Tech-Savvy Baby Boomer Generation Changing Senior Care
Patrick Fenningham was taught from a young age to respect his elders. When his grandfather was diagnosed with cardiovascular disease, he decided to make a career out of changing senior care. He earned a degree in Biomedical Engineering and set out to work in the industry but it wasn’t until he met Grant Geiger that the pair tapped into their entrepreneurial side and started a company that’s seeking to change the quality of hospital care.
Geiger, who grew up in the United States and Europe, also had a strong interest in the evolving senior care industry. His interest was peaked by an article he read about how the Baby Boomer generation was rapidly changing the healthcare industry as we know it.
A staggering 10,000 people turn 65 every day in the United States and the quality of care they expect is different from the generation before them. The EIR Healthcare executives share their thoughts on how to handle the Baby Boomers and their advice for young entrepreneurs in the industry.
What does senior care look like ten years from now?
Geiger: As we see Baby Boomers get older, technology will advance in such a way that it will be a more embedded feature in their everyday lives. I think that instead of thinking that technology is something to be feared, technology could instead be shown as something that’s already a part of everyday life. And therefore, nothing to be feared.
Fenningham: I actually believe that emerging technology is already being embraced by a healthy amount of seniors. My wife’s family is a great example of this. She has one grandmother who is 83 years old and who is a pro at using the iPad and another who is 97 years old that uses Alexa to call her kids! In theory, people fear what they don’t understand and for a long time, seniors did not understand emerging technology. In ten years, I strongly believe that senior citizens will continue to grow in their learning and understanding of technology thus allowing for a more balanced playing field with the younger generations.
Has the emergence of wearable tech given seniors more options to live at home for longer as opposed to assisted living?
Geiger: The iPhone/smartphone and also [other] wearable tech [has]. These items are all consumer products but help the elderly stay connected to their group (family, friends, and increasingly their clinical team). As Baby Boomers have become empty nesters, they don’t want to feel alone and their children want to be able to stay connected to them and be able to check in on them. Wearable tech has the most promise to deliver that value proposition and the goal to hopefully stay at home longer and not having to move into some sort of assisted living type facility.
Fenningham: I agree with Grant that smartphones and wearables are most effective at helping seniors but I would also add the home artificial intelligence industry. I think products such as Alexa or Google Home have the ability to really assist seniors stay in their homes. From a safety standpoint (calling 911 if a senior has fallen) to buying groceries on Amazon to setting reminders. These are all things that help seniors stay in their own homes for a much longer period of time.
What changes have you seen so far in your careers in the healthcare industry?
Geiger: Where to start? [One example that comes to mind is the] introduction of commercial products to the healthcare industry. I think that cloud computing has ushered in the newest epoch in healthcare accessibility. Everyone today has their own personal cloud and with that means we are storing more data and connecting to more devices and accessing more data and all of this — think wearable tech — will have a tremendous impact on healthcare for years to come.
Fenningham: The one that sticks out to me at first glance is that people are really starting to use technology when monitoring their health (think FitBit). I think as technology advances and more people have the ability to track their health they will. That being said, I believe this needs to carry over into the patient world as well. Patients need to understand what is going on in their bodies and either what they need to do to maintain a healthy lifestyle or what actions need to be done to get their numbers back into place. Not only get their numbers back into place but understand what their numbers mean and how their day to day actions affect their numbers. This has certainly changed for the better since I started my career but there is still plenty of room for improvement.
What’s your advice for young entrepreneurs?
Geiger: Look for the opportunities. My father worked on the ideas that would become EIR Healthcare before he passed away…and I am indebted to his idea and want to see this opportunity through. Also, it’s a bit cliche but a lot of people will tell you your idea is nuts, won’t be successful, no one is interested, there is no market, etc. I wouldn’t say ignore them but make sure you have the conviction to see your work through to completion. Don’t be discouraged, patience and persistence are key.
Fenningham: Don’t be scared to fail but if you are going to fail, fail fast. I’m going to take a quote from my father because it took me a while to really understand the meaning behind it: “Do something you love and you won’t work a day in your life.” Also, keep in mind that there will be people out there who want to see you succeed, and are willing to help you — all you have to do is ask!
Grant Geiger is CEO and Founder of EIR Innovation and Patrick Fenningham is COO of EIR Innovation.
