Digital Health Funding and Start-Ups
As per information from the sourcedigital health funding has been slow overall in 2023. But healthcare leaders recognize that the current environment for start-ups and the potential of new technology has never been better. This is particularly good news for long-term care providers looking to use technology to alleviate staffing challenges and optimize operations.
The slowing of digital health funding has led to a reduction in valuations of start-ups, making them more capital conscious and more efficient in allocating their capital. This presents an excellent opportunity for long-term care providers to explore start-ups that use new technology to optimize operations.
Humana’s Vice President of Business Strategy, Ben Wanamaker, believes that even though the last two years may seem depressing, there has never been a better time to invest in or develop digital health technology and systems. This statement points to the potential of new technology in helping long-term care providers optimize their operations and improve care for their residents.
New Focus Areas for Digital Health Financing
The panelists at the HIMSS conference agreed that new focus areas for digital health financing are AI offerings and technologies targeted at seniors, as well as workforce enhancements. These areas are particularly critical in the long-term care industry, where staffing challenges often impact the quality of care that residents receive.
Milind Parate, the managing director of ventures at Northwell Holdings, is exploring legacy technologies and those that address workforce challenges such as burnout and workplace issues. With staffing shortages experienced by more than 8 in 10 nursing homes and assisted living professionals experiencing some of the highest numbers of work-related injuries and illnesses, it is essential to address workforce challenges in the long-term care industry.
AI Tools for Operation Efficiency and Improved Resident Safety
Many of the new AI tools are designed to improve worker scheduling and operations optimization, making staff more efficient in their duties. Additionally, AI is integrated into vital areas like fall prevention to improve resident safety.
In conclusion, even though digital health funding has slowed down in 2023, the potential for start-ups and new technology in the long-term care industry has never been better. As long-term care operators seek to alleviate staffing challenges and optimize their operations, digital health is an excellent avenue to explore. With AI tools designed for workforce enhancement and operation efficiency, residents can receive better care and improved safety.