Vitality Corporation's GlowCaps Showed How the Internet of Things Can

question 51

Short Answer

Vitality Corporation's GlowCaps showed how the Internet of Things can potentially impact health care. Briefly describe the effort and the benefit to individuals and firms.
Vitality Corp's GlowCaps is an example of the potential for low-cost computing to improve health care quality while lowering costs. The GlowCap from Vitality, Inc., is a "smart" pill bottle that will flash when you're supposed to take your medicine. It will play a little tune if you're an hour late for your dose and will also squirt a signal to a night-light that flashes as a reminder (in case you're out of view of the cap). GlowCaps can also be set to call or send a text if you haven't responded past a set period of time. And the device will send a report to you, your doc, or whomever else you approve. The GlowCap can even alert your pharmacy when it's time for refills. Insurance companies have an incentive to subsidize the bottles or provide them for free. The business case for that? The World Health Organization estimates drug adherence at just 50 percent, and analysts estimate that up to $300billion in increased medical costs are due to patients missing their meds. GlowCap users reported a 98 percent medication adherence rate.

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Definitions:

Dishonored Note

A promissory note that has not been paid by the maker at its maturity date, resulting in a default.

Journalize Entry

The act of recording a transaction in the accounting journal as part of the bookkeeping process.

Accounts Receivable Turnover

A financial metric indicating how often a company collects its average accounts receivable within a period, showing its efficiency in credit and collections.

Days' Sales in Receivables

A financial ratio that measures how well a company is managing its accounts receivable by calculating the average number of days it takes to collect payments from customers.