Mindtrot Technologies, a healthtech startup that develops all-encompassing digital platforms for aged care and home healthcare, has introduced a new solution with a focus on Assisted Care and Hospice Services, aimed at enhancing services for providers in the senior living sector.
While hospice care is intended for terminally sick persons to provide pain relief and compassionate end-of-life care, assisted living is designed for seniors who are generally healthy but may require some help with daily duties.
The CEO and Co-founder of Mindtrot Technologies
Mr Indranil Nath spoke about the current market dynamics. He said,”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.”
Originally designed for home healthcare, the company’s “CarePilot” platform has since grown to encompass functions including inventory control, patient and room management, and caring. In addition, it provides analytical tools and financial modules for billing and reconciliations to help service providers run their services more efficiently. Through the platform, patients’ families can participate more actively in the administration and decision-making of their care within a connected, technologically supported environment.
“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,” stated Mr. Pankaj Mehrotra, an expert consultant in the senior living and elder care arena.
The senior living industry comprises a range of establishments, from independent living communities to continuing care retirement homes, all aimed at encouraging elder independence and social interaction.
A CBRE report projects that by 2024–2025, there may be a million senior housing units needed in India; by the following ten years, that number might rise to 2.5 million. India’s market penetration is now barely 1%, with 18,000 units, far lower than that of nations like the USA, Australia, and the United Kingdom.
The strategic decision by Mindtrot Technologies to enter this market is intended to better satisfy the specific requirements of the elderly population in India and the service providers by utilizing its HealthTech solutions.