Some industries remain the same for 30 years – and then POW! Think back to travel agencies, bank branches, bookstores, hardware stores. Each of these ultimately were traumatized into consolidation and transformation by new entrants. Smaller players in every segment went out of business. The consumer was willing and eager to change. Online promotion of new capabilities helped them see what the existing players could not. Consider that in 2011, there were a very few indicators of the utility of tech-enabled home care. Naysayers about home care’s future in those days included some of the most entrenched.
So Facebook overstated ad video viewing – but no matter. Is this a big deal, that this overstatement was 60-80% over a two-year period? Enough to influence ad buying during that period, favoring Facebook, perhaps, over TV ads. It was enough for plenty of news coverage and an apology from Facebook, their ad revenue was 63% of its total revenue in the last quarter – more than $6 billion. Had they known, advertisers could have poured a bit more into TV ads. Does any of this matter? Well, if you’re not sure what your target audience is viewing, numbers could be misleading. In fact, perhaps Facebook was one of those online venues for almost $69 billion spent on Internet advertising in 2016. Next year, Internet ad spending is projected at $77 billion, outpacing TV ad spending for the first time.
Behold more startup efforts to help with care. You must admire this. The energy and entrepreneurial enthusiasm driving new entrants is astounding. And if at first, an idea does not take hold, note the founder of that one may appear in a new variant. You know that doctors can now bill for end-of-life conversations. And no surprise, a tool emerges that helps doctors with these conversations. One adds to the lengthy nationwide list of 'telephone reassurance' service providers. And there is even a directory. The offerings below are selected from recent press releases, startup finalists, and conversations. Note that the alphabetically-listed material is all drawn from the content provided by the companies:
It’s timely – we are entering the competition/event season. School has started and so has the search for innovation. To name a few: Stanford has launched a design competition for Innovating Aging in Place. And the day approaches for the Aging 2.0 Global Search Finalists to present. Meanwhile the CTA (Consumer Technology Association) Foundation launched its video contest for startups who want booth space at CES; and the Louisville Innovation Summit announced its pitch finalists. And those are just those in the older adult market segment, not even counting what may be initiated by LeadingAge or Argentum in senior housing or the plethora of upcoming health-related innovation conferences.
Hearing technology advances -- the hearing aid industry considers changing. It’s a positive when you see disruption of industries that have too tight a lock on the consumer, whether it is in categories of health insurance, telecom carriers or hearing aids. You spend time with people everywhere you go – those with significant hearing loss but no hearing aids; they have hearing aids, but hate to wear them. According to a recent NY Times article, two-thirds of adults over 70 have hearing loss that warrants hearing aids, but only 15-30% of those wear them – and at $5000 a pair, no wonder. In recent years, personal sound amplification products (PSAPs) that are not classified as hearing aids and thus do not require the audiologist role, though the FDA may change that. Just asking, if the device is called a ‘Wearable’, does Silicon Valley find it more worthy of funding? But anyway. In July, Consumer Reports published an explanatory guide that should be required reading for organizations that serve older adults. It would seem to be the wild west of innovation. Here is a sampling of five recent product announcements:
Research about loneliness among older adults matters -- to researchers! RANT ON. This past week produced an oddly-titled article: Researchers confront an epidemic of loneliness – among the elderly, focusing on the connection between loneliness and poor health and cognitive decline. This was not 'The New Old Age' -- quite the contrary. The article described how much more advanced Britain is than the US in "addressing the problem of loneliness as it relates to health." Okay, okay. Why not attempt to address loneliness among seniors? So in Britain, consider this call-in number, The Silver Line, started by a 73-year-old woman, herself admittedly lonely following the death of her husband.
Tech-enabled home care isn’t really there – yet. Okay, there are smart phone apps that reveal a caregiver has arrived. There are back-office offerings like CareTree or ClearCare – in a way, these are the ERP (enterprise resource planning) systems for home care agencies. And then there are the new entrants, scooping up more money, presumably planning to take over the home care universe with…apps. So what is the device of choice for these folks? A portal or app that can be accessed through a smartphone or perhaps an iPad. These are big leaps forward from the no-transparency, telephone-only days of yore, true. But what if there was a multi-purpose device in the home that could enhance the quality of life of the care recipient – and also assist with information flow between the participants, including professional caregiver, agency management, family members?
