Market Overview for Technology for Aging in Place

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Consider: Aging in a Virtual World

Once upon a time, in a language far, far away…We used terms like long distance, remote, and telepresence to describe services and experiences that were taking place somewhere else. We were guided on how to cope with these remote processes where we were not present to manage or experience. And for the care recipients being managed, they were unable to communicate problems in their on-site, 'real' experience. Consider dementia care and the still-startling lack of cameras in these settings – despite family willingness to pay. These limitations seem so yesterday.  Even a telepresence player like Beam threw in the towel and refers to the world it now navigates as ‘virtual.’   Let's take a longer look into this virtual world as it relates to care of older adults and consider such offerings as:

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Upward is global incubator with a vision to re-invigorate second-tier cities through a generation of innovators with ideas that are fostered through connection, learning and experience. Our foundation city, Hartford CT, is already host to one of our flourishing integrated communities. A thriving ecosystem serving as the core to our principal Upward City.

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Ten Tips for Launching a Product or Service – October, 2018

It’s 2018 and in full sprint to the year-end finish. Soon you will launch a boomer/senior, home health tech product or service, or maybe a caregiver advisory service.  As your company gets ready to travel into battle or a booth this fall with the sound of lively pitches all around, it is time to for you to revisit this guidance. Perhaps sometime soon, your new or existing company will officially launch a new product or service, or perhaps a long-awaited, over-described and much-anticipated offering will finally ship. First read existing content and research reports on your particular market segment.  Look over this updated checklist that continues to hold true – with updated links and references. If necessary, refine tactics:

What is caregiving technology, anyway?

A term that means what you want it to mean. It's crazy. Search for the term 'caregiving technology.' At the top of the retrieved page – an ad for ClearCare to help you 'improve client and employee management' – sounds like paid (agency) home care. Over at AARP, there is a long list of resources (non-tech) on the AARP caregiving site for family caregivers, who may use paid care. There’s the 2017 AARP report that surveys caregivers about what they want from technology -- they are interested in but not currently using.  There’s the Family Caregiver Alliance report that lists technologies from firms, but was last updated in 2013 (perhaps the date of this FCA list).   The National Alliance for Caregiving (NAC/AARP) report is dated 2014 – and focuses on a vision for what caregiving technology should be.

With Fewer Family Caregivers, What’s the (Tech-Enabled) Plan?

You saw the headline – America is running out of family caregivers.  The numbers are daunting.  Says Ken Dychwald in the WSJ article:  “We’re going to have to look to nontraditional care,” says Ken Dychtwald, CEO of Age Wave, a consulting firm.  "Older adults, he says, may have to take in boarders, who can help with shopping and repairs, or rely more on monitoring devices and delivery services.”  This latest article was based on a recent study (part of a series) from Merrill Lynch and Age Wave.  But is the issue low growth in potential family caregivers?  Or is the real issue the low growth of population in the appropriate age range (45-64) of people to provide care to people who are aged 80+?

Four technology categories to remotely monitor a paid caregiver

The boom in home care has side effects -- turnover and risk. We want to trust home care workers with aging parents.  After all, most cannot afford private pay assisted living – which can exceed $3000/month in most locations – and assisted living occupancy is projected to be flat -- likely because people see the cost and defer move-in. Given expanding life expectancies at age 65 – an average of 20 more years for men and more for women, the possibility of ‘aging in place’ in a private home may be growing.  As a result, the demand for private home care will grow, but so will the costs – especially for finding workers willing to do this difficult work for low pay. As of 2017, median home care turnover was 66.7% (compared to 30% for CNAs in assisted living).  With so many workers coming and going, especially for care recipients with the most taxing care requirements, what technologies may assist families and agency management for monitoring care?

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