HealthTech startup Mindtrot Technologies has launched a technology platform designed to enhance services for senior living providers, particularly in assisted care and hospice services. This innovation aims to address the growing demand for senior living facilities in India and streamline operations for service providers.
Rising demand for senior living in India
A recent CBRE report highlights the burgeoning demand for senior living facilities in India, predicting it could reach 1 million units by 2024-25 and potentially grow to 2.5 million units within the next decade. Currently, India has only 18,000 units, reflecting a market penetration of just 1%, a stark contrast to countries like the UK, Australia, and the USA. This underscores a significant growth opportunity in the sector.
Assisted living caters to relatively healthy seniors who need assistance with daily tasks, while hospice care provides compassionate end-of-life care for terminally ill individuals. Both segments are crucial in catering to the needs of India's aging population.
The role of technology in elder care
Mr. Pankaj Mehrotra, an expert consultant in Senior Living and Elderly Care, emphasizes the importance of tailored services and technology in service delivery for the elderly. “Tailored services catering to the specific needs of the individual will be the differentiator, and technology is going to play a crucial role in service delivery for the elderly,” he stated.
CarePilot: a comprehensive solution
Mindtrot Technologies’ CEO and Co-Founder, Mr. Indranil Nath, discussed the market dynamics and the need for technological support in this sector. “India’s assisted living market is undergoing significant changes due to evolving family structures and the increase in the elderly population. There’s a noticeable lack of technology to support the growth of service providers in this sector,” he explained.
To address this gap, Mindtrot Technologies has expanded its “CarePilot” platform, initially developed for home healthcare, to include features specifically for senior living service providers. CarePilot now offers a comprehensive solution designed to enhance operational efficiency and patient care through several advanced features.
The platform includes efficient integration of leads across sales channels, a streamlined customer relationship management (CRM) panel, and an organized and secure patient data system. It also features secure electronic health records (EHR), coordinated order processing and nursing tasks, real-time tracking of nurses including attendance and payments, and a property management module specifically for managing assisted living and hospice services. Additionally, CarePilot supports customizable services such as nursing, ambulances, medicine delivery, and teleconsultation, along with detailed cataloging and inventory control for medical equipment, including rental and sales. The simplified and accurate billing system further enhances operational efficiency.
Benefits for service providers
Using Mindtrot’s CarePilot platform, senior living service providers can expect several benefits. The platform boosts operational efficiency by up to 64%, allowing business owners to focus on growth instead of daily tasks. It enables effortless remote management of multiple branches and operations across cities from an intuitive dashboard, and supports the diversification of services like home nursing, ICU at home, equipment sale and rental, medicine delivery, and ambulance services, opening new revenue channels within the evolving healthcare sector.
Strategic expansion
Mindtrot Technologies' expansion into the senior living sector is a strategic move to better address the specific needs of India’s aging population and the service providers. By leveraging advanced technology solutions, Mindtrot aims to improve the quality of care and operational efficiency in the senior living sector, setting new standards for elder care in India.
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