New assisted living database designed to enable operators, lenders to compare communities nationwide
A new assisted living and memory care quality database by Formation Healthcare Group and Vision LTC has completed beta testing and has been launched publicly to a limited number of organizations, the companies have announced. Attendees of this week's National Investment Center for Seniors Housing and Care Spring Investment Forum will have the opportunity to view it firsthand. (Read how below.)
The survey and regulatory analytics platform, called CarePrepare, has the goal of making it easier for assisted living and memory care operators and capital providers to search for and compare communities from across the country.
“Assisted Living is regulated differently in each state, making a consolidated quality database a much‐needed resource in the market to understand, analyze and compare assisted living properties,” Jessica Curtis, vice president of clinical systems and analytics at Formation Healthcare Group, said in a statement.
“We are taking critical performance data that has long been locked up in state regulatory databases and democratizing access and translating complex survey results into standardized, easy‐to‐understand measures,” Vision LTC CEO Arick Morton added.
“CarePrepare is fully functional, with 55% of the nation's population in the states available,” Curtis and Trissie Farr (pictured here), Formation Healthcare Group senior vice president, told McKnight's Senior Living in a follow-up email. “We are continuing to add advanced functionality and more states' data as we work with our Founder's Circle partners to shape the product roadmap.” Founder's Circle members are the 15 operators, lenders and product vendors to which the proprietary product has been released.
Formation Healthcare Group, a subsidiary of Formation Capital, and Vision LTC first publicly announced a beta version of the database in September.
“The feedback that we received from our early testing was that industry organizations want to leverage the CarePrepare platform for managing owned assets, benchmarking operational performance, evaluating acquisition and development opportunities, evaluating staff performance and demonstrating care quality to prospective residents and referral sources,” Farr and Curtis said. “Based on those learnings, we've added a number of features that enhance the user's ability to leverage the CarePrepare platform for these uses, including new group/portfolio reports and benchmarking capabilities.”
Ultimately in 2018, CarePrepare will include aggregated regulatory outcomes and consumer rating data for 80% of the U.S. population, they said. “We have numerous ongoing development initiatives to provide further functionality on our roadmap, such as advanced citation data-mining and reporting, facility risk ratings and referral source and prospect marketing collateral,” Farr and Curtis said.
Farr will be demonstrating the database at the NIC meeting as time allows. Those interested may contact her at firstname.lastname@example.org. Those interested in the platform also may visit careprepare.com for more information.
The companies said they plan to begin working with organizations beyond the Founder's Circle soon.