First-of-Its-Kind Referral Source Identification & Management Tool for Senior Housing Operators: VisionLTC Referral Insight
January 25, 2018
Growing resident turnover and cost of resident acquisition are putting pressure on the profitability of senior housing operators. With up to 70%+ of senior hosing leads coming from professional referral sources, referral source engagement is by far the most cost-effective lead generation strategy available to senior housing operators. To help facilitate more efficient and effective lead generation, VisionLTC is pleased to announce the public beta launch of an innovative referral source management tool for senior housing operators, known as Referral Insight.
Unique in the industry, Referral Insight allows senior housing operators to quickly identify, prioritize, and contact 500,000+ potential referral sources spanning 25+ different categories, ranging from geriatric psychiatrists to home health agencies to local churches. VisionLTC developed Referral Insight through a year-long research effort into referral source management in the senior housing industry. VisionLTC worked closely with Navion Senior Living to test Referral Insight, with powerful results. In one test case, Navion was able to increase occupancy at two newly acquired communities by nearly 20% in just seven months through the effective identification and engagement of local referral sources.
“Turnover and increasing cost of resident acquisition is putting pressure on the senior housing industry’s economics. By effectively engaging the professional referral source base, operators can reliably generate large numbers of leads for comparatively little cost,” said Arick Morton, CEO of VisionLTC. “We designed Referral Insight to help operators efficiently identify, prioritize, and engage referral sources, with strong early results.”
Referral Insight offers senior housing operators a robust platform for managing all referral source related activity. Operators are specifically prospect and prioritize referral sources near each one of their communities from a nationwide database of 500,000+ referral sources across 25+ categories, a number that will grow to 40+ categories in coming months. Operators can obtain detailed information about each referral source in their communities’ market areas, for example, how many prescriptions for a dementia medication were written by a particular geriatric psychiatrist or how many dementia diagnostic scans were completed by a particular neurologist.
Referral Insight provides critical information necessary to tailor messaging to each referral source – for example, Referral Insight provides information about how each skilled nursing facility, physician, and hospital is performing on a range of outcome measures that affect reimbursement. This allows operators to tailor discussions with referral sources around the ways that their communities can help improve the outcome measures of each referral sources patients. In addition to detailed information about each referral source, Referral Insight offers tools for efficiently planning referral source outreach campaigns and tracking and managing the results.
“With the data from Referral insight, we’ve been able to identify and engage high volume professional referral sources in our markets with messaging tailored to their specific needs, leading to a significant increase in high-quality lead generation,” said Ted Turner, COO of Navion Senior Living. “We look forward to rolling this out across our entire portfolio in the coming months.”
VisionLTC is currently working with a select group of senior housing operators to continue to adapt and improve Referral Insight and will be expanding its beta cohort beginning February 1st. For more information, please email VisionLTC at email@example.com.
VisionLTC gives operators, lenders, developers, and owners unparalleled, real-time insight into local market dynamics nationwide.