Senior living technology spending returns to ‘normal priorities’ in wake of COVID-19 pandemic – News

Money - digital currency - concept of cryptocurrency mining
(Credit: Koron/Getty Images)

Technology investments in senior living and care are returning to “normal priorities” after the initial focus on the COVID-19 pandemic and infection control systems, according to the results of a new survey.

Specialty investment bank Ziegler released the results of its December 2022 CFO Hotline Survey this week, which lists the top technology spending categories for senior living — Ziegler says assisted living; independent living; Demonstrated designation as memory care and skilled nursing.

The survey, conducted biennially by LeadingAge CAST, reflects responses from more than 150 long-term care chief financial officers and financial professionals, mostly from nonprofit communities with a strong focus on the retirement community/life plan community.

Also Read :  AI teaching assistants need to be simple for students' utility: Study

The top five technology investments relate to information and communications technology, or ICT:

  • Infrastructure (high-speed Internet connection, wired/wireless) 74%;
  • electronic medical/health record systems; 54%;
  • electronic care/point-of-service documentation systems; 51%;
  • workforce/employee scheduling systems; and 47%
  • Access control/visitor management systems 47%.

Spending on monitoring technologies, including automatic fall detection devices, increased last year (8% in 2022 and 18% in 2022); user-activated emergency response systems (41% in 2022 and 28% in 2020); including physical exercise and rehabilitation; technologies (23% in 2022 and 18% in 2020). Technical support for residents has also increased, compared to 29% in 2020, according to 40% of survey participants.

Also Read :  Roswell Park rolls out Eddy, a mobile unit that will screen every Buffalo firefighter for lung cancer

In general, Respondents said they would devote an average of 8.3% of their total capital budget to technology. This figure is up from 8% in 2020, but down from 12.2% in 2014.

Last year, Organizations are the least likely to invest in medication management technologies (15%); Less likely to share care planning and care coordination tools (15%) and robotic process automation (3%).

The top five investments in 2020 are video conferencing capabilities; ICT infrastructure; resident access; Internet and social networking sites; Ziegler said it showed a clear link to infection, including infection control systems and access control/wandering management systems.

Also Read :  ‘Internet Karate Kid’s Brash Attitude for Coach Ends Horribly Wrong As He Becomes the Very Definition of ’F**k Around and Find Out’ Meme in MMA Training

Next year will focus on future spending, according to the survey.

  • ICT infrastructure 37%;
  • data analysis tools, 31%;
  • electronic medical/health records; 31%;
  • Access control/visitor management systems and 29%
  • No. of e-care/service platforms; 29%.

Over the next year, spending will decrease on infection control systems and staff/resident screening technologies, and respondents indicated that their technology investments are evolving to meet the needs of children entering the long-term care system. The oldest baby boomers turn 77 this year, and the youngest is 59.


Leave a Reply

Your email address will not be published.

Related Articles

Back to top button