senior living

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.

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.

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.