Mature Market Experts Stat of The Day: How Economies Are Effected By The Boomer Tsunami and Immigration

Mature Market Experts: more mature market news and stats more often- The Boomer Tsunami, Economies and Immigration – History shows us that in tough economies struggling “natives” often turn immigrants into villains. As I’ve blogged before, this country cannot survive the coming age wave without immigration.

Now, before I start get started, let me start off by stating that we MUST tighten our security measures and admission standards. Illegal entry into our country cannot be rewarded. If you are working in this country you must be a contributing member (meaning you’re paying your fair share of taxes AND you have committed no crimes). In addition to the financial ramifications of illegal aliens, we now have to worry about the security issues.

Now that being said, we face some serious challenges in the near future. By 2010, the U.S. Department of Labor’s Bureau of Labor Statistics projects that our economy will support 168 million jobs, but the workforce will be only 158 million to fill those jobs. Therefore, a shortfall of 10 million is predicted (Herman, R. E., T. G. Olivo, and J. L. Gioia. 2003. Impending crisis. Winchester, VA: Oakhill Press.).

According to the U.S. Census Bureau, the U.S. birthrate has fallen to about a breakeven level (from 3.3 births per couple in 1960 to 2.2 in 2000), while at the same time the dependency level of our growing population of aging citizens is increasing. By dependency, I mean that as we age we require more services: health care, maintenance, etc). In other words, who will mow my lawn or take care of me when I have Alzheimer’s?

“The soaring number of elderly people will affect the dependency ratio, which describes the impact of a nonworking population on a working population. In the United States, where there will be 246 elderly people for every 1,000 workers in 2010, there are projected to be 411 elderly per 1,000 workers in 2030.”

-D’Vera Cohn, The Divergent Paths of Baby Boomers and Immigrants

What makes the issue even more serious is that so many of us are choosing to retire at 62 (60%) rather than 65, robbing our economy of valuable workers and experience. In fact, in my humble opinion, we would be less dependent on immigration if our economy was better equipped to allow us to work well into our late 70s/early 80s . . . which would require some restructuring of social security and tax laws (in other words, don’t punish people for working).

In this video, Economist Robert Shapiro projects how economies around the world may respond to the aging of the Baby Boom generation.

Thoughts?

Mature Market Experts Gem of The Day: Serving Aging Populations with Remote Monitoring Technologies

42-17073549 telehealth mature market experts

Mature Market Experts: more mature market news and stats more often – Serving Aging Populations with Remote Monitoring Technologies – Estimates by the U.S. Census Bureau expect the population of Americans aged 65 and older to increase by more than a factor of two between 2010 and 2050 [1]. At the same time estimates of healthcare expenditure increases between 2007 and 2017 show an increase to nearly 20% of GDP in this period [2]. These estimates were made prior to the recent financial crisis that began during the Fall of 2008. Further compounding this increasing demand and the concomitant increase in costs is the availability of allied healthcare professionals. Some studies [3] identify the likely decrease in the number of physicians entering any number of key specialty areas, including cardiology (20% decrease by 2020), geriatrics (35% of current demand met today), rheumatology (38 day average wait for a new appointment), and primary care (on the verge of collapse). Those of us who are baby boomers are on the leading edge of this demand and, in order to mitigate and minimize the cost impacts on our children, it is our challenge and responsibility to innovate and meet these challenges without passing along unnecessary burdens to our children and grandchildren.

For most of us, aging means more frequent and severe afflictions. Taking care of our health by improving diet, exercising, and maintaining an otherwise active lifestyle is essential to ensure a high quality life. Even with increased vigilance chronic ailments can affect us later in life, brought on both by our genetics and consequentially due to the lifestyles we’ve led in our youths. Ailments such as dementia, coronary artery disease, Alzheimer’s, myocardial infarction, congestive heart failure, macular degeneration, osteoporosis, hypertension, chronic obstructive pulmonary disease, diabetes, and others take their toll. Managing chronic diseases is costly from a logistical perspective in terms of time and money. However, even more to the point, effective and quality oversight of patients with chronic ailments requires regular review, screening, and monitoring of patients. This is further complicated by the need to serve patients who lack the means or are physically incapable of leaving their homes for extended periods. Telehealth and remote monitoring are a means by which a case manager—an individual assigned to oversee the care of chronically ill patients within a home-health setting—can review patient information on a regular basis (for example, daily) and support both the patient and the primary care provider. Furthermore, Intensive care units and emergency departments are becoming more crowded. Individuals with insurance are going to EDs because they cannot find satisfaction in terms of prompt scheduling with their gatekeepers (family practitioners). The quantity of individuals with chronic ailments is on the rise (stroke, CHF, diabetes, COPD, etc.) This is in part due to the fact that people are living longer. At the same time the Medicare and SS systems will not be able to sustain the growth in population over age 65. This means that working individuals will increasingly bear the financial burden for us “boomers.” As a result of increased longevity and the fiscal challenges, the retirement age will increase.

