Today’s consumers have high expectations. They demand quality products and services delivered in a timely, cost-effective, and convenient fashion. That’s why evidence-based quality measures have become so crucial, especially in the seniors housing and care industry. Consumers want a way to judge whether they can expect to receive high-quality care in a comfortable setting. Likewise, hospitals, physician groups, payors, and even lenders want proof that the care being provided creates better outcomes at a lower cost.
The NIC Map Data Service recently released national benchmark data through year-end 2016 for actual rates and leasing velocity. Key takeaways include: Average initial rates were below average asking rates for both independent living and assisted living properties, with monthly spreads larger for assisted living properties throughout the entire reported period.
About one-third of Medicare beneficiaries are enrolled in managed care today, and nearly half of all seniors are expected to be enrolled within the next 10 years. With that sobering statistic in mind, senior care operators need to understand the opportunities presented by the rapid expansion of managed care and the challenges that lie ahead.
Texas is no stranger to seniors housing. Of the 140 markets tracked by the NIC MAP® Data Service (NIC MAP), 6 are in Texas: Austin, Dallas/Fort Worth, El Paso, Houston, McAllen, and San Antonio. Two of those are among the largest metro areas in the nation. In this blog post, I give you an analysis of Texas’ seniors housing market and several key takeaways about its performance. Takeaway #1: Population and Job Growth Texas’ population is on the rise, and the state’s larger metropolitan areas are “growth markets.” Pure growth (both population and employment) in addition to pro-growth attitudes and regulations, land availability, and relatively affordable costs of living and doing business have stoked development in many of the urban areas of Texas.