Best Buy sees growth in health care technology for elderly

Consumer electronics chain hopes to provide 5 million seniors with health monitoring services

FILE - In this Aug. 27, 2019, file photo, the Best Buy logo is shown on a store in Richfield, Minn. Best Buy Co., the nation’s largest consumer electronics chain, says it plans to expand its remote monitoring services of seniors to 5 million from 1 million in five years. (AP Photo/Jim Mone, File)

The nation’s largest consumer electronics chain, known for selling TV sets, cellphones and laptops, is looking to health care as a big source of its future growth.

Best Buy Co. said Wednesday that in five years it hopes to provide 5 million seniors with health monitoring services, which can range from sensors placed throughout a home to a pendant worn around the neck. It currently provides the service to 1 million.

It’s part of the chain’s deeper push into the $3.5 trillion U.S. health care market and essential to its goal of reaching $50 billion in annual revenue by 2025.

The Minneapolis-based chain is tapping into an aging U.S. population, noting that two out of three seniors live with two or more chronic conditions and many want to stay at home.

Best Buy is also looking to dig deeper into health care at a time when it, like other retailers, face uncertainty regarding an escalating trade war with China. Some of its core businesses, like TVs and phones sales, have been sluggish, although it says the consumer electronics business is stable.

The strategy comes as Best Buy has succeeded in holding off increasing competition from Amazon and other players by speeding up deliveries and adding more services to deepen its relationship with customers.

“This is an environment driven by constant innovation and people who need help with technology,” CEO Corie Barry said at an investor conference Wednesday where executives unveiled a five-year growth plan.

Best Buy has been on buying spree of its own to boost the health care business.

READ MORE: B.C. funds pilot program to get more seniors doing gymnastics

In May, it acquired Critical Signal Technologies, a provider of personal emergency response systems and telehealth monitoring services for at-home seniors. In August, it acquired the predictive health care technology business of BioSensics, including the hiring of the company’s data science and engineering team. Last year, it bought GreatCall, which provides emergency response devices for the aging.

It also hired its own chief medical officer to push those efforts: Daniel Grossman, a physician, will report to Asheesh Saksena, head of Best Buy Health.

Insurers have been paying more for remote monitoring technology to help track issues like chronic conditions and keep patients healthy and out of hospitals. That technology can include special wireless scales to monitor patients with congestive heart failure.

Saksena told investors that pendants using certain algorithms can track how a senior is walking and predict the risk of falling. He also noted that sensors on refrigerators detect how often it’s being used. That can trigger a call by GreatCall agent to see whether that person has been eating.

AP Health Writer Tom Murphy in Indianapolis contributed to this report.

Anne D’Innocenzio, The Associated Press

READ MORE: OPP looking for suspect after Best Buy credit-card fraud in Surrey

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Wear a mask to protect others, says Vanderhoof’s top doctor

“I think wearing a mask is a small inconvenience when weighed against the possibility of giving vulnerable members of our community an infection that could kill them,” the doctor said.

Here is what school will look like for FLESS students

Students are going back to school on June 1 on a voluntary, part-time basis.

7 projects in Vanderhoof, Fraser Lake and Burns Lake receive NKDF funding

Nechako-Kitamaat Development Fund Society announced $139,702 in funding on May 29.

School buses for SD91 to start running from June 1

Parents urged to drop off and pick kids up whenever possible.

VIDEO: Injured bald eagle rescued in B.C. First Nations community

Bird suspected injured in fight, whisked off to Coquitlam rehab

Toronto Raptors’ Ujiri says conversations about racism can no longer be avoided

Thousands have protested Floyd’s death and repeated police killings of black men across the United States

‘I’m afraid’: Witnesses of wolf attack on senior near Prince Rupert worried about safety

Frank Russ shows where the unprovoked wolf attacked his father

Protesters prepare to rally against racism in front of Vancouver Art Gallery

Rally is in response to the deaths of black Americans and a Toronto woman

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

Protesters rally against anti-black, Indigenous racism in Toronto

Police estimated the crowd to be between 3,500 and 4,000 and said there was no violence

Feds earmark $1.5M to support recovery of B.C., Indigenous tourism

B.C. money will be split between Vancouver Island and Indigenous tourism

‘We’re sick of it’: Anger over police killings shatters U.S.

Tens of thousands marched to protest the death of George Floyd

Most Read