Just in the last year, you may have seen that technology is playing a bigger part in senior living than ever before. It has spurred a large digital transformation all over the industry. According to the US Census Bureau, the senior population is expected to grow to 95 million by 2060, and that makes up about a quarter of the population. To continue to serve seniors, the industry will need to evolve by using technology.
In 2020, you should expect to see:
The Emergence of WiFi Doppler Imaging
Fall detection devices and PERS devices have been bragged about for a long time since their creation, but they have failed to deliver what they had originally promised. However, WiFi Doppler Imaging is something that has brand new possibilities. This is a technology that will use a WiFi signal to create imaging data that may be interpreted into insights about the movements of objects and people within a certain type of environment. The academia within this industry has been working to create a less intrusive way to detect falls, and it may stand a much larger chance to have success during a couple of years.
Increased Role of Machine Learning
There is so much healthcare data that is available through government records, insurance companies, pharmacies, and healthcare professionals. Some companies have already started to use this data to be able to predict health issues and prescribe lifestyle changes or medication. However, these companies do not have access to the behavioral data of seniors. In 2020, Smart Home is making its breakout into senior living. You should expect to see the use of behavioral and healthcare data causing an improved accuracy for predictions and much better services for seniors. This can eventually lead up to seniors’ lives being healthier and happier.
Evolving Usage of Proactive Voices
The use of voice technology will become a large part of the lives of seniors who have a proactive voice. The current voice solutions require the conversation to be started by a senior. The advancement for voice technology, custom digital assistants, and the maturity of chatbots coming into the market will be able to introduce two-way conversations in 2020. The digital assistants and chatbots are going to be able to start conversations based on the event and time of day. For example, if Smart Home through bed sensors senses that the senior has gotten out of bed, then it could greet them with the things to do for the day. It may even be able to offer help if the senior got up during the middle of the night. It would be able to offer a form of virtual companionship or even be intelligent social gossip. Voice is going to be able to offer more natural features like medication reminders, which can help to supplement loved ones or caretakers.
Impact of Technology on Critical Mid-Market for Senior Living
It is not a secret that seniors who are in the mid-market, which are seen as being neither high income or low-income seniors, have been broadly underserved by the more traditional senior living. The truth is by 2029, middle-income people who are over 75 or those who are in the mid-market will make up about 43% of the senior population. The need is real, but the main question is still there. How can traditional communities change to serve this demographic? In 2020, you will see this challenge solved by using technology powered communities. In the past, there was a misconception that stated technology was only for high-income communities and just a cost center. However, since technology is become democratized, and it has shifted from being nice to have to be a direct ROI, which can power any solutions for the mid-market in the future. Technology is going to be able to provide cost savings from smart wellness enhanced care, smart buildings, supplemental on-demand services that offload the community like transportation, a reduction of labor costs through situational awareness/automation/predictive analytics, etc. These optimizations will be enabled to have moderate pricing which will result in a better served mid-market for seniors.
Expansions of Beyond Campus Models for Senior Living
You will start to see senior living transform the way that colleges did during the early 2000s with the introduction of online education.
The top 25 distance or online education colleges are also top traditional colleges. Even though there is still some hesitancy towards a digitally-driven model to start with, the dorms were still filled and the campuses were still active, the traditional business model was still intact. The same fixed costs and assets that they can now offer for online education to a different set of customers, which means that they expanded on their mission to educate and then drive a highly profitable, new revenue stream.
For 2020, senior living communities will be able to do the same thing by offering home care and at-home health services for seniors outside of a traditional community and offering membership services. This will allow seniors to leverage certain types of services such as activities, meals, and wellness, provide an expanded definition of community, and gain access to care coordination. Just like colleges, traditional communities will be able to lean into this type of opportunity can extend the mission, increase their revenue, and then enhance the lives of seniors in these care communities.
It looks like the ever-increasing technology usage by residents, communities, and staff in these senior communities are going to make 2020 a great year for senior living innovation.
To grow your business in the senior industry, Create a free profile on Senior GuidePost. The Industry’s premium resource for Senior communities to find Qualified vendors serving the Senior Industry