ASX-listed InteliCare has achieved a significant milestone in its business-to-consumer strategy to expand its revenue streams in the aged-care and healthcare sectors following the launch of a new online platform and e-commerce marketplace that provides an internet-based mechanism for family members to monitor the wellbeing of their elderly or health-compromised loved ones.
The platform is linked to in-home sensors that are connected to InteliCare’s artificial intelligence technology that regularly reports via an app on the movement and activities of family members who may be elderly or frail.
If the system detects a change in daily movement habits it will report the anomaly to family members via the online platform and equally, if a person’s daily movement activities remain normal, it will send a reassuring message to family members.
Normal and abnormal daily movement activities are determined by InteliCare’s artificial intelligence technology that learns over time what a normal movement pattern looks like.
The new online platform is capable of providing monitoring feedback to anyone anywhere who has access to the internet. It will make it possible for family members who are travelling or residing internationally to monitor the movement of their loved ones even if they are in another country.
Interestingly, InteliCare’s products qualify as approved expenditure under the Federal Government’s Commonwealth Home Support Program, or “CHSP”, and Home Care Packages, or “HCP” program and they are also NDIS-approved.
The first phase of the company’s new B2C strategy is the launch of the online marketplace. Subsequent phases may include alternative product and price offerings alongside new marketing campaigns.
The independent living or DIY aged-care market represents a potentially very significant market for InteliCare, with an estimated 2.7 million people in Australia in that category, roughly double the number of people residing in aged-care facilities.
The recent Royal Commission into Aged Care and Safety highlighted the need for independent living solutions with a mammoth $21 billion in funding being committed to independent living and the safety, quality, access to and integrity of Australia’s aged-care system by the Federal Government.
InteliCare Chief Executive, Jason Waller said: “As pressure on Commonwealth and State aged-care budgets escalates, more Australians are taking a DIY approach to their ageing, similar to how superannuation supplanted the pension. Importantly, targeting end-consumers also has a two-pronged multiplier effect on commercial sales as adoption and referrals increase, plus consumer-directed care is increasingly giving more power back to the individual to manage their own funding packages."
With independent living looking like the largest and fastest-growing market in aged care, the launch of InteliCare’s e-commerce marketplace will help the company expand the sales channels for its proprietary artificial intelligence technology.
In addition to increasing access to the DIY aged-care market, the e-commerce marketplace is set to reduce customer costs through efficiencies and automation of the sales process.
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