The Disease of Aging, Airbnb, and Products for Longevity

Posted by CC Andrews

Nov 17, 2017 12:00:00 AM

When the opening line of a panel discussion on aging and the longevity economy is something like this: “Every single person in this room over 25 suffers from a disease, and that disease is the disease of aging,” https___press.atairbnb.com_app_uploads_2017_01_airbnb_vertical_lockup_web copy.pngthose of us steeped in this field take notice. To begin, suggesting that the human condition of living is considered a disease is a bit provocative, if not ignorant. In addition, the moderator of said panel followed the introduction with, “eventually the disease of aging is going to kill us,” which I assume at this point was meant to be merely bombastic, especially since the panelists were thoughtful, engaging humans, all of whom were clearly living with this aging “disease.”

Convened by the Milken Institute, a Los Angeles-based nonprofit think tank, the purpose of the panel was to discuss aging and longevity and the impact these two issues will have on the global economy. The discussion included a diverse array of people who have either studied aging and longevity or have dabbled in it due to their work.

Among the most interesting of perspectives came from Chip Conley, strategic advisor for hospitality and leadership at Airbnb, where adults 50 years and older make up only about 6 percent of its employees, compared to 25 percent in the entire U.S. workforce.

Despite the depressingly small number of elders in the company, Conley, who joined Airbnb at the age of 52, believes that older workers and younger workers have much to gain from each other. “I have had the experience of being both a mentor and an intern at the same time,” he said, also noting that while the average age of company leaders is declining, “meaning power is moving younger, and these people who are getting a lot of power don’t have a lot of training, nor do they have a lot of people with gray hair around to give them advice.”

In an effort to address Airbnb’s workforce problem, Conley pointed to the “wise elder” who can help with “emotional intelligence and good thinking around strategy, and will not be a competitor to his younger colleague, who uses him as a sounding board.” One of the company’s solutions is to create an affinity group of employees 50 and older who can address the issues and have their voices heard. “Elders have proven to be helpful in creating better teams, better at helping them operate, and better at creating collegial and collaborative environments where teams works better,” he said.

Presented with a question about what products and services are being developed to cater to the genuine needs of elders, Joseph Coughlin, PhD, director of the MIT AgeLab, asserted that it’s not just about the needs of older adults, “because, as the saying goes in the auto industry, everyone knows that a young man will never buy an old man’s car and an older man or an older woman will run away from it as well.”

The idea, he says, is to create products that excite and delight. “The reason why older adults aren’t buying products that are made for older adults is not because [the consumers] are old and declining, it’s because we have yet to invent a longevity product that is worth buying,” he said. Others may disagree with this last statement, but I agree with his premise that there needs to be more products focused on exciting and delighting older consumers.

Circling back to Airbnb, Conley noted that there is a growing number of “digital nomads” who recognize that they can mix their work and their pleasure because they are armed with a mobile device, a laptop, and wifi connections. They live in Airbnbs and they travel the world while working, he says. What’s more, the fastest-growing group of Aribnb hosts is adults 50 years and older. The reason behind this is because many people who are over 50 own their own home, are empty nesters, have extra rooms in their homes, and want to add to their retirement income. Airbnb hosts also have the highest guest ratings.

These slices of information make me wonder if the folks over at Silvernest and others with similar home-share-for-Boomers business models have heard about this. Airbnb’s experience certainly seems to suggest that these housing alternatives are likely onto something.

The perspectives here were diverse and not the usual advice (others on the panel included a representative from AARP and the economist-author of “The 100-Year Life”). Watch the full discussion to get some newer perspectives on the longevity economy. It may stimulate some fresh thinking of your own.

If you want a focused approach to strategic decisions around navigating the longevity economy, facilitated by experts in the senior living field and candid feedback, contact Quantum Age today.

 

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Topics: Aging, Senior care, senior living, longevity

Survey Points to Best Practices for Successful Innovation

Posted by CC Andrews

Nov 1, 2017 12:00:00 AM

No company can ignore the imperative to innovate and failing to do so is an invitation to lose business. This is the introduction to a new report from PwC on—you guessed it—innovation.

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Based on a survey of more than 1,200 executives in 44 countries, the report attempts to uncover a better understanding of how innovating companies are seeking to create business value and financial returns on their efforts. PwC’s survey asked questions about innovation strategy, operating models, culture, metrics, and more.

