Aging in place – the latest trend. Rant on. People want to age in place – just ask them, as AARP did in 2018. Of course, in the not-cited part of that survey, only 59% expected to be able to do so. Little did they know that a pandemic was coming, that visiting with aging family would become a nightmare – with people unable to see their relatives for many months. The death rates from Covid-19 (or with Covid-19) of seniors in nursing homes and assisted living were horrific on the one hand and daunting to prospective move-ins. So by late 2020, EVERYBODY wants to age in place – an unprecedented trend, says Rock Health – and health innovators have taken note.
Venture interest in Aging in Place – is it a turning point? RockHealth, the "first venture fund dedicated to digital health”, has declared this year a turning point in the market of offerings for older adults (aka baby boomers, particularly those 65+). In their September, 2020 Aging in Place report, the authors note that demographics, regulatory and policy changes (aka reimbursement via Medicare Advantage plans), and Covid-19’s boosted use of digital health combine to make this a pivotal point. The oldest baby boomer, it should be mentioned, is 74 now, but the youngest is 56 and may have aging parents who could benefit, depending on health status, from these five offerings from that report. All text is from the websites of the vendors:
Abby Miller Levy, a wellness executive and founder, and Alan Patricof, one of America’s most iconic investors, co-founder of Greycroft with $2B in AUM and founder of Apax Partners with $50B in AUM, announce the launch of Primetime Partners. The venture capital firm will focus on seed and early-stage investments in products, services, technologies and experiences for the aging, including aging in place, financial security for retirees, care management, longevity health services, and enriching consumer experiences for this underserved population.
Will results change when older adults are surveyed later this year? So we know that ‘remote care’ and ‘caring’ in its various forms, including telehealth, seem to be heating up as a priority, whether for senior living organizations, families, healthcare provider organizations, and putting more emphasis on the need for home healthcare and home care, especially in times in which the care workers hesitate to enter a home and which families are locked down and not visiting. Here is where we were on technology adoption at the start of the pandemic, and the wave of telehealth interest heated up. As one tech company told me, a one-year-pipeline compressed into a month of demand. And a plethora of companies raised their hands to offer their engagement technology for free. So if this is the baseline of adoption, what’s next when the surveys come around again?
A new study released today by Cambia Health Solutions titled, “Wired for Care: The New Face of Caregiving in America,” redefines the modern caregiver by exploring how caregiving responsibilities co-exist with personal and professional duties and desires.