Cooperative competition or “co-opetition” is largely dormant in the long-term care market, one industry leader said in July.
But providers and their residents can be a driving force in new ideas coming to market, he said.
“Bluntly, the biggest thing is people are afraid of a change,” said Care Innovations CEO Louis Burns in an interview with McKnight’s. “It’s a very different space. The market’s moving quickly with a lot of challenges. We, for example, see the next generation of elders coming in being much more demanding, much more technical, much more involved in the process.”
Burns joined Rick Barker, vice president of information technology at Silverado Senior Living; Scott Collins, CEO and president of Link-age; John Reinhart, president and CEO of InnovateLTC; Jeff Makowka, senior strategic advisor, thought leadership, AARP; and McKnight’s Editorial Director John O’Connor as judges at the LINKTANK Senior Care Innovation Competition. The competitors presented information about their company to attendees and judges during the LTC LINK conference in Chicago July 22.
The $10,000 winner was WalkJoy, a wearable device that aids in the restoration of gait by telling a patient when his or her heel hits the ground.
The other finalists were BAM Labs Inc., which has smart bed monitoring technology; CoPatient Inc., a medical billing advocate company; Liberate Medical LLC, which is working on devices that can help wean people from ventilators and assist them with aspects of Chronic Obstructive Pulmonary Disease; ReMind, a medication adherence company; and Social Code, which provides closed online communities.