So what does this have to do with long-term/post-acute care and senior living? Well everything, of course. How’s that? Aging services providers know that they must innovate in order to succeed amid the impending wave of alternative payment models, stiff competition, and threats to Medicaid and Medicare funding.

Titled “Reinventing Innovation: Five Findings to Guide Strategy Through Execution,” the report is packed with juicy insights and stats. Here are some key findings:

1. Growing the Sandbox: The majority of the survey respondents are big believers in bringing more stakeholders into to the “innovation sandbox.” Among other things, PwC asserts that casting a wider net when it comes to getting input and generating ideas can improve innovation’s alignment with business strategy, help companies access fresh ideas and critical talent, and also enable them fail faster and get new innovations to market sooner. With this in mind, the report states, companies are opening up their innovation processes earlier to a broader set of stakeholders—from both inside and outside the company. In fact, the majority of companies surveyed said are bringing customers—as well as employees—into the innovation process at the ideation phase.

2. Reimagine and Experiment: Innovating without aligning it with strategy is not a prudent path for most companies, according to the report, which finds that for any initiative to deliver true value, it must clearly align with a company’s business strategy. The authors offered that example of GE Ventures, which, according to CEO Sue Siegel, means they must focus on reimagining and experimenting with new business models. “Emergent technologies are very powerful, but what we have to figure out is, what is the sustainable business model that we could potentially either partner up with or use within our organization to drive growth? We’ve been able to experiment to translate these major trends and technology enablers and apply them to business model innovation. That is incredibly important to how we stay ‘tip of spear’ at GE,” she said. That being said, the survey found that more than half of innovating companies struggle with bridging the gap between innovation strategy and business strategy, flagging it as their greatest strategic challenge when it comes to innovation.

3. The Right Stuff: Finding employees with the right human judgment and intuition in examining the data is “critical to obtaining useful insights for innovation,” the report suggests. “Soft skills like these are clearly valued by the executives we surveyed, who say their employees are their most important partners in innovation, ranking them above technology partners.” For example, Eddie Copeland, director of government innovation at Nesta, says that senior management’s failure to listen to frontline workers can be a major obstacle to innovation in government organizations. “Frontline employees often see problems and solutions more clearly than their cost-conscious managers,” she said. Also important to remember is that even if an employee doesn’t sit on a company’s core innovation team, they can still valuable contributors to innovation efforts early in the process. As Copeland explains in the report, they can function “as more than just personnel to whom innovations are pushed out for execution purposes.” Finally, don’t forget that employees are also consumers who can bring end-user insights into the innovation process. The survey found that 32 percent of the businesses surveyed said that finding employees with the right skills is their biggest people-related innovation challenge.

4. Technology Leads the Way: Companies continue to look to technology to help create markets for novel products and services that don’t yet exist, a la smartphones and wearables. Nearly one-third of those survey said their innovation is either all or mostly technology-led, while another one-third say they use a combination of technology and market-led innovation. Technology companies unsurprisingly are the leaders when it comes to “breakthrough innovation.” Nearly two-thirds of them make it a focus of most or all of their innovation efforts, according to the report. Maybe a little more surprising is that pharmaceutical and life sciences and health sciences companies follow technology in focusing mostly on breakthrough innovation.

PwC stresses that as companies invest more in innovation, they must strive to do a better job of aligning their innovation efforts with their business strategy. “Innovation spending ultimately has to drive business value and financial performance,” the report concludes. “But for that to happen in any consistent way, innovators should understand and help define future business models that can support the innovations they create.”

If you want a focused approach to your innovation strategies, facilitated by experts in the senior living field and candid feedback, contact Quantum Age today.

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Topics: Senior care, long-term and post-acute care, innovations, aging services

The Need for SNF Care Way More Likely for You and Me (and Everyone Else) But an Opportunity for Providers

Posted by CC Andrews

Aug 29, 2017 4:46:00 PM

FYI: most people who are now between 57 and 61 will experience short stays in skilled nursing facilities (SNFs). Yes, you read that correctly. According to new research from the RAND Corp., 56 percent of people within this age range will stay in a nursing home at least one night during their lifetime.

Why this isn’t getting more ink in the industry press, I don’t know, but the research asserts that the average American’s lifetime risk of needing SNF care is 60% greater than previously estimated. The U.S. Department 

204242-675x450-funelderlylady.jpgof Health and Human Services has previously estimated that only 35 percent of older Americans are likely to use a nursing home in their later years, and other studies have concurred with this finding.

