BS IEC SRD 63234-1:2020 Economic Evaluation of Active Assisted Living Services Framework

In the rapidly evolving landscape of healthcare and assisted living, the BS IEC SRD 63234-1:2020 standard emerges as a pivotal framework designed to guide the economic evaluation of Active Assisted Living (AAL) services. Released on March 3, 2020, this comprehensive document provides a structured approach to assessing the economic impact and value of AAL services, ensuring that stakeholders can make informed decisions based on robust economic analysis.

Overview of the Standard

The BS IEC SRD 63234-1:2020 standard, with its 34 pages of detailed guidelines, serves as an essential resource for professionals involved in the planning, implementation, and evaluation of AAL services. It is a critical tool for policymakers, healthcare providers, and technology developers who are striving to enhance the quality of life for individuals requiring assisted living solutions.

Key Features

• Standard Number: BS IEC SRD 63234-1:2020
• Pages: 34
• Released: 2020-03-03
• ISBN: 978 0 539 03507 0
• Status: Standard

Why Choose This Standard?

The economic evaluation of AAL services is crucial for determining their feasibility, sustainability, and overall impact on healthcare systems. The BS IEC SRD 63234-1:2020 standard provides a comprehensive framework that addresses these needs by offering:

• Structured Evaluation: A systematic approach to assessing the economic aspects of AAL services, ensuring that all relevant factors are considered.
• Comprehensive Guidelines: Detailed instructions and methodologies for conducting economic evaluations, tailored specifically for the unique challenges of AAL services.
• Stakeholder Engagement: Guidance on involving key stakeholders in the evaluation process, fostering collaboration and consensus-building.
• Evidence-Based Decision Making: Tools and techniques for generating reliable data and insights, supporting informed decision-making processes.

Applications of the Standard

The BS IEC SRD 63234-1:2020 standard is applicable across a wide range of scenarios within the AAL sector, including:

• Healthcare Providers: Assisting healthcare organizations in evaluating the cost-effectiveness and value proposition of implementing AAL technologies and services.
• Policy Makers: Supporting government bodies and regulatory agencies in developing policies and regulations that promote sustainable and economically viable AAL solutions.
• Technology Developers: Guiding developers and innovators in creating economically viable AAL products that meet the needs of users and stakeholders.
• Academic Researchers: Providing a robust framework for conducting research studies and analyses on the economic impact of AAL services.

Benefits of Implementing the Standard

By adopting the BS IEC SRD 63234-1:2020 standard, organizations and stakeholders can realize numerous benefits, including:

• Enhanced Decision Making: Access to a structured framework that facilitates comprehensive economic evaluations, leading to more informed and strategic decisions.
• Improved Resource Allocation: Insights into the cost-effectiveness of AAL services, enabling better allocation of resources and investments.
• Increased Stakeholder Confidence: Demonstrating a commitment to evidence-based practices and transparency, fostering trust and confidence among stakeholders.
• Competitive Advantage: Leveraging the standard to differentiate AAL services in the market, highlighting their economic value and impact.

Conclusion

The BS IEC SRD 63234-1:2020 Economic Evaluation of Active Assisted Living Services Framework is an indispensable tool for anyone involved in the AAL sector. Its comprehensive guidelines and structured approach to economic evaluation provide the foundation for making informed decisions that enhance the quality and sustainability of AAL services. By adopting this standard, stakeholders can ensure that their efforts are aligned with best practices, ultimately leading to improved outcomes for individuals and communities relying on assisted living solutions.

BS IEC SRD 63234-1:2020

This standard BS IEC SRD 63234-1:2020 Economic evaluation of active assisted living services is classified in these ICS categories:

• 03.080 Services
• 03.100.60 Accountancy

IEC SRD 63234-1:2020 provides a descriptive framework and template for the economic evaluation of the implementation of technology-supported home healthcare or wellness services, or AAL services that support communications, transportation, etc. as defined in a series of AAL use cases. The financial analysis is completed from the point of view of the healthcare services funder, aged care services funder, or similar governmental or non-governmental organization (e.g. the government in a state-sponsored system or possibly a health management/health insurance company in a privately funded system, a private or governmental organization financing delivery of home support or specialized transportation services).
This document is structured to provide a means of capturing data for a Reference Scenario (typically the current means of providing care, often known as 'usual care', to the target patient population) to compare against an Alternate Scenario (the service or technology intervention) for an economic comparison. Standard economic measures can be estimated (using an electronic spreadsheet or other analysis tool) such as Return on Investment (ROI), Net Present Value (NPV), and Payback Period of the investment.
This document is applicable to all potential AAL services and AAL systems that may be developed or the development and manufacture of any of the underlying components (whether hardware or software).