InteliCare enters B2C aged care remote monitoring market
Health & Biotech
Health & Biotech
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Special Report: Aged care monitoring company InteliCare Holdings has entered the business-to-consumer marketplace with the launch of a new online platform, creating a new addressable market and sales channels.
The company will now focus on expansion into the DIY aged care market, which represents about 2.7 million people in Australia, roughly double the number of aged care recipients in the country.
InteliCare’s subscription-based service uses smart home sensors – not cameras – to gather data about activity within the home and learn an individual’s daily routine. When activity diverges from this daily routine, a smartphone notification is sent to the care team letting them know.
Until now, InteliCare’s business-to-consumer sales have been primarily ad hoc as the tech company focused on business-to-business sales.
InteliCare says that those sales allowed it to collect crucial data, to refine its AI mechanism and optimise the customer experience of its InteliLiving product.
“This is the first step in executing our B2C strategy,” said Jason Waller, chief executive and managing director of InteliCare.
“While B2B sales have been and will continue to be a very important part of our growth strategy, B2C marketing and fulfilment targets a larger and growing total addressable market.
“As pressure on Commonwealth and state aged care budgets escalates, more Australians are taking a DIY approach to their aging, 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.”
InteliLiving is NDIS approved and qualifies as an approved expenditure under the government’s Commonwealth Home Support Program (CHSP) and Home Care Package (HCP) programs.
InteliCare says that the royal commission into aged care highlighted the need for independent living solutions, with more than $21 billion in funding contributed to the safety, quality and access to and integrity of Australia’s aged care system.
Capital-light distribution network
InteliCare also last month signed an agency agreement with RehHab Hire, a sales and hire business that supplies equipment and services to over 2,000 aged care, hospital and private clients in the Melbourne area.
InteliCare has cited the deal as a vindication of its capital-light, indirect sales channels and a validation of the InteliCare value proposition.
With the number of Australians aged over 70 set to double over the next 15 years, analysts say the aged care sector has a number of tailwinds forming behind it.
This article was developed in collaboration with InteliCare Holdings, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.