Bringing the Power of Platform to Eldercare
July 1, 2020
By Don Vetal, Jr., CEO, LyfLynks, Inc
Our vision for LyfLynks is value generation in the eldercare marketplace. We accomplish this by embracing one of the most transformational business developments over the past decade, the Platform.
As caregivers ourselves, it was obvious to us that the eldercare market was underserved by technology solutions, but that solutions aren’t completely absent. Prescription management, biometric monitor, emergency response, grocery delivery and transportation tools along with home companion, and housekeeping services are already helping families care for loved ones. The market is expanding daily with new services and technology aimed at helping the senior and their families. The market delivery system, however, is fragmented, confusing and requires a family member to cobble it all together, monitor everything, keeping the elder and family aware of what is going on; keeping all the plates in the air while managing the daily demands in their own lives. We recognized the opportunity and the need for a marketplace platform solution to consolidate these tools and services. With Lyn we’ve built an assistant to simplify, organize and improve the lives of family caregivers while ensuring the well being and independence of their loved ones.
Why build a platform?
Software products are applications designed to deliver a tightly scoped set of tools to solve a problem, for instance scheduling a doctor’s appointment, or ordering groceries. Software platforms, on the other hand, are designed to connect multiple applications in order to coordinate, streamline, automate, or provide greater choice.
Amazon, Google, Facebook, Lyft, and many other household names are disrupting diverse industries through their effective development of platforms. At LyfLynks we’re building the platform solution for eldercare.
A platform solution creates value for all the constituents of aging-in-place; families, seniors, channel partners and the businesses who deliver goods and services to this burgeoning market.
Businesses and Service Providers
Family caregivers spend $70 billion per year on out of pocket care goods and services. With LYN and the LyfLynks Member Center we are connecting these consumers with trusted service providers in their community.
A recent Gallup research study estimated employers lose approximately $43 billion annually in productivity due to disruptions associated with employee caregiving. Yet less than 10% of employers offer eldercare support benefits and those that do are mainly EAP structured referral hotlines.
By providing employees with a viable caregiving tool and support, companies are able to cultivate a more caring culture, increase retention, mitigate absenteeism, reduce employee stress and the caregiving stigma that prevents employees from acknowledging the burdens they carry at home.
Medicare recipients comprise a little over 20% of our population yet they absorb over 70% of the health costs in the US. This in spite of family caregivers contributing over $400 billion annually in economic benefit as they coordinate and manage their loved ones' care. Family caregivers play a significant role in our need to bend the health curve associated with our demographic shift. They are the gatekeepers and decision makers when it comes to the introduction of technologies and services into the home, a critical part of the overall solution to healthcare and aging in place.
Providing these caregivers with active support and a simple tool to access, coordinate and monitor both paid and free support solutions will cultivate the trust and relationships needed for health systems and health providers to gain access into the homes of their largest consumer cohort. Our platform provides the means to engage families in the health providers optimization health outcomes through the aging continuum.
Assisted Living Operators
There are approximately 2 million seniors living in congregate living facilities in the US today. The recent pandemic is changing the landscape and economics of senior housing. While these operators have been exploring ways to expand beyond their bricks and mortar for years, Covid-19 has greatly accelerated their need for more immediate solutions both for their residents and their prospective residents. Families are the primary decision makers when it comes to moving mom or dad into a long term care/assisted living facility.
Operators can leverage LyfLynks to support the family well in advance of making any relocation decisions. Our platform provides not only a means for revenue generation pre-residency, but establishes a lasting relationship with the family as their needs change solidifying the resident pipeline and enhancing their brand.
Lyflynks platform generates value to consumers, channel partners and producers alike. Our virtual consolidation of technology and services, delivering a comprehensive ecosystem enabling vendors access to new markets, allowing channel partners to address key initiatives, and facilitating the introduction of new innovations to the rapidly expanding eldercare market driving value and transforming the caregiving experience forever.