Although the costs of the stays are expected to be “relatively affordable,” the RAND researchers expressed concerned that consumers be informed of their findings so they are prepared. But their message is also an important eye opener (and opportunity) for LTPAC operators.

To get to their conclusion, the researchers analyzed 18 years of data from the Health and Retirement Study, a longitudinal project of the National Institute on Aging and the Social Security Administration. They found that for most people, “nursing home care will be relatively affordable—about $7,300 per person over a lifetime.”

Also interesting about the finding is the fact that some 43 percent of Americans between 57 and 61 will be completely covered by private or public insurance for their nursing home stay, while about one-third will spend any of their money on nursing home care over their lifetimes.

What’s the reason behind this revelation? According to RAND, the cause could be the shift to shorter stays. The study found that nursing home stays of short duration (21 nights or fewer) rose from 28 percent in 1998 to nearly 34 percent in 2010.

In the release, head researcher on the study, Michael Hurd, posited that the increase may reflect efforts to control Medicare and Medicaid costs by more quickly discharging patients from hospitals to nursing homes, where rehabilitation costs are lower.

While the opportunity here for LTPAC operators is apparent, experts who have recently weighed in on the outlook for this segment point to the fact that CMS is on track to ensure that 50 percent of fee-for-service Medicare payments be made through alternative payments models by the end of 2018. Providers who have learned to adapt to this new climate and take on risk through bundled payment initiatives, accountable care organizations, managed care models, among others, will likely be better off in the long run.

If you would like to raise your profile and tap into the longevity economy, contact Quantum Age today.

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Topics: Senior care, long-term and post-acute care, longevity economy, nursing home

A Crystal Ball Look at Post-Acute Care & Senior Housing

Posted by CC Andrews

Jan 31, 2017 12:00:00 AM

A recent National Center for Seniors Housing and Care (NIC) blog post caught my attention about a report from consulting firm Alvarez & Marsal (A&M).

The report, which contains some valuable insights about the entire continuum of senior care, serves as a QA Blog Crystal Ball.jpgreminder that post-acute care stands on the precipice of major change. In fact, the opening line of the report alludes to this conclusion: “A&M believes the post-acute sector will be transformed during the next 10 years.”

Titled “Post-Acute Care: Disruption (and Opportunities) Lurking Beneath the Surface,” the report asserts that this transformation will be driven by the IMPACT Act, the Comprehensive Care Joint Replacement (CJR) model, other payment reform initiatives, and the rise of Medicare Advantage plans.

This is not exactly breaking news, I know. But it is yet another signal that providers that serve patients within the entire continuum of care—hospital, nursing home, rehab, hospice, home care—should already be taking the necessary steps to position themselves for a paradigm shift.

That said, A&M’s insights do offer providers some suggested opportunities that could help you thrive in the longevity economy.

Following are my key takeaways from the report:

  • Interoperable and integrated data systems will be necessary to ensure that patients are connected with the most appropriate sites of care. The results have the potential to improve care transitions, care coordination, evidence-based guidelines implementation, and cost management.
  • Improving patient engagement benefits everyone. But it will take “enhanced patient-provider interaction, the self-monitoring of symptoms, and responding with appropriate actions (e.g., adjust medications, call nurse or MD) when symptom levels indicate a problem,” the report states. Some LTPAC tech companies are acting on this already, including some forward-looking clients of Quantum Age.
  • Facility-based management personnel and systems “will need to adapt to the new reality or be at risk for failure,” A&M says. The reason? The shift of reimbursement risk to providers during the transition and afterwards will be very challenging for management, given their traditional focus on providing facility-based care rather than utilization management across the continuum.
  • A&M also predicts that home care offers the best “longer-term investment opportunity,” while long-term acute care hospitals will be the worst investment risk. In addition, inpatient rehab facilities, hospice, and skilled nursing facilities offer “selective opportunities.”
  • Home care may be a good investment but A&M cautions that an increase in the minimum wage “requires monitoring.”
  • Home care may also benefit from shorter hospital and post-acute care facility stays, which are being driven by the growth of at-risk contracts.
  • Hospice providers are in a good position, A&M says, thanks to a number of factors, including an increased use of advanced directives, Medicare Advantage penetration, and rising acceptance of palliative care.
  • Senior housing (assisted living, independent living, and memory care) have an even more favorable outlook. A&M estimates that unit demand will ramp up by 35 percent for independent living and assisted living between 2015 and 2025. This means that there could be a demand of 30,000 to 35,000 units per year.
  • Another insight offered in the report relates to the advent of capitated reimbursement models. It is suggested that providers will have opportunities to form partnerships to advance preventive care for the following conditions: asthma, chronic pain, chronic obstructive pulmonary disease, diabetes complications, hypertension, congestive heart failure, pneumonia and urinary tract infections.

