The retirement home industry is becoming a niche market and as the Baby Boomer population continues to age, the need for adequate senior housing continues to rise. But just like any industry, there are a series of challenges retirement home operators in Toronto face. From managing operational costs, to educating the public about the senior living options available, to adhering to the necessary legal regulations, here are the top three operational challenges retirement homes face today.
Occupancy vs. Construction and Maintenance Costs
Developers of retirement homes in Toronto and other major cities in Canada should be proactive when considering key factors such as occupancy rates and the construction costs. Due to the lack of serviceable land, higher charges for development, and huge changes in technology, strategic thinking and planning are absolutely vital for retirement homes to see any kind of return on investment. Successful retirement homes rely on their ability to provide hospitality, value-added services, and excellent customer relations to stay above the competition and steady their revenue.
Educating Seniors to Make the Right Choice
There are very few seniors who actually plan their own moves into retirement homes. In most cases, their children or relatives play a huge part in making this decision and it’s often a last-minute decision. Whether the senior is suffering from an illness as a result of aging or is unable to live on their own anymore, education and awareness can help seniors (and their families) to plan in advance and find the right location that provides the best care services, at the right cost. Part of ensuring seniors make the right decisions is to make the necessary information they need accessible to them.
Understanding and Following Legal Regulations
In the past five years, industries all around have seen an increase in regulation. Factors like the Privacy Act, Canada’s Anti-Spam Legislation, Accessibilities for Ontarians with Disability Act, etc. have added more regulations to the daily operations of many businesses. Retirement homes are regulated under the Retirement Homes Regulatory Act (RHRA), fire regulations, health regulations and most have a Residents’ Bill of Rights. These additional regulations have added to the cost of operating a retirement home. Although they bring protection and safety to residents, they can also put a financial strain on retirement homes. Having the right balance will keep you in good business.
Tackle These Challenges with Help from The Care Guide
TheCareGuide.com is an online repository of information and guidance for seniors and their families that has been providing insights into elder care and housing solutions since 1996. Our guide has helped many customers find the best living and housing options in their area and has offered valuable advice on how they can successfully make the transition into a senior living arrangement. More information and advice on senior care and living solutions can be found by contacting us at 1-800-311-CARE or email@example.com for additional help.