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senior living

LifeLoop acquires Linked Senior, advancing innovation for the senior living resident experience of tomorrow

07/18/2024

DENVER, July 17, 2024 – LifeLoop, the leading resident and staff experience solution for senior living, today announced its acquisition of Linked Senior, an e

Investors and providers must transform AgeTech market from products into suites

The population is aging – and still, the tech solution market is immature.  Investors of all types demonstrate interest in a product here and an offering there.  Competitions highlight product winners; money is raised for one product at a time.  One reason for the immaturity of the market is the behavior of buyers. Senior living companies buy a product for this and an offering for that. The future is predicted to incorporate new technology like AI – but that is always ‘in the future.’ Everyone agrees that AI could enhance retirement living and healthcare, but deployment of new offerings is always described as in the future. No other software categories in tech history – consider office, finance, supply chain –  remain a laundry list of point products when markets expect suites.

Consider the potential for AI technology in Senior Living

You can read about AI -- it's discussed everywhere.  Searches reveal the many AI possibilities and current uses in healthcare. In fact, a Google search reveals multiple paid webinars you can attend today to learn more. Consultants are seizing the opportunity. You can read about AI’s trust issues in Harvard Business Review. (My favorite issue: ‘unknown unknowns.’) And check out healthcare investment in 2024. Follow the money – it might be in claims processing.  And as for care management, did we mention the opportunity for AI-powered digital experiences?  Some care will be delivered and supported with AI in the resident’s home, especially healthcare.

The User Experience Needs an Upgrade

As the pace of inevitable tech change collides with an aging demographic, companies will again seek user input as to what works, what is too much, and how best to utilize tech that can help older adults obtain what they need. This will be particularly required in healthcare, with an aging population consuming more time and needing more care. Accessibility features will simply become technology features, ending the distinction in time for this population to use tech that is optimized for them.

Aging in place -- moving costs money -- and so does staying home

Aging in place -- sounds good, but for many, it won't work.  The optimistic older adulta like their home -- and they tell survey firms that they're going to stay.  We've heard this before.  Ironically, in those days, it may have been a practical idea -- but as older adults age into the years in which they need care, the rising cost of the care they need may outpace their ability to pay, so what then? Family members help out if there are any, if they can, if they're nearby, and if they are willing.  A lot of ifs.  For the rest, we are entering a period in which more creative options will be needed and some old words, like 'roommates' and 'co-housing' will resurface.

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