The customer, capital, and technology control the state of the aged care industry today. In the next five years, these three factors will grow to dictate everything done in villages.
DoComeMonday Media Publisher, Chris Baynes, made this observation at Leaders Summit 2017, the leading conference for the aged care industry, which was held on March 16-17 at the Hilton in Sydney. BTAS was present at this year’s event and continued its sponsorship from last year.
Baynes said the influx of baby boomers will create a completely new but different market for aged care providers. “Early baby boomers will want to stay at home and this is already taking place in the US,” he said. “If we don’t take a hard look at ourselves, we run the risk of being no longer relevant in five years.”
In the area of technology, Baynes foresee Big Data being used by villages to make informed decisions about residents and their care. “Big Data is not something we talk about in aged care, but we’re going to have to be involved with it in a significant way,” he said.
Industry leaders will also need to find effective methods to recycling old villages. “We have 45,000 units that need to be redeveloped and this is a major problem,” Baynes said. “Even if it is done over a ten year period, that’s only 4,500 units per year.”
Scaling up to demand
Recently, the Treasurer of Australia announced the introduction of incentives for people aged 55 and over to downsize from their large family homes. These incentives consist of more lenient rules around the aged pension, caps on superannuation, and an once-in-a-lifetime windfall to downsize from their home.
If that windfall is up to $200,000, then 50,000 families a year may consider downsizing and look for alternate accommodation. Although the incentive program is expected to roll out in the next couple of weeks, Baynes does not expect it to bring immediate benefits to the aged care industry.
“The reality is if we have 50,000 new customers, there’s no way we’ll have a spot for them,” he said. “For a number of reasons, we are unable to produce 50,000 units in the next five years.”
In the long term, apartment builders are expected to be the big winners, since people will be downsizing to them. The aged care industry will not only need to be aware of this trend, but also find ways to adapt to it.
Connecting carers and residents
In the next five years, aged and healthcare facilities will need fast and reliable technology infrastructure to meet the needs of elderly Australians. BTAS Connect can bring fast fibre-powered WAN and Internet powered to your village, while BTAS Network is end-to-end network management for peace of mind.
Symmetric connectivity of BTAS Connect means uploads are equally fast as downloads, so you’ll be able to add high quality content to the Cloud within minutes. High speed broadband also means you do not need to worry about the reliability of your file transfers or the availability of the Internet.
BTAS Network is designed to not only manage your network, but also secure it. Our Network Operations Centre (NOC) will proactively monitor your network, ensuring you remained focused on running your village and not distracted by the running of technology.