WelcomeHome Software

WelcomeHome Releases 2022 Year In Review, Report On Key Senior Housing Trends

WelcomeHome Software's 2022 Year In Review report, based on data from over 1,000 senior housing communities, reveals that independent living occupancy rebounded most significantly with a 6% increase, assisted living and memory care maintained steady occupancy with improved tour-to-move-in conversions, and communities leveraging automation tools performed 30% more activities leading to a 1.5% monthly occupancy gain, while over 75% of new leads originated from online aggregators, highlighting key trends and strategies to enhance senior housing community performance in 2023.

WelcomeHome Software, a customer relationship management system for the senior housing industry, has released its first Year In Review for the senior housing industry. Drawing on data from over 1,000 communities, the report highlights key trends from 2022, successful attributes to consider, and information to help communities become more productive in 2023.

“Our goal in releasing this report was to provide insights and data that operators could harness to drive their communities forward,” said John Lariccia, Founder and CEO of WelcomeHome Software. “We believe the data and trends shared on occupancy, sales funnels, sales director performances, activities, and lead source analysis can help boost company performances to the next level.”

Key findings:

  1. 1.As occupancy began signaling a return to pre-pandemic levels across all care types, independent living saw the greatest gains at 6%. While it took more activities to propel these move-ins, such as tours, emails, and follow-ups, the benefit is in their extended length of stay.
  2. 2.Assisted Living and Memory Care percentages remained relatively steady but achieved higher tour-to-move-in conversion rates, likely driven by care decisions. Geographically, the Northeast and West regions led the charge.
  3. 3.Along with a 150-day sales cycle and 675-day length of stay, the 2022 industry averages for Assisted Living, Independent Living, and Memory Care required 110 activities—and more than five months—to drive a single move-in.
  4. 4.Communities that made incremental changes and adopted automation tools performed 30% more key activities than their peers, yet spent only five more minutes per day in the CRM. As a result, a 1.5% plus occupancy gain was realized month-over-month.
  5. 5.More than 75% of new leads and 46% of all move-ins came from aggregators and online sources. Looking forward, strategies that improve referrals should also be considered, as they typically have a high conversion percentage from lead to move-in.

“Driving data adoption and leveraging tools for efficiency are critical enablers for success, including having visibility into what effective sales teams are doing. Valuable strategies for decision-making are essential as the senior housing industry continues to face the challenges of high turnover and increasing costs and competition,” concluded Lariccia.