The report also offers myriad stats, figures, and tables that support their assertions.

Accountable care organizations, according to A&M, are “pioneering but not sustainable.” This conclusion is based on CMS reports of the first two years after roll out, as well as a number of challenges, including “governance; data collection, exchange, reporting and analysis; incentive alignment among disparate stakeholders and patient engagement.”

Finally, although you may be tired of hearing about the explosion of aging baby boomers, A&M stresses the importance of differentiating among the “medical, social, and community needs of the different age cohorts,” each of which are of different sizes and therefore will increase at different rates during the next 10 years. As noted in a previous report, baby boomers are not a single, homogenous cohort.

For help tapping into and thriving in the longevity economy, incuding the post-acute sector of healthcare, from experts in the senior living and care field, contact Quantum Age today.

 

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Topics: Senior care, long-term and post-acute care, senior housing

EHR Implementation Made Easier

Posted by CC Andrews

Jun 23, 2016 11:02:07 AM

Wouldn’t it be great if all long-term and post-acute care proEHR_blog_computer-1240311.jpgviders had an electronic health record (EHR) adoption blueprint that guides them through the process, step by step, to implementation? That’s exactly what LeadingAge’s Center for Aging Services Technology (CAST) has done.

CAST announced very recently that it has updated resources on EHRs to include something called a 7-Stage Adoption Model. Developed by CAST for the following LTPAC entities:

  • Adult day care
  • Attending physicians
  • Assisted living
  • Acute rehab facilities
  • Home health/home care
  • Hospice
  • Life plan communities
  • Long-term acute care hospitals
  • Long-term care rehab facilities
  • Skilled nursing facilities
  • Intermediate care facilitites
  • Intellectual disabilities/developmental disability facilities
  • Programs for All-inclusive Care for the Elderly (PACE)

The resources also include an updated EHR Selection Portfolio, an interactive online guide, and a new case study that outlines one provider’s journey through EHR adoption. According to a statement from CAST, previous EHR adoption models focused primarily on inpatient settings like hospitals and nursing homes.

This model, however, is aimed at helping all aging services organization in “choosing an EHR system that fits the needs of the organization, its providers, and its consumers, patients, and clients.”

In my opinion, it’s refreshing to see a tool more reflective of where the industry is headed—a more integrated care model that is more about the patient and the care, not driven by the setting.

According to Majd Alwan, CAST executive director, “the CAST EHR Selection Portfolio’7-stages EHR implementations new 7-Stage Adoption Model was tailored to help long-term care providers not only improve efficiency, but also quality of care for their residents.” He also said that he hopes the model will make it easier for more and more providers to integrate advanced EHR functionalities into their operations, and use them to continuously improve care quality.

The 7-Stage model provides a framework to assess the level of adoption and sophistication of use, as opposed to just the overall rate of adoption, of EHRs in long-term and post-acute care. The model also draws from the HIMSS 7-Stage EMR Adoption Model, PointClickCare’s 7-Stage LTC EHR Adoption Model, and Gutkind-Savage’s 10-Stage International EHR Adoption Model.  

Even if you’ve already implemented EHRs in your communities, it can help you determine if you’re in the right spot, ahead of the game, or if you need updates.
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Topics: Senior care, technology, long term care, long-term and post-acute care

Unprepared, Uniformed, and Reluctant to Leave Home

Posted by CC Andrews

Jun 8, 2016 8:37:24 PM

No, this isn’t a post about recent high school graduates—it’s actually about their parents, or more specifically,hands-1310277-1600x2000.jpg Americans 40 years and older. I am among that group, and we are, for the most part, unprepared to pay for long-term care (something many of us will need in the second half of our lives), uninformed about how it will or can be paid for, and reluctant to go anywhere else but to our own bedrooms to be cared for if or when we need that care.

How do I know this? Here are some stats: A recent survey of Americans 40 and older further illuminates the problem that most of us are woefully ill equipped for the likely inevitability of needing long-term services and supports (LTSS). The survey found that 77 percent of this cohort would prefer to receive long-term care in their own homes, with far fewer choosing to receive care in a senior living community (11 percent) or a nursing home (4 percent)—no surprise here. Released by the Associated Press-NORC Center for Public Affairs, the survey also asked this same group about their preparations for long-term care, and one-third say they’ve done no planning at all for their own care needs.

