How connected health solutions such as smart bulbs aid the assisted living (Part 1)

This topic briefly explores how connected health solutions (such as smart bulbs) powered by a suite of modern digital & IoT technologies could help the assisted living consumer segment

Value chain players across the broader health industry ecosystem are hard at work researching, innovating and developing myriad of connected health solutions…

…with an underlying goal of leveraging a range of digital & connected technologies in supporting diverse consumer groups proactively manage & improve their lifestyles

Quick Note: Each business & service provider within the health industry ecosystem is relatively unique; defined by a multitude of factors (geography of operation, value proposition, B2B/B2C products & service type, technological capabilities, industry partnerships, regulatory obligations, et al.) and as such would develop digital & connected solutions that aptly support their long term goals

Value of IoT solutions for the assisted living segment

For most able bodied users, everyday tasks such as turning on/off the lights don’t really require that much of a physical effort and as such many (consumer grade) IoT devices such as smart bulbs typically become a nice-to-have solution…

…but for the sizable assisted living segment (elderly, limited mobility & disabled) – even the simplest of these everyday task may seem quite monumental and those very smart bulbs (amongst other supportive connected health solutions) become a need-to-have solution

How sizable?

It is also estimated that ~10% (~650M people) of the total world’s population live with a disability of some kind and…

…furthermore senior citizens are increasingly choosing for an independent lifestyle within their own homes; either voluntarily (personal choice) or involuntarily (lack of sufficient care facilities, cost prohibitive, et. al.)

This growing (assisted living) consumer segment is amongst the most likely to benefit from connected health IoT solutions such as smart bulbs

These exists virtually limitless commercial opportunities for value chain players across the health industry ecosystem in developing & offering connected health solutions that specifically focus on enhancing the quality of lifestyle of this assisted living segment

Assisted lifestyle connected health – key application areas

Generally speaking, the underlying value proposition of any B2C connected health IoT solution (for the assisted living segment) would be to complement, simplify & manage end users’ lifestyle…

…with some of the top application areas being –

Connected health offerings could range from a single purpose IoT device (e.g. health tracker & related App) that may be purchased off-the-shelf from any retail store through to a network of IoT devices…

…holistic support service that addresses the end user’s very specific health requirements (e.g. limited mobility home support service) and everything else in between

Value proposition of smart bulbs for the assisted living segment

For the most part, smart bulbs are perceived as just another consumer novelty device… but this ubiquitous app-controlled IoT device (depending on its implementation scenario) can equally be useful as a connected health solution

Specifically, providers could leverage some of the inherent traits of a typical smart bulb – i.e. hands-free operation, multi-colored visual cues and even sound & suite of sensors (if built-in) – to specifically design value propositions that support the assisted living segment

Key commercial models

Depending on the type of assisted living IoT solution provided, businesses can explore a multitude of commercial models i.e. different ways to offer the solution to end users… including –

Direct-2-Consumer (D2C)

One of the most common commercial model businesses can adopt is to offer their connected health IoT products & services as an out-of-the-box solution directly to potential customers…

…typically through their own branded channels; including a variety of physical retail formats as well as eCommerce store with varied monetization models (outright purchase, subscriptions service, et al.)

Government healthcare programs

Another commercial model would be to offer approved assisted living IoT solutions as part of an existing government sponsored &/or subsidized public healthcare program (e.g. medicare, disability healthcare, etc.)

Healthcare insurance programs

Yet another commercial model would be to partner with existing public &/or private healthcare insurance companies (white label, joint branded, et al.)…

….who in turn could then offer end users the relevant connected health IoT solution through different monetization models… for example a fully subsidized solution as part of their preventative healthcare subscription service…

…and many more

So…

Value chain players across the broader health industry ecosystem are already utilizing a range of digital & IoT technologies to develop variety of unique connected health IoT solutions…

…that increasingly support consumers from across a wide range of segments complement, simplify & manage their lifestyle – particularly the assisted living segment…

…and in some cases when select such solutions are implemented at a large scale (multi-operators nationwide rollout) it could even help alleviate the strain on existing healthcare resources and infrastructure (e.g. aged care facilities)…

…in turn reducing dependent care costs for providers and end users within the assisted living segment by migrating many of the repetitive task automation, health monitoring, notification alerts & primary care support related tasks to digital and IoT platforms

Additionally, connected health IoT solutions can also lend a sense of independence, freedom & dignity (albeit with necessary support & care) to users within the assisted living segment who choose to live independently

Value chain players may choose to develop & offer their assisted lifestyle connected health solution could be designed as an out-of-the-box solution(s) or bespoke solution depending on the situation & requirements

Forthcoming topics will aim to explore how such connected IoT solutions may be designed (devices, networking, platforms) in further detail

Stay tuned!