SNF

November was an interesting month in the technology industry. Big tech companies seem to be suffering from the lemming effect – if one conducts a wave of layoffs, the pressure is intense to shrink the corporate staffs, address poor performance (of staff? Of management?), drop certain development efforts, or perhaps they just feel compelled to keep up with everyone else who is downsizing and don’t want to be left out. Maybe this is a good long-term sign that there will be more tech minds outside these big firms to allocate to innovation for, call me crazy, an aging population that needs new ideas from best and the brightest. The four posts for November 2022:

What care delivery has seen an uptake in technology adoption? People imagined that post-Covid-19, technology would become much more compelling in all types of care delivery. And for sure, the pandemic institutionalized the role of in-home telehealth, with CMS reimbursement presumed to become permanent, or at least regularly renewed. In fact, 23% of respondents to a government survey had used telehealth during a 6-month period in 2021. Also for sure, the use of healthcare portals has seen increased penetration – in 2020, 60% of patients in the US were offered access to a portal, and 40% accessed their records through it.   

September brings falling leaves, rising and falling hopes. Turns out that VCs are waking up to the opportunity in the longevity economy. Recognizing that people may live a lot longer, perhaps even to 100. How do you prepare for such a long life? Behold the rise of the active adult lifestyle, now enabled with a boom in 55+ rental communities. Combine that change with the ‘Forgotten Middle Market’ of senior living. Consider the Chicago Tribune article about tech for aging in place. Now add in the shortage of workers in home care, health care, and nursing homes. If there was a time to look at the role of monitoring and engagement technologies that augment and assist the worker in the care of older adults – it would seem that this is the time. Here are four Sept blog posts on these and related topics:

The Census knows the growth and potential explosion of care needs and older adults. Consider their newly published document explaining the industries to those who may still not see what’s happening. "Assisted Living Facilities for the Elderly saw a 34.4% increase in revenue from 2013 to 2020.  Home Health Care Services experienced an even larger increase – 50.5% -- during the same period." These assertions are built on the Service Annual Survey (2021).   The U.S. Census Bureau projects that in 2050, the U.S. population ages 65 and over will be 83.9 million, nearly double what it was (43.1 million) in 2012.

There is a labor shortage everywhere -- ditto in senior care. We know that one of the biggest issues in senior living (and home care, nursing homes, home health care) today is a shortage of labor. This roll-up of statistics shows more than 400,000 employees lost between 2020 and 2022, with long-term care facilities (aka nursing homes) being the most impacted. There is quite a bit of chatter in long-term care publications about the need for more technology use, and providers are asked to offer best examples of tech use to win an award (separate categories for senior living, home care, and skilled nursing) at the upcoming Leading Age event in October. Remember that memory care is a sub-category within both senior living (aka assisted living) and skilled nursing facilities (aka SNFs).