Ups and Downs, Ins and Outs: The Exhilarating Ride at NIC
Pi President Greg Hunteman, AIA, offers some reflections on this year’s NIC Fall Conference
This year’s National Investment Center (NIC) Fall Conference took us all into uncharted territory. Not only was the virtual format new, but the program featured many topics that weren’t even on our radar a year ago. Nonetheless, as always, the conference was enlightening, engaging, informative, and inspiring. While our industry is facing challenges, there are abundant opportunities for the future, and we’re excited to roll up our sleeves and be part of these.
So what were some of the hot topics at NIC?
Not surprisingly, the pandemic took centerstage at several sessions. It’s clear to everyone that we need to gain control of the virus; yet, it is apparent that there is still much we don’t know about COVID. Nonetheless, precautions (including wearing a mask) are key. Senior living has seen an increase in testing, contact tracing, and PPE access, but these continue to be challenges. Elsewhere, COVID fatigue is a significant issue, and it’s become difficult for staff (as well as many residents) alike to maintain a sunny outlook, a rigorous pace of activity, and/or adjust to some significant changes that may or may not be permanent.
Related to the pandemic, NIC speakers and participants alike acknowledged that middle-class older adults have suffered some economic setbacks and pressures that have created a population of seniors with housing needs but more limited resources. We will need to work together to address this and appeal to this subset of seniors moving forward.
Despite the challenges, surprises, and setbacks, this is an industry that sees and seizes opportunities; and that optimism was apparent during the conference. Industry leaders see an opportunity to provide creative ways to meet seniors’ needs in cost-effective, safety- and socialization-conscious ways that also promote purpose and balance high-tech with personal choice. This optimism is widespread, and investors and developers still see senior living communities and nursing homes as a good investment. At the same time, the government is recognizing the value of this industry and the funding and innovations necessary moving forward.
Personal and medical models increasingly (and necessarily) are merging. Moving forward, both assisted and independent living communities will need consider the health care needs of their residents. This definitely will mean a focus on wellness and purpose, with amenities such as gardens, walking paths and trails, education and business centers, and more. However, it also will mean features such as telemedicine rooms or suites, equipped with state-of-the-art technology, security, and comfort to enable virtual, exams, assessments, and treatments. It also might involve partnerships with care providers for innovative solutions related to nutrition/dining, safety and sanitation, and tech services. “We’re not there yet, but these are discussions we need to start having now,” said one speaker.
…A focus on wellness and purpose…
Some hard self-reflection will be key in the next 6-12 months. As an industry, we need to consider where and how we could have done better during the pandemic and how we can plan for the future. We also need to recognize what we did right and the heroics of our workforce, and we need to share great ideas, innovative solutions, and best practices generously.
As Bob Kramer, co-founder of NIC, noted in our Leadership Brain Date, we need to focus on regaining consumer trust and continue to deliver connections and social engagement. This is especially important as we enter the new wave of COVID cases and await implementation of the vaccine.
We look forward to partnering with you to thrive in 2021 and beyond. Let us know about your goals and challenges, and we will work with you on solutions and innovations. Contact us here or call us at 512-231-1910.