Moreover, a majority (64 percent) have little confidence that they will be able to pay for it, and just 13 percent are “very sure” they have long-term care insurance, while 4 out of 10 mistakenly believe that Medicare will pay for their care.

Making matters worse, the cost of long-term care is getting more and more expensive and more and more out of reach for a majority of Americans. The Genworth 2016 Cost of Care Survey found that the price tag for long-term care has risen steadily over the past five years. The average hourly rate for a home health aide is $20, a rate that has risen by only about 1.28 percent in the last five years. Assisted living care, at $3,628 per month on average for 2016, has grown by 2.16 percent in the last five years.

Nursing home care—at $225 per day—has made the largest jump in cost, of 3.12 percent in the last five years. No matter how you look at, the cost of long-term care is high—staggering in some cases--and there is no indication that any of these costs will decline in the coming years.

There is a very cool calculator on the Genworth website that helps you figure out what your future costs of long-term care will be, right down to the closest major city. I decided to find out what the price tag will be for me 15 years from now in my fair city of Cleveland, and the numbers are sobering: In 2031, the average annual cost for a home health aide will be about $72,184; an assisted living community will set me back $74,315; and a private room in a nursing home will be $142,165 per year.

If you’re skeptical about whether or not you will need this type of care one day, here’s another stat: Seventy percent of people who turn age 65 can expect to use some form of long-term care during their lives.

What can be done about it? Back in February, a group known as the Convergence Center for Policy Resolutions released a set of recommendations for long-term care financing reform. The framework was developed over the last three years by a group of policy experts and senior-level decision makers representing a “wide range of interests and ideological views,” known as the Long-Term Care Financing Collaborative. Members of the group include Howard Gleckman of the Urban Institute, Jennie Chin Hansen, immediate-past CEO of the American Geriatrics Society, and Gail Wilensky of Project HOPE. Here are some of their recommendations:

  • A universal catastrophic insurance program aimed at providing financial support to those with high levels of care needs over a long period of time.
  • Private sector initiatives and public policies that will revitalize the long-term care insurance market to help address non-catastrophic LTSS risk.
  • Efforts to encourage retirement savings and develop more efficient and innovative use of home equity to assist middle- and upper-income families finance LTSS needs for those risks that are not covered by catastrophic insurance benefits.
  • A modernized Medicaid LTSS safety net for those with limited lifetime incomes who are not able to save for these care needs, as well as for those who deplete their assets paying for medical and long-term care costs, including more flexible public programs that can deliver care in the setting most appropriate to the needs of individuals.
  • Stronger support for families and communities that are the bedrock for people receiving care at home.
  • Better integration of medical treatment and personal assistance.

Although the group acknowledged that many details are yet to be worked out and many questions remain unanswered regarding LTSS financing, they call for more research and “better support stakeholder agreement and informed policy making.”

Not surprisingly, support for policies to help caregivers face the costs of providing long-term care is widespread. Seventy-two percent of those surveyed for the NORC study said they support state programs to provide paid family leave, 83 percent support tax breaks for caregivers, and 73 percent support a Social Security earnings credit for caregivers taking time out from the workforce to provide care.

Just as the cost of college tuition looms for many of us 40-plus Americans, so too does the specter of shelling out thousounds for long-term care. This cohort needs to be educated about what kind of care they will need as they grow older and the reality of how much it will cost.

As these issues are worked through over the coming months (and years), it is wise to look for opportunities for your organization to inform the conversation. Explore solutions you might offer to meet the needs of a cohort with widely varying levels of need, extremely high expectations … and limited resources.

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Topics: Senior care, home care, long term care, senior living, assisted living

Harnessing Longevity For Senior Care

Posted by Meg LaPorte

Apr 20, 2016 3:14:55 PM

Humans are living much longer than any other time in history, and according to a recent study this phenomenon will translate into a tremendous boon of volunteerism and charity—to the tune of an $8 trillion dollar windfall—for American society.

