Technology investments in the lives and care of older people are returning to their “usual priorities” after focusing on the COVID-19 pandemic and infection control systems, according to new research findings.
Ziegler, a specialist investment bank, released the results of its December 2022 CFO Hotline Survey this week. This represents the top categories of technology spending in seniors’ lives as defined by Ziegler.
Conducted biennially by LeadingAge CAST, the survey reflects responses from more than 150 long-term care chief financial officers and financial professionals. The responses are primarily from continuing care retirement communities/life planning communities that are strongly oriented non-profit communities.
The top five technology investments revolved around information and communication technology (ICT).
- Infrastructure (high-speed Internet connection, wired/wireless), 74%,
- Electronic medical/health record systems, 54%,
- Electronic Point of Care/Point of Service Document Systems, 51%,
- Workforce/Staffing Systems, 47%, and
- Access control/loitering management systems, 47%.
Over the past year, spending has been on automatic fall detectors (18% in 2022 compared to 8% in 2020), user-initiated emergency response systems (41% in 2022 compared to 28% in 2020), Spending on surveillance technologies such as physical exercise and rehabilitation has increased. Technology (23% in 2022, 18% in 2020). Tech support for residents has also increased, according to 40% of survey participants, compared to 29% in 2020.
Overall, respondents reported spending an average of 8.3% of their total capital budget on technology. This amount is up from his 8% in 2020, but down from his 12.2% in 2014.
Over the past year, organizations reported least likely to invest in medication management technology (15%), shared care planning and care coordination tools (15%), and robotic process automation (3%).
The top five investments in 2020 showed clear linkages to the pandemic, including video conferencing capabilities, ICT infrastructure, resident access to internet and social networking sites, infection control systems, and access control/wander management systems. says Ziegler.
The study found that future spending next year will be centered around:
- ICT infrastructure, 37%,
- data analysis tools, 31%;
- Electronic medical/health records, 31%,
- Access control/loitering management systems, 29%, and
- Electronic point-of-care/point-of-service platforms, 29%.
Respondents said spending in the coming year will decrease on infection control systems and staff/resident screening technology, and their technology investments will shift to meet the needs of baby boomers entering the long-term care system. The oldest of the baby boomers will turn 77 this year, and the youngest will turn 59.