Where are senior living and care organizations making their most pronounced technology spend?
Information and communication technology, or ICT, infrastructure leads the way, according to the July 2024 CFO Hotline Survey, which was conducted by private investment bank Ziegler, in partnership with the LeadingAge Center for Aging Services Technologies.
ICT encompasses a broad range of technology, including computer and network hardware, software, and various types of communications networks. This category also includes information technology, covering computer systems, programming languages, data processing and storage.
A notable 58% of survey respondents reported investing in ICT. Other significant areas of tech investment included electronic medical/health records, workforce/staffing scheduling systems (48%), electronic point of care/point of service documentation systems (47%), and access control/wander management systems (44%).
Organizations were least likely to have invested in shared care planning and care coordination tools (14%), health information exchange solutions (14%), and robotic process automation (9%). Notably, 13% of respondents use AI robotic technology, primarily for dining services such as serving food and bussing tables. When asked how AI has benefited their organizations, the most common response was reduced stress on staff.
Looking ahead, the survey revealed plans for future technology investments. Over the next 12 months, the most anticipated investments include data analytics tools (40%),, access control/wander management systems (30%), and electronic medical/health record systems (29%).
More than 100 senior living and care entities participated in this year’s survey. Initially sent to chief financial officers and finance contacts, the survey was later distributed to chief technology/information officers. About 61% of respondents were from single-site communities, whereas the remaining 39% represented multi-site organizations.
