senior living

Exceeding expectations in every way.  The next report was going to be titled – “The Future of AI in Senior Living” but that was so yesterday.  One 2023 document, The Future of Artificial Intelligence in Senior Living offered up  the categories where it would/could be useful – including in remote home monitoring, and its ‘emerging’ categories of AI solutions for seniors and senior living communities.  The report referred to a 2023 study about how an AI algorithm could predict patients at highest risk for readmission to the hospital – using multiple data sources as inputs. No surprise – the algorithm’s recommendations were used, and the predictions and care recommendations enabled a 21% reduction of rehospitalization.

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.