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tech-enabled home care

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tech-enabled home care

Tech-enabled home care 2012-2021 -- are we there yet?

The home care market is (still) a booming business opportunity.  Home care of various types now augments and even enhances services that not long ago may have been provided by senior housing. Pre-pandemic forecasts indicate 34% annual job growth from 2019-2029, much faster than average, and demand has no doubt been exacerbated during 2020.  Home care workers are also among the lowest paying and least trained occupations. Frail patients, according to insiders, are increasingly being discharged from hospitals directly to home, bypassing rehab nursing homes. At home, these individuals likely still require assistance with activities of dressing, bathing, medication management, food preparation and household tasks.  And many already at home and in assisted living need the same care.

Five technologies for older adults November 2020

November – the month for giving thanks -- remotely.  It was a strange Thanksgiving for many – staying (stuck?) in place with Zoom, FaceTime -- and few place settings. Worse, for many older adults, isolation is a worsening health issue that we will hear more about as shutdowns continue and shut-in becomes the virtual norm.  In November, a long report (the third of 2020) called The Future of Remote Care Technology and Older Adults was published, the result of 30 interviews with executives from organizations large and very small. Here are five companies drawn from the report and beyond – all material is from the company websites:

Four technology and aging blog posts from October 2020

October 2020 -- when the fall travel season never started. And the unthinkable has become normal. These days it seems like businesses only congregate in Zoom-like rooms. But despite that, product announcements and innovations appear despite the missing in-person fanfare.  The 30+ research report interviews are complete and the writing begun for "The Future of Remote Care Technology and Older Adults." The goal -- publish in early December in conjunction with the What's Next Longevity Innovation Summit -- normally held in Washington, this year all online. Here are four blog posts from October, including the key themes from the research report: 

Tech-enabled Home Care Redux? Do investors remember 2016?

What’s up with investing in home care and technology?  Some recent announcements offer almost the same frothy level of investment that characterized the 2016 investor spending spree, neatly noted in a 2016 Forbes article. The Forbes list included the $157 million poured into Care.com, unfortunately revealing a shocking lack of company oversight of care workers in 2019.  Home Care Assistance received $100 million in 2016. In fact, 2013-2017 saw the rise, rise, and then fall of Home Hero – which raised $18 million (closing in 2017) and Hometeam’s $40 million in 2016. 

Homethrive Announces $18 Million Series A Funding Led by 7wireVentures and Pitango HealthTech

10/28/2020

Homethrive, a High Touch/High Tech program that empowers older adults with navigation and other services to allow them to remain independent and at home while also providing support and information to their families, announced an $18 million Series A funding round led by 7wireVentures and Pitango HealthTech. Homethrive’s innovative caregiver services and digital platform improve outcomes and lowers costs for at-risk aging adults living at home.

Honor Raises $140 million to Fuel National Expansion

10/28/2020

Honor — the technology-enabled home care startup that partners with independent agencies through the Honor Care Network — is gearing up for a major expansion.

Those expansion plans are built around a substantial infusion of new capital, too. The San Francisco-based Honor announced Tuesday it has raised $140 million in Series D funding, led by Baillie Gifford, plus funds and accounts advised by T. Rowe Price Associates Inc. Rocks Springs also participated in the fundraising round, in addition to existing investors Andreessen Horowitz, Thrive Capital, Prosus Ventures and 8VC.

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