The demand for memory care is expected to increase dramatically over the next several years, driven to a large extent by aging baby boomers, many of whom are now well into their seventies and will be seeking specialized care.
As an industry dedicated to caring for some of our most vulnerable citizens, we must be prepared to meet increased demand. And we must do it in a way that takes advantage of new, emerging care models, technologies, and other innovative approaches to care.
Isaac Scott, founder and CEO of Anthem Memory Care, joined a panel of industry leaders, at the Senior Housing News Brain Conference held recently in Washington, D.C. The panel discussed a range of issues, including the state of memory care, today’s challenges, and the many changes and innovations they are experiencing.
The session covered several areas of interest, including:
- Growing need for memory care: The facts speak for themselves. It was pointed out in the session that, by 2050 the number of individuals living in the U.S. with Alzheimer’s is expected to double, from 6.7 to 12.7 million.
- Ongoing impact of the pandemic: While the pandemic was devastating, panel members agreed that it helped fuel new technologies and put greater focus on value-based and person-centered care. Isaac Scott noted that the pandemic was a clarifying moment that shined a “very bright light” on the industry, putting a spotlight on the critical role of healthcare providers.
- The challenges of supply constraints: High interest rates and the cost of capital have contributed to a downturn in construction of new senior housing, the lowest since 2014, according to NIC (National Investment Center for Seniors Housing and Care). Isaac Scott refers to it as an “era of supply constraints,” noting the lack of ample development in the memory care space. This presents a challenge, but one that must be met, given the forecasted increased demand.
- Technology and innovation: The panel examined the growth of technology in senior living and how it continues to drive innovation in applications and resources for communities. As Isaac Scott noted, the sophistication of technologies must increase dramatically to serve a new era of demands. This includes scientifically-based programming to foster greater resident engagement, such as Anthem’s Pathways of Purpose program.
These are only a few of the industry touchpoints covered in the panel discussion, with many added insights from panel members, including Anthem’s Isaac Scott. You can read the full article covering the session here. It is the first of a new launch of weekly insights from Senior Living News entitled, “Memory Care Business”.
At Anthem Memory Care we recognize the importance of keeping pace with the many changes occurring in the memory care segment of senior care. Our communities continue to be dedicated to embracing innovation and a purposeful, person-centered care model to support our mission to “protect, engage and love” our residents.