Technology is not only changing the way that senior living operators keep residents safe, predict health risks and streamline staffing procedures. It’s also improving bottom lines. A new report uncovers four healthcare technologies providers should prioritize over the next three to five years to help cut costs.
Monitoring health and improving care virtually outside of traditional medical settings could reduce these costs, according to a recent CB Insights report.
Four of the top technologies the report cited were at-home infusions, virtual clinic exam rooms, digital therapeutics and home care management platforms.
At-home infusions include wirelessly connected infusion pumps that share data to platforms that monitor treatment regimens, giving providers more convenient, resident-focused care options. This week, the FDA approved an adaptive algorithm for automatic insulin delivery, removing the need to manually adjust insulin pump therapy settings.
Virtual clinic exam rooms include tools with built-in artificial intelligence. The $3.5 billion virtual care equipment market will play a bigger role in supporting remote diagnosis and treatment decisions over the next few years, according to the report. Meanwhile, digital therapeutics, including apps and digital tools to treat mental health and disease management, similarly is a growing market, with therapeutics companies getting more than $1.1 billion in funding over the past five years as the FDA approves more devices for use, the report notes.
Home care management platforms are also on the rise and expected to grow over the next five years, including technology that supports scheduling of ongoing care and monitors patients’ existing care.
Chronic diseases cited by the CDC that contribute to healthcare costs include heart disease, cancer, chronic lung disease, stroke, Alzheimer’s, diabetes and chronic kidney disease, all of which are prevalent among senior living residents. AI and other technologies have been effective in monitoring seniors’ health, preventing falls, screening for dementia and other health and safety measures.
Some 60% of US adults have at least one chronic disease, and 40% have more than one chronic disease, accounting for $4.7 trillion in annual health care costs, according to the Centers for Disease Control and Prevention.