Aging guru Ken Dychtwald, PhD, and his colleagues presented the study’s findings in his keynote last month at the American Society on Aging’s annual meeting. Released late last year, the report reveals some remarkable findings about the generosity of older Americans. Titled Giving in Retirement: America’s Longevity Bonus, the study offers some food for thought for anyone who serves elders and plans to serve baby boomers.volunteer-gardener-1508838.jpg

The study found that over the next two decades there will be a surge in giving by retirees, leading to what Dychtwald describes as America’s $8 trillion “longevity bonus.” Behind this phenomenon, he says, are three factors: the wave of baby boomers moving into retirement (or something that may or may not resemble retirement), the rise in longevity, and the rather high rates of giving among this cohort.

So what’s the evidence behind his premise? Older Americans have more time, money and skills to contribute to causes they care about than younger adults. For instance, more people age 65-plus donate money or goods than any other age group, and they give the greatest amount—more than double that of younger adults.

The research also found volunteers over age 65 volunteer an average of 133 hours per year, compared to those ages 25-34 and 35-44 who volunteer an average 55 and 58 hours per year, respectively.

In addition, retired women—the predominant gender living in seniors housing—are even more likely than men to say retirement is the best time to give back (68 percent vs. 62 percent). More retired women donate (81 percent of women retirees vs. 71 percent of men retirees) and volunteer (29 percent of retired women retirees vs. 22 percent of men retirees) to charitable causes.

According to Dychtwald, those in the aging services field have a “unique opportunity to harness the wealth of talents, skills, and experiences of the boomer generation as they enter retirement and seek to make a difference.”

Dychtwald is right, and long-term and post-acute care providers are in a unique position to harness this moment in history. Consider the fact that living in a nursing home or assisted living community doesn’t mean you cannot give as a volunteer, as a mentor, or in another capacity. In fact, some providers already offer programs that engage their residents in very successful and purposeful volunteer programs, such as creating items to give to local underserved families, serving as mentors for nearby school children, or making crafts to sell at the community farmers market. It’s also good for you—physically and mentally.

The longevity bonus is also ripe fodder for innovators in the field who may be interested in developing solutions that further enable volunteerism for elders, as well as for providers.

What's more, there can be little downside to activities that have been shown to reduce depression and diminish chronic pain.

Sometimes the best solutions for improving quality care and reducing risk are decidedly low tech. Food for thought indeed.

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Topics: Aging, Senior care

Opportunity is Knocking at the Senior Living Door

Posted by CC Andrews

Jan 25, 2016 8:33:19 AM

Seventy-two billion dollars is a substantial sum of money for any industry. But did you know that this figure represents the projected revenue from markets created by senior caregiver spending in 2020? That’s what a recent report from AARP and Park Associates reveals: “Caregiving Innovation Frontiers: A universal need, a growing opportunity—leveraging technology to transform the future.”

Here’s another staggering stat: $42.9 billion. That’s the expected profits from six market segments affiliated with caregiver spending this year alone. If you’re paying close attention, you’ll note that the difference between these two numbers represents the expected growth in these combined markets in the next four years: $29.3 billion.

Yes, that’s a sizable and respectful figure, and it represents an opportunity that providers of aging services may want to consider seizing—as the day is close at hand.iphone-1032784_1280.jpg

The figures are derived from survey data detailing consumer needs, interests, and behaviors, as well as an examination of services already in the marketplace, says AARP. The report also provides detailed descriptions of the six market segments that will produce the aforementioned revenue and are ripe for opportunity now:

  1. Daily Essential Activities: Meals, home and personal care, home repair, delivery, transportation services.
  2. Health and Safety Awareness: Health vital alerts, diet and nutrition, medication management, personal safety monitoring, telehealth.
  3. Care Coordination: Care planning, care professional engagement, records and benefits management, recovery support.
  4. Caregiver Quality of Life: Respite and backup care, social support, health and wellness, financial/job security.
  5. Social Well-Being: Digital inclusion, life enrichment and empowerment, community networking, life companions.
  6. Transition Support: Home retrofit services, long-term care insurance planning, long-term care provider referral, legal assistance, hospice/funeral planning.

In addition to breaking down revenue forecasts for each of the segments, the report is packed with details about companies already offering similar services in each submarket segment and littered with relevant factoids that bring the opportunities into context for providers. For example, did you know that 67 percent of caregivers want to monitor their care recipients’ health and safety but only one-tenth of them are currently doing so?   

If you’re looking for opportunities to expand or diversify your services into the community—or if you simply need to market a technology or service you already offer—I would suggest reading this report ASAP, as it offers an insightful and very helpful examination of the near future for aging services providers. How will you seize the moment?

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Topics: Senior care, technology

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