Predictive Analytics Helps Senior Living Providers Recover From Pandemic
As an active supporter of the post-acute healthcare sector, Arena Analytics is offering its machine learning platform’s insights to support the workforce needs of skilled nursing and senior living providers.
The communities and facilities that provide care to senior citizens have faced escalating expenses in their struggle to keep residents, patients, and staff safe through the pandemic. At the same time, these operators have experienced drops in revenue as occupancy rates plummeted.
Even in the best of times, the work of caring for our most vulnerable seniors in assisted living, senior living, skilled nursing, and nursing homes is challenging. However, individuals who feel driven by a sense of mission and purpose find the work inspiring and meaningful. Arena’s predictive analytics match people to the specific roles at sites and communities where they are most likely to thrive. Job candidates interested in finding only the jobs where they are likely to experience this type of success can enter Arena’s platform and be matched to roles near them. Employers can leverage Arena’s Retention Prediction to identify the job candidates who are most likely to be retained and deliver quality care and service.
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Applying machine learning to predictive analytics in the hiring process helps post-acute care providers to sharply reduce ‘new hire’ turnover, an essential step for those who can no longer afford the cost and unsettling impacts of an unstable workforce. While other talent acquisition tools can evaluate skills and traits that possibly correlate to job performance, machine learning techniques integrate outcome data from employers to enable a customized pre-hire prediction optimized for specified outcomes – in this case, retention.
Former head of human resources from Sunrise Senior Living and current Arena advisor, Mike Rodis, says, “We decided to use Arena because it gave us the opportunity to get a very different chunk of data to fold into our decision-making process. I can’t imagine anybody who wouldn’t want to know which of their job candidates is likely to stay longer…I want to know that because it’s better for my residents. It’s better for my team. It’s better for the hiring managers.”
“The more we can manage that turnover of our frontline team members, the better we can manage our business,” says Rodis. “And so that’s why we started down the path with Arena. None of us understood predictive analytics. I still don’t understand predictive analytics, but I know it works. And I know it works because I piloted it enough, in enough places in the United States, over a long enough period of time to see that the returns were valid.”
For the next two months, Arena is offering its platform’s insights to post-acute care providers with a full guarantee, removing the financial risk at a time when providers cannot take on any more expenses. If the data analytics’ insights do not reduce worker turnover to the extent that providers experience a clear ROI, there is no cost to the providers.