senior living

Don’t see the products your constituents need? Launch a fund to get them created. Sometimes organizations become frustrated with the pace of change and decide to do something about it. One of those is Link-age in Mason, Ohio, a group purchasing organization that buys on behalf of 450 senior living communities in 39 states. The organization, led by CEO Scott Collins, is launching a $20 million ‘gray’ national fund to accelerate creation of products and services for seniors. Local investment banker, John Hopper, managing director of the new Link-age Ventures (partnered with CincyTech), rightly observes: "We haven’t bumped into anyone else in the industry doing anything similar." Says Collins: "Entrepreneurs are eager to address the market, but few understand the needs."  The investors will make money when the companies are sold – which they surely will be if they do find new and innovative ways to address, as Scott Collins indicates, the food, shelter, transportation and socialization needs of older adults -- well beyond the boomer age ranges of 48 to 66. 

Wikipedia tells it like it is, not like it was.  For a brief period in the history of the definition of Aging in Place, the term was really a continuing care concept. CCRC messaging has tried to link the definition more closely with the ability to remain on a campus of independent, assisted living and skilled nursing – but I don’t think consumers view the CCRC portfolio as aging in place. In 2011, AARP issued its 2011 state-by-state report on age friendliness for remaining at home. The CDC too has been refining definitions to keep up with the times, acknowledging the National Aging in Place Council and universal design principles. Today, aging in place is almost completely disassociated from continuing care retirement communities and the senior housing industry.  In fact, as a recent Senior Housing News article observed, it is a movement encompassing active aging, livable communities, universal design principles, villages, NORCs, etc. that threatens the very structure of the senior housing.

Are Health and senior tech products used consistently and to purpose?  When the ultimate user is not necessarily an enthusiastic participant in product use, forget it. Consider the factors noted in Donna Cusano’s recent Field of Dreams post on Telecare Aware, summarized by: “Know you need/want the product. Okay, then it must be Easy to use, providing positive reinforcement (with social and community support) – and I would add, affordable. 1) Ease of use (let’s also assume that the product works!), 2) reinforcement, 3) affordable. Pick two, you can’t have all three. (Note I didn’t say pet-rock trendy, much loved by Walt Mossberg and shown off in coffee shops.)