Each day 54 year-old John Miller completes his morning routine by checking to see if his 78 year-old mother, Barbara, got out of bed safely and is ready for a cup of coffee. Before leaving for work he updates her day planner and reminds her to take a look at the new pictures and videos from his children. This scenario may sound like a fairly typical caregiving situation, but consider the fact that John lives with his family in Michigan while Barbara resides independently in Arizona and the picture changes dramatically.
It is a well-known fact that most seniors wish to remain independent at home for as long as possible. A 2007 “Aging in Place in America” research study commissioned by Clarity and The EAR Foundation reported that senior citizens fear nursing homes more than death. According to the American Association of Retired Persons (AARP), 90 percent of Baby Boomers indicated they want to age at home. This trend is timely, because as the aging population explodes Americans are realizing there won’t be enough care facilities or professional staff to fully support their numbers—not without some technological assistance.
According to Elizabeth Vierck’s Fact Book on Aging, “Two-thirds of all men and women who have lived beyond the age of 65 in the entire history of the world are alive today.” This includes 45,000 Americans over the age of 100. According to the National Institute on Aging, Americans over the age of 85 are the fastest-growing segment of the population. Further complicating matters is the fact that the younger population is not large enough to provide the same level of care for the Boomers that the Boomers provided for their parents. In fact, the younger population will likely be responsible for caring for their living grandparents and aging parents while simultaneously caring for their own children. The burden may well become overwhelming to many families.
Some of us will remember the 1989 Lifecall commercials featuring a senior woman lying on the floor next to an overturned walker who cries out, “I’ve fallen and I can’t get up!” Technology has come a long way since then. In addition to PERS (Personal Emergency Response Systems), available options include activity of daily living monitors, automated medication dispensers, communication/socialization portals and biometric measuring devices. Patients can proactively manage their own health while professional and family caregivers check in remotely to help maintain overall wellness. Some technologies are single-function tools, while others have multiple features.
The financial stakes for American families are immense. One month in an assisted living facility or nursing home costs from $3,000 to $6,000 or more. HME providers are well-positioned to help families abide by their aging loved one’s wishes and potentially save thousands of dollars in nursing home care. Start now and do your research on the enabling technologies that can assist with the aging population caregiving crisis. Become familiar with the fears of the aging population and their caregivers. Below is a three-step process to position you for success in the aging services market.
Research the market and evaluate the need. Study your local market and assess the local aging population. Find the gaps in services provided to local seniors.
- Ask for statistics from the county or state offices on aging.
- Visit area assisted living and independent living facilities.
- Attend, sponsor or exhibit at events attended by local seniors.
- Survey your existing customers about their own aging concerns and about their aging loved ones.
- Attend caregiver support groups and networking meetings.
- Acquaint yourself with in-home service providers (e.g senior services, meal programs, in-home caregiving) and interview staff.
Study the technology and choose products to represent. Determine the technologies that will enhance your business model.
- Familiarize yourself with the range of technical solutions available, from PERS to integrated activity, digital health and socialization systems.
- Attend trade shows for demonstrations of available products.
- Find products that provide a solid profit margin for dealers, distributors and integrators, and that can be enhanced with your added value and continuing services.
- Give preference to products with familiar underlying technologies to reduce support burdens.
- Consider vendors that provide comprehensive and customizable solutions to avoid too many suppliers and potential technical conflicts or duplication.
- Experiment with exhibits at trade shows, from consumer electronics to senior fairs.
Follow the money and sell your products and services.
- Qualify prospective customers and their ability and willingness to pay privately.
- Identify organizations that have been funded to use technology for senior care. Provide your assistance to “take away the pain” of applying technology.
- Become involved in aging concerns and caregiver networks.
- Become a partner to care organizations and be the technical arm of a "high-tech, high-touch" solution.
- Find a business similar to yours in another community and investigate their approach to entering the aging services market. Share resources.
- Create a website for seniors and their extended family and caregiver networks. Let them know they are not alone, and that technology is available to enhance their well-being, peace of mind, independence and freedom.
Every day the balance between caregivers and loved ones is tipping. This new demographic shift represents an invaluable opportunity to be a provider of technologies that support peace of mind to caregivers and enable loved ones to remain happy, healthy and at home.
