LogicMark's Holistic Approach: Leveraging Artificial Intelligence And SaaS To Protect Aging Loved Ones

Securing aging loved ones takes more than cutting-edge, wearable devices. It requires state-of-the-art, artificial intelligence (AI)-driven software that can collect, read and analyze data from the devices in seconds. LogicMark Inc. LGMK, the maker of personal emergency response systems (PERS) and AI-driven software, offers its enhanced Software-As-A-Service model. Their Caring Platform as a Service (CPaaS) is a connected care platform that collects and analyzes data from LogicMark products and third party partner devices to provide critical insights and notifications to users. The company says this empowers patients and caregivers to communicate in real-time and act on care needs. 

Caregivers know immediately if a patient’s device leaves its preset location boundary or a fall is detected, thanks to personalized patient monitoring. LogicMark says its CPaaS platform is the vanguard for empowering a new level of remote monitoring, potentially helping older adults to live a more independent life. 

Connecting Everyone With Artificial Intelligence  

LogicMark is deeply familiar with developing ground-breaking artificial intelligence. The company, which does brisk business selling advanced wearable safety devices that enable two-way calling and fall detection monitoring, also offers a powerful AI-driven platform designed to help patients and their caregivers manage care at home and on-the-go. 

The company's hardware and that of others acts as the messenger, gathering data in real-time from the person and sending it to be collected and analyzed with LogicMark's Artificial Intelligence-enabled SaaS. It enables doctors and providers to offer more personalized care in an emergency.

Take LogicMark's Care Village app for one example of how it works. Through the app, caregivers can monitor fall status, device health, battery and more. Care Village prioritizes the users' experience, allowing scheduling across multiple devices with multiple caretakers or family members. Additionally, because it's connected over Wi-Fi and mobile networks, loved ones are easy to reach.

LogicMark's AI-enabled SaaS offering is scalable and, thanks to its proprietary Artificial Intelligence, ensures constant connectivity. It is designed to effortlessly link people, devices and caregivers, and empower people to live independently and safely. 

What’s The Big Deal Anyway 

LogicMark says its new approach to the market not only promises a better user experience for customers, but potentially a bigger piece of the smart personal safety devices and software market pie for the company. And it's a big one: The market for smart personal safety devices and software is projected to surpass $147 billion by 2037. By offering an ecosystem of safety devices and SaaS, LogicMark says it is confident it can secure a larger market share and, thus revenue. 

Then there's the recurring revenue stream component of its Software-as-a-Service focus. Because it offers its software and services on a subscription basis, it has a better idea of how much money it will bring in each month, quarter or year. That's particularly true given SaaS models typically charge a fixed rate for their offerings. LogicMark is going after several markets in need of personal remote monitoring, including different areas of government like Medicare or Veterans Health departments. 

"Success hinges on constructing a hardware and services model for recurring billing, fostering strong customer relationships and maximizing upselling and cross-selling," the company says.

Its deal with Black Knight Medical, a Service-Disabled Veteran-Owned Small Business (SDVOSB), inked in November, is an example of the company continuing to grow its  governmental contracts. The collaboration will enable LogicMark to leverage Black Knight Medical's expertise in medical supply distribution and government contracting to potentially enhance access to medical alert devices and its SaaS for veterans across the U.S. 

New Addressable Markets 

Aster is LogicMark's mobile app that turns smartphones into personal protection devices that can help ensure safety 24/7 and contact emergency services. With just the push of a Bluetooth button, the system automatically contacts a monitoring service and calls the user’s phone to offer support in vulnerable moments. At the same time, a notification and GPS location will be sent to followers so users can receive help in an emergency while loved ones receive real-time updates. 

Aster is a subscription-based software application that is available on both Apple and Google Play stores. The app pairs with the Aster Emergency button; a discreet companion device that aims to ensure that users can reach help without ever opening their phone. Aster propels LogicMark into a totally new addressable market under the personal safety umbrella through which the company says it has the potential to generate multiple revenue streams. 

Aster just scratches the surface as to what LogicMark can bring to market with its SaaS approach. LogicMark is harnessing the software technology underpinning Aster to produce other IoT solutions to protect the safety of users and allow family, friends and caregivers to monitor them from anywhere. “Aster is an excellent example of how our Caring Platform as a Service (CPaaS) model can be leveraged to launch other mobile and internet-of-things (IoT) solutions," said LogicMark's CEO when announcing fourth-quarter results. 

Protecting personal safety requires a comprehensive plan that melds smart devices with AI-driven software. LogicMark's shift to a SaaS model seeks to ensure it can offer top-notch protection and tap recurring revenue streams. Check out LogicMark's investment deck here.

Featured image by CDC on Unsplash.

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