So, what do we do? Well, several things: first, technology in the form of remote data collection, reporting devices and software will become more prevalent: glucometers, BP cuffs, spirometers and associated software will be more readily available for direct communication with personalized electronic health records. If the purpose of a typical visit is to take BP and diabetic assessments, this can be handled most by collecting data at the point of care (home) and transmitting to the physician’s office for assessment. Such also applies to nursing and assisted living facilities. Next, the technical infrastructure required to transmit and store these data will be required. Paying for this infrastructure could come from a number of sources. One possibility: most everyone nowadays has access to cable television. Cable companies could offer devices that integrate with existing modems to collect and transmit data to the FP, together with complementary emails to next of kin (e.g. “Your mother’s BP as of 8:10 this morning was 145/89”). Other technologies that can be used to evaluate and monitor chronic ailments such as macular degeneration can further reduce costs by providing video cameras at point of care whereby ophthalmologists can review retinal changes without requiring an elderly individual to be transported at expense and time to a hospital or office. In addition, support for remote consults via VoIP and video can be supported over the same network. This empowers the remote provider with the ability to interact with the patient All of these technologies are in use in remote pockets around the world today. But, they will become more prevalent. These technology implementations will reduce costs and provide for more personalized care in comfortable settings (homes). Of course, nothing takes the place of the tactile hands-on. But, for routine visits the above will be invaluable. In terms of the software technologies, personalized medicine will become the norm (eventually). Telehealth will be key. But, also, support for automated workflow in the acute care environment will need to be augmented. This means fully integrating all data into the enterprise HIS.

 The U.S. Department of Health and Human Services through its Office of the National Coordinator for Health Information Technology published operational scenarios focused on providing key information to assist in harmonizing standards on the implementation, certification, and policy implications for robust remote patient monitoring [4]. Included in this assessment are requirements on interacting with personalized health records and enterprise health information systems. The approaches to advancing remote monitoring include both seamless communication from medical devices at the point of care (i.e., in a patient’s home setting) and with a case manager and primary care provider both through electronic transfer, storage, and display of health information and remote video and audio interaction with patients in the same home health setting.

 Technology is not the silver bullet, but those described above are key enablers for remote health monitoring. Of course, the use of technology carries with it the implication that sufficient underlying infrastructure exists. This is not always the case in remote areas of the country. Satellite, cable, and fiber optic technologies are fairly extensive within the continental United States, but pockets and regions exist in which this is not the case. Therefore, a combined effort to extend the communications infrastructure must continue together with a unified effort to standardize and train and “in-service” individual care providers on these technologies must occur. One of the best mechanisms for enabling this is through the local hospitals and their satellite clinics.

[1] Source: Population Division, U.S. Census Bureau, August 14th, 2008; Table 12: “Projections of the population by Age and Sex for the United States: 2010 to 2050 (NP2008-T12)”

[2] Cinda Becker, “Slow: Budget Danger Ahead,” Modern Healthcare, March 3rd 2008.

[3] “Recent Studies and Reports on Physician Shortages in the U.S.,” Center for Workforce Studies, Association of American Medical Colleges, August 2007.

[4] “Remote Monitoring Detailed Use Case,” U.S. Department of Health and Human Services, Office of the National Coordinator for Health Information Technology, March 21st, 2008.

So, how long do we have? Well, the sooner the better. Successful telehealth and remote monitoring programs exist throughout the United States and worldwide today. We should ensure that our elected representatives direct healthcare expenditures towards several specific areas to promote growth and alignment to meet the objectives of remote monitoring. These include continuing alignment on electronic personalized health records, expansion of our underlying communications infrastructure, and promoting common standards of communication among these records so that, regardless of location, a patient can communicate his or her information to any physician and allied health professional within the country. In summary: common storage, homogeneous communication, standardized formats.

 
 
 
 

 

Mature Market Experts Stat of The Day: Parents Moving In With Kids

Three generations under one roof used to be the norm.

Three generations under one roof used to be the norm.

Are we seeing a return to the intergenerational household? As many of the mature market have seen their retirement savings wiped away by the recent market fluctuations, many are moving in with their kids.

“Recent statistics from the U.S. Census Bureau found that the number of parents who’ve moved into their adult children’s homes increased 67 percent, from about 2.1 million in 2000 to 3.6 million last year.”

Source: MSNBC.com

Mature Market Experts Stat of The Day: Foreign-Born Seniors

Boomer / Senior / Mature Market Stat of the Day – The majority of the foreign-born mature market (62%) entered the United States prior to 1970.

Source: We the People: Aging in the United States, US Census Bureau, U.S Department of Commence, Economics and Statistics Administration

Mature Market Experts Stat of The Day: Voting

Want to win the election? You better understand the mature market.
Want to win the election? You better understand the mature market.

People aged 65 and older consistently vote in higher proportions than other age groups. In 2000, 67.6 percent of the mature market, compared with 49.8 percent of those aged 25 to 44, said they voted; of all the votes cast that year, some 20 percent were by seniors age 65 and older.

Source: The 65+ in the United States report, Dr. Velkoff and co-authors Wan He, Ph.D., Manisha Sengupta, Ph.D., and Kimberly A. DeBarros of the Population Division, U.S. Census Bureau

Mature Market Experts Stat of The Day: Disability

About 80 percent of seniors have at least one chronic health condition, and 50 percent have at least two chronic health conditions, which often lead to disability. Arthritis, hypertension, heart disease, diabetes and respiratory disorders are some of the leading causes of activity limitations among the mature market.

Source: The 65+ in the United States report, Dr. Velkoff and co-authors Wan He, Ph.D., Manisha Sengupta, Ph.D., and Kimberly A. DeBarros of the Population Division, U.S. Census Bureau.

Mature Market Experts Stat of The Day: Centenarians

The most “mature” of the mature market? Today, there are 76,000 Americans seniors older than 100. There will be 214,000 centenarians in the U.S. by 2020 and 834,000 by 2050.

 

Source: U.S. Census Bureau

 

A supercentenarian (sometimes hyphenated as super-centenarian) is someone who has reached the age of 110 years or more. Click for Supercentenarian photographs by Mark Story Living in Three Centuries: The Face of Age.

 

More photos can be found at Live Long: Feats of Longevity and Aging.

 

Two University Professors Bet on “The Maximum Human Life Span” 143 Years from Now

 

Click for more details.