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Emerging Markets for Independent Assisted Living Sector Webcast
1. Emerging Market Opportunities for Small Businesses in Independent/Assisted Living Sector A Webcast Sponsored by the Wellness and Health Innovation Project Presented by
2. Audio Recording Click here to:View Recording Select one of 2 options to view the webcast in its entirety. Subject: Holiday Shopping ForecastsRecording URL:https://www.livemeeting.com/cc/parksassociates/view Recording ID: J3BQGRAttendee Key: 8`4z!W2 Slide 2
3. Outline Global Aging-in-Place Technology Trends Issues/problems for Care Providers due to Lack of Support and Funding Technology Funding Models and Partner Opportunities Impact of Reforms on the Long-term Health Insurance Industry Slide 3
17. Between 12-18% of U.S. households are currently taking care of fragile or chronically ill seniors
18. Another 10-12% of households anticipate to take care of their elderly parents or relatives within the next five years
19. People are willing to invest in senior care technology-enabled services if such services are priced in reasonable range, endorsed by care providers, and easy to install and use
20. Technology is enabling predictive/preventive senior care solutions instead of reactive and detective services like PERS
21. Vendors realize that a good senior care solution must consider an elderly’s overall needs: from managing daily living, to disease conditions, to medication complianceSlide 6
25. The Vendor Market is Dominated by Start-Ups Equipment Vendors/Distributors: Manufacture and distribute health and senior aging-in-place products like sensors, medication reminders, and home health monitoring platforms. Safety Service Providers: Offer home emergency response, fall detection, and wander-off prevention services. Most also use a home-grown solution that may or may not work with third-party hardware. Safety and Health Service Providers: Offer not only home safety monitoring solutions, but also blend it with health vital sign collection, personal health education, communications with care providers & family members, etc. Software and Applications Developers: Develop software or service platforms and do not own hardware or run service themselves. Their goal is to enable health and aging-in-place services by working with partners and license the platform to service providers. Slide 10
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27. Cost of services and devices exceed consumer expectation and budget
50. Other Funding Sources and References Center for Technology and Aging: Grants for aging technology research and business models U.S. government branches: Department of Veteran Affairs/Department of Defense Private Charities Slide 13
64. Seeking Medicaid reimbursement for mobile PERS and medication management through the Pennsylvania Medicaid Waiver Program and similar waiver programs from other states.
65. Partnering with MedApps to offer the latter’s mobile health monitoring solution in addition to its senior safety monitoring service.
66. Using its certification with professional organizations like the Alzheimer’s Association, Country Villa Health Services, and Care New England Health System to expand its influence and persuade consumers and care providers alike.
67. Successfully convinced the Evangelical Lutheran Good Samaritan Society, a large home care service provider, to run a five-states, 3-year trial using $8.1 million funding from The Leona M. and Harry B. Helmsley Charitable Trust. Slide 16
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69. With the new joint venture, the new entity is expected to market the QuietCare product line in the same fashion
70. Adopting a platform strategy to work with various third-party vendors with innovative health and aging-in-place applications and partner with Verizon Wireless and Sprint on service enablement, with the goal to deliver a turnkey solution to healthcare providers
71. Taking the same approach as BL Healthcare and working with partners like Microsoft, AT&T, and American Heart Association.Slide 17
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73. The ACT establishes a national voluntary insurance program for community living assistance services and supports using a cash benefit of no less than $50 per day on average, with no lifetime limit. Such cash benefits will encourage seniors to stay at home or use community-based services instead of receiving institutional long-term care.
74. The premium incurred for this voluntary long-term health insurance will be around $120 per month, based on a CBO estimate.
75. It also encourages state Medicaid to offer home or community-based services and increases federal matching payments.
76. The program will take effect on January 1, 2011, and CBO estimates that up to 3.5% of adult population will enroll by 2019.
77. In our analysis, this cash benefit, together with federal matching payments, may spur high usage of in-home activity monitoring to foster independent living.Slide 18
79. Thank You Harry Wang Director, Health Research Parks Associates 5310 Harvest Hill Road, Suite 235 Dallas, Texas 75230 Direct: 972-996-0227 harry@parksassociates.com Commissioned by Wellness and Health Innovation, Scotland’s national initiative designed to support Scottish companies developing innovative products or services for the wellness and health sector. www.wellnesshealthinnovation.org Slide 20