MEMORY CARE: WHERE THE MARKETPLACE STANDS NOW
Mace said there have been notable ad-
“We’re seeing new approaches to staffing, new approaches to dining, technology advancements, and there's also been a lot of work done in the area of diagnostics.”
— Beth Mace, NIC
vances in the understanding of how to care for people in memory care, including poten- tial preventive actions that can help slow the progression of memory loss. Memory care operators work with universities and seek to better understand how they can create better environments for their residents. “All of this is leading to them offering a better product,” she said. Mace said the memory care field is marked
by operators who are pursuing innovative methods to help their residents. For instance, she points to the use of such tools as creative arts therapy, occupational therapy, music, dance storytelling and other physical activity to help draw people out and provide stimulation. “It’s an exciting time for the memory care
industry in the sense that a lot of new innova- tion is happening,” Mace said. “We’re seeing new approaches to staffing, new approaches to dining, technology advancements, and there's also been a lot of work done in the area of diagnostics.”
12 SENIOR LIVING EXECUTIVE MAY/JUNE 2023
Looking ahead Experts see plentiful opportunities in memory care. For instance, Slobin pointed to staffing. “The biggest opportunity is to lease up
assets [pre-leasing prior to move-in] and begin to transition away from temporary agency labor expense by filling personnel positions with long-term employees,” he said.
Meanwhile, Frum sees short-term
prospects with REITs, banks, and other investor groups needing to find quality operators to replace those who have failed to successfully pull through the pandemic. “The longer-term opportunities for
both standalone memory care facilities and those within buildings are from the growing clinical need for long-term care for those with memory-impairing diseases,” he said. “Supply will not meet the future demand for memory care in this country. The operators who will benefit most from this aging demographic will
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