Are technological advances a threat to retirement villages?

21
Apr 16
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While technology presents a range of benefits for the retirement living sector, it can also make it easier for people to stay in their homes for longer.

Luke Grieve, Operations Manager Aged and Community Care at Telstra Health spoke about whether technology could be the death of retirement villages at the LASA conference in Queensland.

“The threat is built around the government drive to keep people in their homes. The technologies will enable them to do that,” he told Technology Review ahead of the event.

A growth in e-village networks internationally poses another alternative to the traditional retirement living model. “In this space, there is 50 naturally occurring retirement communities (NORCs) with 3,000 under development. It is a village-to-village network where people have built a virtual retirement village living within their own home,” he said.

Opportunities for the industry

To keep pace with technological advances, Mr Grieve encourages retirement providers to digitise their operating model. For example, Telstra’s e-concierge system provides an alternative to traditionally labour-based services – a digital orientation for new clients, the capability to order meals, make property maintenance requests etc.

Providers must create a unique value experience for their customers in order to remain competitive. “That solution is a great opportunity for providers to meet the customer experience that offers an additional revenue stream,” he said.

The Driving Growth in Retirement Living conference will explore strategies for driving enquiry and integrating care to expand your portfolio. Book soon to secure your place!

Retirement

Submitted by Jessica Farrelly

Jessica Farrelly

Jessica is part of the marketing team at Criterion, specialising in content and social media. Originally from Ireland, she’s an avid traveller and moved to Sydney after a year spent living out of a backpack in Asia.

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