The eldest of the nation's 75 million baby boomers are turning 72 in 2018, while just behind them, those turning 65 (and thus joining the ranks of the Medicare-eligible) are doing so at a rate of about 10,000 per day. As the U.S. population grows older, the healthcare industry will develop new products and services designed with seniors in mind. (Read "Design for living, not aging.")
Back in November, the Centers for Medicare and Medicaid Services announced reimbursement changes beginning Jan. 1 to help accelerate the adoption of telemedicine and remote patient monitoring – two digital tools it thinks will help serve the Medicare population.
According to a Politico Pro analysis, Medicare reimbursement for telehealth and remote patient monitoring technologies totaled just $28.75 million in 2016. Now, Redgrave sees increased adoption of these tools and financial upside for providers with these latest reimbursement changes.
Furthermore, eighty-seven percent of seniors say they would prefer to live at home for as long as possible. So more Internet of Things devices like smart sensors, heart monitors, and smart home devices are being developed to help seniors live in their own homes safely, independently, and comfortably.
"Many of the advancements for this population are aimed at helping them 'age in place,'" Redgrave said. "I think the healthcare industry knows it can no longer wait to address the growing needs of the aging population."