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Market Overview for Technology for Aging in Place

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Tech-enabled home care -- what is it, what should it be?

Who expects that most seniors will move to assisted living? Not that many. Our clues: # 1) one of the long-time thought leader consultants in senior housing, Ryan Frederick, is now involved in multi-generational housing development.  Or Clue # 2) Occupancy is unchanged in senior housing – still at 89% for the past three years. And don’t you just love the phrase 'inventory has outpaced absorption'? Or the next big challenge for senior housing – serving the middle class? And the profile of the resident in assisted living?  Clue # 3) The typical resident is an 87-year-old woman who remains for an average of 22 months.   Clue # 4) The net worth for folks aged 75+, presumably the feeder group for assisted living, inclusive of home equity, is $155,714.

New university studies are released -- but their value may be lacking

Finding new findings is slowing down in these last days of August.  First we learn that older people are happier. Whew. And we also learn that seniors don’t seem to take to digital health tools, according to a JAMA-published National Health and Aging Trends Study, a project out of the school of public health at Johns Hopkins University. “Notably, the seniors in the NHATS were willing to get on a computer to respond to this annual, in-home, computer-assisted, longitudinal nationally representative survey of community-dwelling Medicare beneficiaries 65 years and older.” Okay – hence it must be valid.  Says study author Dr. Levine: "Little is known about how this population actually uses technology." Well, actually quite a bit is known -- and published during the study years of 2011 – 2014.  For one, consider the 2011 Linkage survey of individuals age 65-100.  Then there are the numerous surveys from Pew, for example, this one from 2014 on older adults and technology adoption.  Or from Nielsen.  

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PACE accelerates into dubious for-profit nursing home avoidance

Nursing home avoidance – the home care wave fits the profile.  So we know that tech-enabled home care has received several infusions of cash lately.  Whether this is an anomaly -- once new-age firms realize that home care consists of difficult and backbreaking labor – or signals a trend, remains to be seen.  The apparent bloom of the home care business opportunity appears to be the inverse of the business gloom in senior housing, as noted in these Chapter 11 filings. These businesses are failing at the same time as nursing home bed capacity is anticipated to become constrained.   As AARP has endlessly repeated, 90% of older adults want to remain in their own homes. Or maybe it is 87%.  But regardless of intent, most will stay because they can’t afford anything else.  

The 2016 Louisville Innovation Summit Adds Key New Speakers for its Third Annual Conference, October 9-11, 2016

08/12/2016

LOUISVILLE, KY, August 12, 2016–The third annual Louisville Innovation Summit will address many issues facing the Aging Care industry, as it presents its third annual summit in Louisville, KY, October 9-11th at the city’s downtown Marriott. In the last few weeks, the Summit has added an exciting line up of industry leaders to its growing list of world-renowned speakers.

Tech and aging marketplace: Did you miss these posts?

Do VCs matter in the older adult space? According to a Stanford Business School analysis, in today's economy VCs have become a 'dominant force' in the financing of innovative companies. This began, they note, with "a regulatory change in 1979 that permitted pension funds to invest in VC funds."  Okay, but do VCs really matter? Now switch coasts and perspectives, note how a Harvard Business School report picked through six myths about VCs, pretty much debunking the rhetoric in the Stanford report. Most VC funds, especially larger ones, do not outperform the market. "VC financing is the exception, not the norm, for startups" and given the rise of crowd funding and a broad range of angel investors, "VCs will continue to play a significant, but most likely smaller, role in channeling capital to disruptive start-ups." The question to ponder:  which category of investor, and specifically which investor groups, are interested in the older boomer and senior markets?

Six new tech-enabled housing concepts for older adults

The future of housing for seniors – or the future of senior housing? Innovators are approaching the tech-enabled future of homes for seniors from multiple directions – support for people with dementia, new approaches to tech in a senior housing campus, new systems for aging at home, and new kinds of age-friendly housing. Innovation is sorely needed -- considering that current approaches to senior housing, whether in assisted living (too expensive) or age-segregated communities (too isolated and/or risky) may not be right for everyone.  Here are some other recently noted housing approaches, material is from sites or news:

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