In our previous article, “5 Reasons ESG Initiatives Should Be In Your Strategic Plan”, we explored the growing importance of Environmental-Social-Governance (ESG) ESG criteria for the future of senior living. By taking a proactive approach to sustainable business practices, forward-thinking operators better self-regulate, manage risks, and build goodwill among capital markets, employees, and resident families. Focus areas include reducing carbon emissions and improving energy efficiency, customer satisfaction, community health and safety, employee engagement, diversity and inclusion, and business ethics.
Over the next few weeks, we’ll explore five ESG initiatives to help you stand out to socially-conscious capital markets and consumers. The first step is improving transparency and accountability through timely and accurate reporting.
Communication and reporting are consistently identified as top frustrations for owners, operators, employees, and families, which is why Fynn put solving these issues at the top of our product-features list.
Owners and operators feel like data detectives trying to find, validate, and make sense of piecemeal data while families fear they’re left out of the loop entirely. While current systems may provide “comprehensive data”, it’s often scattered throughout dozens of different reports, hard to interpret, and outdated by the time users can access it. After adding up the man hours burned by their current manual reporting system, one operator we spoke with discovered his team was burning 60 hours per week per community on reporting alone—that’s 60 hours of labor that could be otherwise allocated toward better caring for residents or improving the community.
Despite operators being overburdened with existing manual reports, owners are increasingly frustrated with the lag time between when the data is recorded and when they can access it.
“Often times we don’t get monthly reports from our operators until 2 weeks after the end of the month,” one healthcare REIT executive shared.
This means that by the time owners can analyze and understand the data, communities are fighting fires that started 45 days earlier. That’s 45 days of damage that could have been avoided had the problem been recognized when and where it occurred.
What do operators need to do to promote trust with owners and families? Provide 1) real-time data recording, 2) transparent reporting of resident wellbeing, community performance, and ESG impact and 3) improved communication with owners and families.
Here’s how Fynn will help you build trust and accountability in one swoop:
- Here’s how Fynn will help you build trust and accountability in one swoop:
- Permissioned real-time reporting so stakeholders are informed and empowered to take action
- Owner, operator, and family dashboards with easy-to-understand trend analysis
- Wellbeing and community scoring so stakeholders can track changes and deploy proactive interventions
- Easy bi-directional messaging promoting collaboration across owners, operators, employees, and resident families
