Long-term care costs, AI innovation, DineOS, and more!
Bright Solutions
Consulting firm that empowers Senior Living providers to make a lasting impact on those they serve.
Headlines
Soaring Costs, Difficult Choices: Americans Debate Long-Term Care Crisis
Increasing long-term care costs in the US are prompting an open debate. Stories highlight struggles to afford care, with critique pointed towards the for-profit system and lack of government aid. Proposed solutions included a national care system, immigration reform for caregivers, and increased personal savings for retirement. The high costs even led some to question life-extending treatments and consider assisted dying. LINK
Here are details from Genworth's Cost of Care study for 2004-2021. Their recent 2023 study results will be added to their site in the coming weeks. LINK
Katie’s Take
The article includes scathing commentary about money-hungry, low-quality Senior Living Providers. We know there are bad actors on both the for-profit and non-profit side. We also know many are quick to bundle us all together and criticize without considering all of the facts. We must always keep educating the public about the good we are doing and the challenges we face. We must be transparent, work to collaborate with lawmakers, and have an unrelenting PR strategy.
When we compare the US to other wealthy countries, the conversation immediately evolves into a larger one about healthcare. We know our healthcare system is an outlier. Until that changes, we won't look like other countries in Long-Term Care.
Countries such as Singapore and Japan require all seniors to carry LTC insurance. Those with universal healthcare, such as Canada and The Netherlands, provide Long-Term Care via public insurance programs or tax revenue. The UK is more similar to the US in that a copay is required based on financial need.
More government funding also means more regulations. Long-term Care insurance is expensive, and providers don't like to cough up the dough when a claim is filed, creating tremendous administrative burdens and delays in reimbursements. There is no easy solution.
I'm glad our industry is talking at length about solutions for the middle market. While there will be no silver bullet to this complicated issue, providers are beginning to deliver creative solutions. What I love about this industry is that we share and learn from one another. Testing ideas (plural!), learning, and tweaking are the name of the game. Leaders must have an appetite for change and uncertainty to bravely move forward with innovative ways to fund and deliver middle-market solutions.
I leave you with a quote from Angela Davis. "I am no longer accepting the things I cannot change. I am changing the things I cannot accept."
Research and prototype app to address challenges in exchanging patient data.
Recent research showed that disconnected communication between hospitals and nursing homes leads to complications for nearly 40% of new residents after a hospital discharge. The Regenstrief Institute and Probari partnered on a prototype app to address the troublesome exchange of patients’ clinical and social data between facilities and their different record systems. The prototype was billed as a success and they’re developing a fully functioning hospital-to-nursing home transfer app. LINK, RESEARCH
Katie’s Take This is a great example of academic research and data being used to drive innovation for residents directly! Is there research or data in your area that is ripe for a similar opportunity?
AI will bring automation close to home through our everyday devices.
OpenAI is developing software assistants to control devices through AI agents that can automate complex tasks and handle tasks like collecting public information on companies or booking flights. This is the next logical step from custom GPTs, which the company launched mid-last year. LINK (paywall)
Katie’s Take As AI capabilities continue to evolve, the vision of these agents interacting with each other on our behalf is automation on steroids, which may introduce seismic shifts in our work.
This evolution isn't here quite yet, but technological advances are rapid. Today, we are still dealing with AI that gives inaccurate information and makes evident mistakes. Getting out over our skis is a real risk, as these AI errors can compound exponentially.
AI will find its way subtly into resident and employee devices and interact with your corporate systems. Organizations should act now by developing a process for evaluating new features and tools as they become available, defining their internal policies, guidelines, and use cases, and communicating this information to employees.
Recommended by LinkedIn
CCL Hospitality Group and MealSuite are partnering to build DineOS
The companies announced the partnership to combine their expertise and resources to bring DineOS to market, an “end-to-end digital operating system spanning the continuum of care” that will integrate technology with food service delivery. While details are scarce, they state that they expect it to “revolutionize hospitality by prioritizing key community objectives, elevating efficiency, cost-effectiveness, resident satisfaction, staff and team member benefits, and adherence to regulatory compliance.” Lofty goals indeed! LINK
Let’s brainstorm together.
Tap into our knowledge and experience to spark innovation for your senior living community or tech solution.
Quick Links
There’s a coming surge of adults with disabilities entering their 70s, 80s, and 90s. There is concern about whether healthcare systems and senior living facilities are ready. LINK
A Stanford virtual reality study is taking seniors on adventures looking to improve mood and memory. LINK
VIRTUAL EVENT ON 3/19: How do we change the way we age? Author Andrew J. Scott will be discussing his new book, The Longevity Imperative. LINK
About
What matters in the senior living industry? What’s going on, what might it mean, and what will happen next? We’ve got you covered.
The Bright Solutions team has spent decades in the Senior Living industry and we’ve developed a keen sense of the important trends and developments. We apply these same insights in our work with senior living providers to make smart investments by aligning technology with their values-aligned strategic vision.
Brain Candy
Which one are you?
Many people may be interested in sharing their opinions on a project or decision. However, only some will be responsible for delivering the project and will be directly accountable for its outcome.
Everyone may be interested in a bet, but only some players have money to lose… LINK