This week, two significant pieces of news have reinforced an argument we’ve been making for some time: in-home technology is the future of retirement living and home care.
News #1: As reported in Tuesday's edition of The Weekly SOURCE, seasoned retirement village operator Stephen Norris, who oversees Lifestyle SA’s portfolio of 11 retirement villages, revealed that he had personally invested $2.5 million into the tech platform Talius.
News #2: We understand that one of the major aged care software platforms is preparing to sell the business – potentially for as much as $400 million.
This represents a significant financial move in a part of the tech sector that often flies under the radar.
But as we’ve been advocating, technology is the only viable solution to the beds crisis that Australia is currently facing.
Why?
Aged care facilities are nearing full capacity, with few new homes expected to be built in the next five years. This shortage will inevitably force many older Australians to remain at home or in their retirement villages with care needs that are more complex than they might have been in the past.
Meanwhile, the workforce challenge in home care continues to worsen, with the number of available staff failing to keep up with the growing demand for services.
The new home care program will require providers to demonstrate how they’re offering clinical oversight and identifying deteriorating residents.
In-home technology is key to supporting care
The only way for village and aged care operators to meet these needs will be through more efficient rostering and real-time data monitoring – solutions offered by in-home tech platforms such as Talius.
Research by Deloitte suggests that consumers are increasingly open to using technology to improve their access to care (pictured below).
Speaking with tech suppliers, it’s clear that the demand for these solutions is growing, as more providers are reaching out to invest in such technologies.
It’s no surprise, then, that this space is drawing in big dollars.
Don’t miss the first issue of SATURDAY for 2025, available this Friday at 12pm. It’s Part 2 of our Innovators special, where we profile the providers and suppliers to watch this year. Subscribe here.