I ran across this video today while searching online and thought I’d share! It’s a great little clip of two of our GrandCare team members giving a demonstration back in March 2011 at EHX: The CEPRO event in Orlando. GrandCare R&D team member, Nick Hall and GrandCare Las Vegas Sales Rep, Brietta Smith, were interviewed by Dave Graveline & Rob Almanza from Into Tomorrow about the GrandCare wellness sensors (namely the blood pressure device) and the newer integration of the Rx Tender, Medication Dispenser.
As the residential market continues to flatten and integrators seek out alternatives, why haven’t more dealers looked into digital home healthcare? After taking a full-day GrandCare Systems training recently at Home Controls Inc., here are a few of my conclusions.
The market is growing: There will be 70 million senior citizens by the year 2030, double the number from the year 2000. This one is even more mind boggling: there will be 1 million people over the age of 100 by the year 2050. Almost none of us will able to afford nursing homes.
The systems are profitable: Systems from companies like GrandCare offer healthy margins for dealers.
The systems offer recurring revenue: Dealers can earn solid “alarm-like” recurring monthly revenues from home health systems.
There is an entry-level option: Personal Emergency Response Systems (PERS) offer a lower-cost option to “get your feet wet” in the market.
Systems are easy to install: The GrandCare System is stand alone, it does not and cannot integrate with a home control system. That might be a drawback in terms of providing a totally seamless solution for customers, but is probably not a reason for not even offering these systems. Plus, the installation is way easier than installing a control system or even an A/V system.
There is no liability to the dealer: In the case of GrandCare, the system liability is borne by the manufacturer, not the integrator. Besides, the system is not a PERS. It is not designed to detect when granny falls down the stairs.
Since all the stars seemed to be aligned for aging in place systems, why aren’t they selling? The only conclusion I can come to is that integrators are unwilling to put in the sales effort. For the average integrator, the systems are not easy to sell. The sales process requires educating both the caretaker and/or the family of the elderly client. It can be slow with a lot of hand-holding.
Selling digital home health also means you have to establish relationships with a new set of partners (nurse care, physical therapists, oxygen supply providers, etc.), and A/V guys don’t want to do that.
If you want to put in the work, the home health market is ripe for the picking. If you don’t, then you will be on the outside looking in on a market that is unquestionably going to be huge.
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. Jason graduated from the University of Southern California.
Posted by Paul Self on 06/20 at 10:04 AM
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Posted by Laura Mitchell – GrandCare Systems on 06/21 at 09:17 AM
Had to repost this – - I thought it was a rather interesting take by AGETEK Chair, Peter Radsliff, and I couldn’t agree more…Connected Source sounds like a terrific idea and I think it could really benefit from having the component that today’s integrators are seeking – the final piece to the puzzle – “HOME HEALTH TECHNOLOGY”..It’s something that EVERYBODY is seeking…because everyone is getting older and 90% of seniors report wanting to stay independent in their own homes.
OPINION: So where does a consumer go to really get help with difficult home technology challenges, especially those that are not easily solved by trying to do-it-yourself? That’s what the Best Buy Magnolia Hi-Fi & Geek Squad store-within-a-store concepts were designed to address. Well, now the custom install community is introducing its own nationwide branded concept, but this time it’s is a store-within-their-showrooms called “Connected SOURCE.”
Described as “Sort of like True Value” as noted in Julie Jacobsen’s CE Pro article of February 23 [here], the Connected SOURCE concept seems like an idea whose time has come. Except that, in my humble opinion, the Connected SOURCE concept is completely missing the boat.
Each Connected SOURCE location will be merchandised exactly alike with seven zones: 1) 3D Theater, 2) DNLA/Skype, Internet, 3) iPTV/Movie Library, 4) Personal Audio & Headphones, 5) Home Networking, 6) Whole Home Control, and 7) Home Theater Control. Hey, but haven’t we heard a lot from custom installers in the past two years that their businesses are hurting selling the same ol’ same ol’? Is special merchandising and branding for 3D TV, home control or home theater control really going to make that big of a difference?
Where is the aspirational vision to tackle a huge and growing market with new solutions to problems people are encountering for the first times in their lives? You know, the kind of forward-looking vision that Magnolia and Geek Squad had over ten years ago that caused them both to be acquired by Best Buy. If Connected SOURCE is now selling headphones because they are cool again, or new TVs because everything people watch now goes “booga booga,” that doesn’t sound like a big plan for the future. If you ask me, it’s more of the same ol’ same ol’ and barely catches up with Big Box Custom, never mind surpassing them.
Here are seven statistics I found that any business these days will find interesting:
a) The 35 million Americans 65+ in 2000 doubles to 70 million in 2030
b) 25% of working Americans juggle their jobs vs. caring for a loved one.
c) 50% of caregivers are responsible for parent care while also parenting their own
d) 20% of family members actually quit working to provide care
e) 90% of focus group participants conducted by a prominent industry organization were willing to pay $50/mo. for services and technologies to stay independent and in their own home
f) 78 million Americans over age 50 controlled 67% of the country’s wealth in 2001
g) In the time you took to read this so far, 17 more people turned 50 years old, that’s 10,000 more every day!
Maybe putting bluetooth-enabled healthy-weight scales and blood-pressure cuffs next to iPads and Beats headphones isn’t really the solution for Connected SOURCE. But if not them, then who? Other retailers and industry leaders are already moving on this opportunity right now. But they don’t have the expertise like the custom install industry does. I hate to see new entrants struggle to create everything new as much as I hate to see the custom install industry completely missing this boat.
Hey, but that’s my two cents. I’m actually happy to see any collaboration towards collective branding and merchandising to help the industry connect with consumers. When you’re ready to go after a really huge market, give us a call.
Peter Radsliff Board Chairman, Aging Technology Alliance [site] President & CEO, Presto Services Inc. [site]