LAS CRUCES, N.M., April 11, 2019 /PRNewswire/ -- We're all familiar with the statistics. By 2050 it's estimated that there will be 88 million individuals 65 or older and 1.5 billion worldwide. Those are big numbers representing tremendous opportunities and equally large challenges. Nine in 10 people over the age of 65 want to remain in their homes. 50-70 percent of aging individuals over the age of 65 will need significant support with daily tasks and living. Home Care is an industry forecasted to grow and of the nearly 50 million non-professional caregivers who are unpaid, everyone is looking for effective, affordable support.
To contrast the opportunity, the multi-billion-dollar Home Care Industry is dealing with significant hurdles to support rapidly increasing demand. Home Care providers are dealing with increasing regulatory demands, high employee turnover, skilled labor shortages, and extreme economic pressures, such as the increasing minimum wage, which is cutting deep into already thin profit margins.
Now add the elephant in the room nobody is talking about. Only 3 percent of the population can afford part-time private home care. In addition, many home care franchise owners and independent providers report they entered the industry after prior caregiving experience for a loved one, yet report they feel lacking in the areas of developing a direct sales business and marketing skills. This is not a recipe for success and the franchise operators are reportedly doing little to effectively roll out new technologies, improvements to more lucrative business models, and providing the ongoing sales training to help franchisees improve their results.
In both today's and tomorrow's markets, it will be almost impossible to succeed without the proper tools, skills and mindset necessary to maximize the opportunity. This is all changing and led by a much-anticipated source of new hope for growth and sustainability. Emerging technologies and leading innovators are merging with home care providers delivering new business models to access new market opportunities and to grow rapidly, and more profitably. The current home care technology revolution is providing a new way of building market opportunities and providing new capabilities specifically designed to assist home care providers with serving larger markets.
Electronic Caregiver™ has become a growing discussion and choice for technology throughout the private duty and medical home care industries, and for good reason. It's expanding affordable care technologies to the masses, a market that most home care companies, specifically private duty providers, have been unable to serve. The CEO of Electronic Caregiver™, Anthony Dohrmann, sheds light on the pitfalls and the benefits of introducing technology for home care providers. "The analysts and trends all paint a clear picture. Technology adoption is the only prudent and possible way to serve the overwhelming demand, with affordable solutions that can meet the needs of the masses. There have been numerous disappointments with improperly configured technologies that have led to dismal adoption if any, poor utilization, and virtually no positive impact on health outcomes, treatment adherence and the benefits that higher risk, aging individuals require. Smart watches, mobile devices, tablets, computers and TV interfacing applications have almost categorically failed. Aging or chronically ill individuals don't appreciate the frustration and confusion associated with thumbing through icons and apps, trying to figure out complicated technologies, getting lost in programs and hours on technical support calls that don't help remedy the problem. Virtually every home care professional can provide testimony regarding the failures to perform," said Dohrmann.
Electronic Caregiver™ is the leading provider of solutions for home care providers. They have products in use and widely adopted nationwide, providing security features, physician on demand, activity detection, medication management, caregiver support tools, and even training and consulting to help home care providers build their core business of live caregiving. In January, at the 2019 Consumer Electronics Show in Las Vegas, Electronic Caregiver™ announced Addison Care, a voice activated virtual caregiving system that monitors vitals, detects increasing fall risk, provides comprehensive interactive support for rehab, daily living, medication management, companion and memory care, hydration and nutrition support, and much more. Dohrmann said, "We've created profitable new ancillary business models so home care providers can serve much greater portions of the population. With our protocols and support they can develop stable, predictable long-term recurring revenue offering a blend of live and technology service offerings. Home care providers can immediately improve care, retain clients, extend patient functional independence, and improve health adherence and outcomes. We help them increase the offerings, which results in building new referral relationships with increased engagement. They access clients earlier in the cycle of life, and service volumes increase substantially. We invest to provide advanced revenues, equipment, training, back office support, and even marketing materials.
Paul Osterman, a professor of human resources and management at the Massachusetts Institute of Technology's Sloan School of Management, Osterman is the author of a new book, "Who Will Care For Us? Long-Term Care and the Long-Term Workforce." He was quoted as saying, "Our aging population will push up demand, although Osterman notes that roughly half of demand for care will come from younger, disabled people." Electronic Caregiver™ believes it's time for home care providers to pursue new opportunities and solutions to serve them.
About Electronic Caregiver™
Electronic Caregiver™, founded in 2009, is one of the fastest growing monitored technology providers in the U.S. and one of only a handful of nationwide service providers. They have created the world's first and only, comprehensive voice and visual sensing, 3D, AI-based, interactive residential caregiver. Electronic Caregiver™ currently provides automated home care solutions and safety devices nationwide to thousands of clients and is promoted by leading health organizations nationwide. Electronic Caregiver™ has invested over $35,000,000 in patient screenings, research and development, deploying a mobile science lab for nearly 8 years in 32 states, collaborating with hundreds of health and senior service providers. The Company services independent and franchise owned home care offices nationwide. They are continually highlighted by their leading technology partners and trend setters such as Amazon and featured at the leading global events. Electronic Caregiver™ employs nearly 100 employees with national headquarters in Las Cruces, New Mexico. www.electroniccaregiver.com