As tech-savvy generations are approaching their golden years, they will expect greater pricing transparency, an array of unbundled, affordable solutions to care and an increasing focus on the use of technology to highlight available options. That’s according to commentary Thursday on GlobeSt.com.
When it comes to the future of seniors housing, owners and operators have found themselves in a unique position with an opportunity to develop new business models and technologies to better serve their soon-to-be target market: baby boomers, according to the piece.
“Baby boomers will undeniably be the wealthiest and most tech-savvy cohort of senior living residents in history,” the article stated. As a result, seniors housing is to be the next market for what’s been called “property technology,” or “proptech.” What’s needed, the author noted, is the equivalent of a Zillow for seniors housing.
Within that technology, the article concluded, there will be a need for greater pricing transparency, particularly as the range of pricing is expected to widen as the unbundling of services becomes more common. In fact, older adults who were shown pricing or financial information during a senior living website visit were significantly more likely to convert to a residents, according to data from Genworth Financial.