry need to do to better position itself for the demand for middle-market senior housing?”

 

 

“The industry needs to start, less talk and more action.”

Pilar Carvajal, Founder & CEO, Innovation Senior Living

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“Expand the definition of affordable housing AMI thresholds to include some or all of the middle income household AMI thresholds at the federal, state, and local levels to unlock new funding mechanisms, incentives, and decreased regulatory burden on new middle market developments, redevelopments, and acquisitions.” 

Jon Fletcher, Senior Vice President, Presbyterian Homes & Services

 

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“The industry needs to actively advocate for gap financing, tax abatements, and other subsidies by demonstrating resulting healthcare cost saving outcomes.” 

Lundat Kassa, Vice President, Bellwether Enterprise Real Estate Capital

A Conversation with John and Taylor Rijos 

Parent/child duos working across the senior housing and care industry are becoming more common. This conversation with John Rijos of Chicago Pacific Founders and his son, Taylor Rijos, with Kayne Anderson, offers insights into what is motivating the next generation to follow their parents into careers in the senior living sector and what they are learning from each other. Read the Rijos’ story here.