Special Report: The Federal Budget’s $2.2 billion injection into the aged care sector will provide a vital boost to the provision of home care services according to the CEO of SaaS company InteliCare Holdings (ASX:ICR). This significant investment includes the provision of 24,000 new home care places and a substantial focus on improving digital and ICT capability in the sector.
“It’s heartening to see the Government focus on enabling more older Australians to live independently in their own homes, which they overwhelmingly want to do, and in backing the aged care sector to provide the best support wherever someone may be being cared for,” said Daniel Pilbrow.
InteliCare’s technology enables older Australians to remain at home rather than entering aged care. The AI-driven patient care platform allows carers and care providers to track activity levels, patterns of behaviour, health metrics, and sleep and take a more proactive approach to managing health, enabling the detection and prevention of potential health issues before they escalate.
The technology is also being used in residential aged care, supported disability accommodation and hospital in the home settings.
Strengthening Medicare
The Budget also allocates $1.2 billion over five years to strengthen Medicare by supporting earlier hospital discharge, improving access to essential services, and modernising Australia’s digital health infrastructure.
Pilbrow hailed the announcement as a much-needed boost for the industry.
“This funding opens significant opportunities for companies like InteliCare to bolster the sector,” he said.
“We also welcome the $610 million allocated to states and territories under the strengthening Medicare strategy to initiatives that address long-stay older patient challenges and the additional $190 million for the extension of the Transition Care Program.”
“Both of these funding elements support providing the best care to older Australians in their own homes following a hospital stay.”
Aged Care Minister Mark Butler said the new rights-based Aged Care Act is a once-in-a-generation reform.
“It will put older people at the centre of the aged care system and ensure those who access Government-funded aged care services are treated with respect and have the quality of life they deserve,” he said.
Pilbrow said this approach aligns directly with InteliCare’s purpose and technology.
“There’s a real opportunity for a company like InteliCare to support both the aged care and healthcare sectors and facilitate that. By leveraging our advanced technology, we can help ensure that seniors receive the high-quality care they need in the comfort of their own homes, ultimately improving their quality of life and reducing the strain on hospital resources.”
Broader impacts and future outlook
Artificial intelligence in Australia’s healthcare sector is set for explosive growth. The market is predicted to surge at a compound annual growth rate of 46.72%, skyrocketing from $80 million in 2022 to nearly $1.8 billion by 2030.
Market analysts attribute this rapid expansion to the rising demand for efficient and effective healthcare delivery and the growing availability of healthcare data.
Highlighting the transformative role of AI and machine learning in personalised care, Pilbrow emphasised the crucial role of data consolidation. InteliCare’s platform aims to streamline the overwhelming amount of health data, providing care providers with a comprehensive 360-degree view of individuals.
“I think that’s where AI comes in,” he said.
“AI can help simplify that so that the individual carers and care providers don’t have to look at various sources to understand that person’s health and well-being.”
InteliCare is also experimenting with ChatGPT to explore how the platform can summarise data inputs, further enhancing its capabilities.
This article was developed in collaboration with InteliCare, 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.
The post InteliCare anticipates positive impact from increased Budget spending on aged care appeared first on Stockhead.
