Tend.ly‘s entrance into the Senior Living market wasn’t a serendipitous occurrence. At the end of the day, our goal is to leverage the communication and data-driven analytical capabilities tend.ly offers to help as many people, in as many industries, in as many geographies, as we can. When the wheels first started turning and tend.ly was born, we knew that the problems we were focused on solving in the Early Childhood Education industry were prevalent elsewhere. Sure, the parlance changes from industry to industry, but the root issues persist: How do you leverage technology to drive engagement and communication, efficiently & effectively manage the continuum of care, create a key differentiator, and collect data and distill it in a manner that leads to better-informed business decisions? And, of course, the biggest question of them all – How do you do all of these things in a manner that supports your ultimate goal of providing exceptional care?
Naturally, as a team of seasoned tech startup junkies, we knew that our perception of the problems and the solutions we envisioned were something – something that we believed in (and will always believe in) wholeheartedly. But, we are the type of team that tempers our optimism with realism, so any and all external validation we come across is like a pat on the back. A proverbial “You’re on the right track! Now, move faster in that direction!”
Case in point – Senior Housing News recently published a great article about the recent surge in Corporate Venture Capital within the Senior Living Market. More validation, of course, for our expansion into the market. Why? As Amy Baxter states in her article titled “CVCs Investing in Next Wave of Senior Care Solutions,” “Corporate venture capital (CVC) is on the rise, partnering with an influx of startup businesses that aim to tackle the health care system’s biggest problems and innovate on trends that are critical to the senior care industry.”
So, to boil it down, industries with big problems to solve = big opportunities. In turn, big opportunities = big investments. In terms of healthcare, the industry has undoubtedly seen it’s fair share of change within the last 5 years. And, based on current projections, the level of change is still in its infancy. All of this is excellent validation for the path that tend.ly has charted. But wait, it gets better!
Looking at the list of the top 5 digital health opportunities, according to a recent study by MedCity, tend.ly – either in its current state or based on our strategic roadmap – aligns perfectly with all 5:
- Care Coordination – “CVCs are looking at this trend and focusing their investments on startups that work to improve care coordination and connect the care continuum through innovative solutions.” Yes, they’re talking about Care Management Platforms, a subset of which are Care Relationship Management Platforms. Sound familiar? Tend.ly leverages engagement & communication to connect the care continuum.
- Analytics & Big data – “As health care systems turn toward more analytics solutions, CVCs are turning their focus to companies that provide these solutions.” According to Mohammed Makhzoumi, a partner at New Enterprise Associates, “Today, it just feels like, with a combination of the Affordable Care Act and expansion of benefits, not to mention the rise of cloud and mobile technology, there’s a ton of opportunity.” At its simplest level, tend.ly functions as an engagement and communication platform, but, on a deeper level, we are a data and analytics platform. We understand that information is data. This data comes from each piece of information associated with the memorable moments and important activities care providers capture when using our platform.
- Mobile Health – “Wearables are entering the market at a rapid pace.” In turn, “CVCs are targeting startup businesses that have the potential to fit in with the bigger changes in the health care industry.” How does this relate to tend.ly? As a direct result of the manner in which our Product Team architected our product, and because of our focus on both integrating with and utilizing data from outside sources, we are well-positioned to leverage innovations & trends in the wearables and mobile health markets and deliver even more value to our customers. Imagine the families of loved ones receiving daily breakdowns of activity levels, pertinent health information & sleep data. Imagine the possibilities if the doctors of these residents had access to this data, in conjunction with the various information already collected via tend.ly. The picture of how tend.ly supports the continuum of care starts becoming much more clear.
- Home Health Care – As Tom Sudow, Director of Business Development at Cleveland Clinic Innovations, said, “Acute care will be delivered more at home and at Walmart than at a doctor’s office. We have to ask ourselves, what is it that is going to reduce the cost in the health care system? …Technology can support that.” In other words, leveraging data and the analysis thereof not only paves the way for more accurate, faster and more comprehensive health analysis, it’s cheaper than traditional methods. As I mentioned earlier, tend.ly is exceptionally well-positioned to be a leading force in both the acquisition and analysis of this type of data.
- Clinical Workflow – “Some of the biggest cost drivers across the care continuum are based around inefficiencies in workflow. As the incentives continue to be placed on efficient care and interoperability.” The tend.ly team fully understands that our focus on the continuum of care creates an incredible byproduct – We can use the information we capture to observe, analyze and improve these workflow inefficiencies.