RETHINKing the $8 Trillion Aging Care Industry

As a relative newcomer to the space, I continue to marvel at how little attention is paid to the $8 trillion industry centered on aging. This would include senior care, nursing homes, skilled nursing, wound care, dialysis, home care, and the like. Unfortunately, very little media attention has been covered on it, and I think I understand why. People don't want to focus on their own mortality and that of their loved ones, and therefore much of the decision-making of entering this world is done amid a crisis.

Piling on the multitude of complexity caused by the global pandemic, this industry has become more important than ever.

I had the pleasure of attending one of the most well-respected conferences in the space - RETHINK - the who's who of executives in the space. RETHINK is hosted by Skilled Nursing News, a property of Aging Media.

When I spoke with George Yedinak, the Co-Founder of Aging Media, he had this to say about the experience: "The opportunity for disruption in skilled nursing has never been greater. With COVID-19's impact on nursing homes combined with the movement towards value-based care, entrepreneurs have significant opportunities. While there are plenty of challenges in the space, those that have a mission-driven spirit to deliver quality care and outcomes will find success."

Innovators in the Space

I was very encouraged to see the vendor side supporting the industry to be forward-thinking and fully immersed in next-level technologies to ensure better decision-making and continuity of care. Sitting down with senior care visionary Bob Kramer, Co-Founder and Strategic Advisor of the National Investment Center for Seniors Housing & Care (NIC) and most recently Founder and Fellow of Nexus Insights, he highlighted that in 2030, the oldest boomer would be 84, and the youngest will be 66. The point here is that this age demographic will fully be the 65-85 cohort. Boomers will demand totally different products than what we have today. They have experienced putting their parents into senior living and are more discerning through this experience. They will seek opportunities of place, setting, and lifestyle to get as healthy as possible, so they don’t have to be put into senior living.

I also had a chance to catch up with real-time nursing home reporting and data platform Megadata, as well as healthcare recruiting and onboarding platform, Apploi, both pictured below:

Conferences in a Pandemic?

While many conferences are not currently happening in person, RETHINK took a careful approach, and Chicago currently has a mask mandate for all indoor events. The event was capped at 50% capacity, and I personally felt that my safety and security were kept in mind at all times. There was also a virtual option, and all panel discussions were recorded so participants could play them back whenever they want. After a long year and a half of Zoom fatigue, I was happy to see people in person once again.

In Conclusion

Senior care is sure to become a hotter industry as more and more Baby Boomers reach the age of care. So I call on all hackers, thinkers, creatives, journalists, and marketers to take a serious look at the space and start engaging in it.

(Featured Image Credit: Aging Media Network/RoboToaster LLC)