Opportunities for augmenting elder care business models with digital solutions

Abstract

As the population ages and people live longer, the demand for elder care is growing. Families want affordable options that will keep their loved ones safe, healthy, and happy. To this end there are many business opportunities, especially those that use new technology to create innovative solutions for providing consistent, high quality care that's financially efficient for the client and lucrative for the provider. The purpose of this paper is to provide readers with an overview of several current and future business opportunities in elder care. To determine where these opportunities may lie, the author reviewed and compared data from eight U.S-focused companies to provide an overview of the scope and variation in elder care businesses, with an emphasis on the bottom line. These organizations range from those that provide assisted living options, homecare options, new technology, and a combination of the above. Both challenges and opportunities are discussed. This is designed to provide an introduction to the topic; those who are interested in starting their own elder care business or investing in one are encouraged to pursue more indepth research. However, those new to the industry will find this is a great place to start and will appreciate the time and effort it will save them in making their initial decisions. At the end of this study, the author provides his recommendations for elder care investing as well as the model he would develop if he were to start his own business.