This article will discuss AI in assisted living facilities and its impact. AI is rapidly becoming a part of life. It's becoming more intelligent and impacting many aspects of society and business.
Ron Galloway, researcher, author, and speaker, discusses disruptive technology and its ramifications for assisted living facilities. Watch the presentation about the emerging possibility of AI in assisted living facilities.
Artificial intelligence (AI) is simulated human intelligence processes by machines. Currently, AI most often refers to computer systems that simulate human intelligence.
Some examples of AI that we interact with regularly include:
AI has some exciting and controversial buzz because it's becoming more sophisticated and may be approaching "sentience."
Sentient means being conscious or having the ability to experience what is happening to itself. For AI to become sentient, it must be virtually identical to human intelligence. That means AI would be able to perform tasks better than humans and appear to understand the human experience.
AI is becoming sentient because of its computing power and ability to learn from text, images, and other media types. AI can be trained to react using natural language and may learn to think, perceive, understand, and feel instead of just language and output.
AI may be getting smart fast because it understands images. Images on the internet are readily available and pumped into AI, helping AI learn.
The conversation about AI and assisted living facilities is essential in the context of investing in those types of facilities.
We are on the precipice of a silver wave as baby boomers age into residential assisted living facilities. The reality is that people will need a place to stay as they age. In addition, modern medicine is improving the quantity and quality of life for people, so they will need to have somewhere to stay for longer.
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It’s critical to learn more about the advantages of these types of properties and how they might benefit you as a real estate investor.
AI matters for assisted living facilities because it collects data and makes predictions. For instance, a senior citizen may wear an Apple Watch or Fitbit, which collects data about the senior.
The watch collects height, weight, blood pressure, and heartbeat data. Using that data and comparing it to data that it has available enables AI to predict or diagnose a potential problem–like a heart attack or stroke before it occurs. That helps assisted living facilities to be proactive with their care towards residents.
Other applications of AI in an assisted living facility include:
The more data that an AI collects, the more the AI can learn and create sophisticated responses. It gets smarter.
AI has the potential to learn about specific communities. That means it will collect data on the following:
With that data, it will be able to curate experiences and living conditions that are unique and specific to each community. The ability to curate experiences will improve quality of life and has the potential to make data-driven decisions that will cut costs and prevent superfluous waste of resources.
Some other things that AI might be able to do include, but are not limited to, helping seniors:
There are two significant issues that AI can counteract in assisted living facilities:
AI can counteract loneliness by having it talk to you in a voice that you find comfortable. For instance, AI can read a book in a loved one's voice.
One thing that hurts people as they age is the lack of creativity. AI can bolster senior creativity with its ability to augment its natural knowledge or synthesize inputs to create something new.
AI is here to stay and will increase its presence in our lives. The ability to harness and use AI in unconventional and creative ways may define how we progress as a society.
Although it's not as flashy as self-driving cars, the application of AI in assisted living facilities is essential. AI has the potential to improve the lives of seniors in those types of communities by:
Do you have questions about assisted living facilities? If so, join us at our weekly Royal Investing Group Mentoring, where we discuss best practices, investment opportunities and facilitate a space for networking with like-minded people.
Scott Royal Smith is an asset protection attorney and long-time real estate investor. He's on a mission to help fellow investors free their time, protect their assets, and create lasting wealth.
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