WelcomeHome Software, a game-changing customer relationship management system for the senior housing industry, announces the release of its first Year In Review for the senior housing industry. With data aggregated from the 1,000 plus communities WelcomeHome currently serves, the report highlights key trends that shaped 2022, successful attributes to consider, and valuable information that can power communities toward a more productive 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, CEO, 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
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.
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.
Along with 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.
Valuable insight was revealed by communities who made incremental changes and adopted automation tools. Performing 30% more key activist than their peers yet spending only five more minutes per day in the CRM, a 1.5% plus occupancy gain was realized month-over-month.
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.
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