OnDemand WTP Pricing Research

Opinion: Inside the Senior Living Pricing Conundrum | Senior Housing News

You’d think that obtaining senior living pricing would be easy. Finding the price of a good or service is a pretty straightforward process in most markets. In retail, in hotels, in air travel, restaurants, even hair salons, pricing tends to be listed on the item for purchase or on a menu of services that are available. But in senior living, for some reason, it’s different.

We’ve written about this topic on Senior Housing News and so has the mainstream press. There are two schools of thought: one is to make pricing transparent by listing it online. Others prefer to capture lead information upfront and control pricing information until further inquiry. Maybe it’s to avoid consumer sticker shock or because so often listed pricing is discounted. Or, as providers told Forbes in 2017, because the services are customized to each resident and it’s difficult to capture a set price for a particular care setting.

I set out to find out for myself how easy it is to obtain senior housing pricing by calling a handful of communities to inquire about pricing and availability for a “couple seeking assisted living.” As the “adult daughter” of this couple, the conversations went smoothly—that is, when I could get someone on the phone.

Why let my business hinge on something as simple as price transparency? By not offering price transparency, those three non-responsive communities have lost me. If I could have viewed the pricing on their website, I could have kept them on my list of prospective communities and then followed up later, not expecting necessarily to get someone on the phone immediately. Now, I’ve called. I’ve been put off. I’ve made an assessment of how responsive they are and I’m frustrated. From a consumer’s standpoint, pricing seems easy. Straightforward. A fixed number. Just tell us what it is.

Read complete article here:

Opinion: Inside the Senior Living Pricing Conundrum – Senior Housing News.