As smart devices begin to dominate many electronic accessories we use today, they are also helping the Senior Care industry monitor the safety and well being of the elderly better than ever. The technology product geared towards senior support is a very fast growing and profitable industry
While the current technology on the market does make it easier to monitor the elderly patient remotely, it’s only the beginning of what will be a huge industry. Life Alert, the panic button on a necklace device made famous by its “Help, I’ve fallen down and can’t get up” commercials nearly 30 years ago, is a more than $1 billion business today with only 1 percent penetration, says Sean Slovenski, CEO of Care Innovations, the Roseville, California-based technology company that collects and analyzes patient data.
Not only will technology save caregivers money, but the data collected can be used to predict future health issues and outcomes. That should lower the costs to the overall health care system. Today, a lot of the data being collected isn’t used because it’s in an unstructured form, such as texts or emails, or because it doesn’t go directly into a patient’s electronic medical record. Once the technology can send the data to caregivers, doctors and electronic medical records without the intervention of the patient, that data will become more valuable.”
Read full article here