Introduction.
The cost of building a system that utilises smartwatches and smart rings to prevent isolated and lonely deaths and ensure rapid detection and best subsequent treatment can vary based on multiple factors.
The factors and estimated costs are listed below.
Main cost factors
Cost of purchasing the device
The price of smartwatches and smart rings varies depending on features and brand.
Typical price ranges are $100-$500 for smartwatches and $100-$300 for smart rings.
Software development and integration
Smartphone apps and web portals need to be developed and integrated with existing health management systems.
Software development costs depend on the complexity of the functionality, but a budget of $50,000-$200,000 is expected for basic app development.
Cloud services and data management
Cloud infrastructure is used for data storage, analysis and notification services.
Fees for cloud services are generally in the region of $1,000-$10,000 per month.
Communication costs
The cost of data communication between the device and the cloud. If the device uses mobile communication, the communication costs are incurred.
Communication costs are around $10-$50/month.
Maintenance and support.
Costs for device and system operation, maintenance and user support.
Annual maintenance costs are expected to be in the region of $20,000-$100,000.
Education and awareness-raising
Costs for education and awareness-raising activities for users, their families and healthcare professionals.
A budget of $10,000-$50,000 is required to organise educational programmes and seminars and to create online materials.
Estimated total cost.
The estimated costs for a hypothetical implementation targeting 1,000 older people are as follows
Device purchase cost: $200 x 1000 people = $200,000
Software development and integration: $100,000
Cloud services and data management: $5,000 x 12 months = $60,000
Communications costs: $30 x 1000 users x 12 months = $360,000
Maintenance and support: $50,000
Education and awareness-raising: $25,000
Total cost
Total: $795,000
This estimate is for the first year of implementation; from the following year onwards, the main costs will be for device updates, maintenance and cloud services.
Other considerations
Economies of scale:
As the number of people covered increases, the cost per person may decrease.
Partnerships:
Cooperation with health insurance companies and local authorities can reduce cost burdens.
Grants and subsidies:
Grants and subsidies from government and non-profit organisations can be considered.
Conclusion.
As can be seen, the implementation of a prevention system for isolated and lonely deaths using smartwatches and smart rings requires a reasonable initial investment, but with the right planning and support it is feasible.
NB.
This text is based on asking the AI; the AI’s answers may not always be correct. Important information should be checked.
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