The Dogged Fight for Independence in the Home Care Industry

Smaller Home Care Technology Companies Offer Autonomy for Home Care Agencies

In Sinq’s June 11 blog, “Customizable Home Care Technology Platforms Make a Case as Relevant Disruptors in the M&A Market,” the topic revolved around Sinq’s unique software services and platform, and how we differentiate ourselves in an expanding market of home health care technology, and mergers and acquisitions.  

Sinq’s intimation was supported by the June 21 Home Health Care News article, “Candid Conservations Reveal Home Health is a Top Investment Target,” where a survey conducted by the BDO Center for Healthcare Excellence and Innovation found that 63% of those surveyed believed the home care sector was the best opportunity for technology disruptors to improve elderly care.  However, the idea of being a ‘disruptor’ now seems to be a misnomer in the home care industry.  

In a very well-crafted article from February 2017entitled “There’s No Magic in Venture-Backed Home Care” from the website Medium, Kyle Hill, the co-founder of HomeHero, a tech company that matched quality caregivers with patients, elegantly penned the company’s final adieu.  Wanting to be a “price disruptor” in the home health care world, HomeHero’s success lost its footing when, in 2015, home care workers became W-2 employees eligible for overtime benefits.

HomeHero’sbusiness model was based on the independent worker (1099) for the sole purpose to keep home care costs down.  Even though HomeHero had successes after 2015, the reality of surviving only on private pay lead them to shut down their company.HomeHero constituted a ‘true’ disruptor that wanted to provide excellent service and fair pricing for individuals aging in place who needed quality care.

While being a price disruptor may not be a realistic model for many businesses, being a home care technology service and software standout can be achieved without being labeled a tech disruptor.  The reference to ‘disruptor’ conjures up images of rebellion, the underdog, troubled child, a wild one. However, it is now synonymous with larger, well-funded technology companies.  

In Leigh Alexander’s January 2016 article “Why it’s time to retire ‘disruption,’ Silicon Valley’s emptiest buzzword,” she cites a recent study that, “only 9% of [Clayton] Christensen’s 77 examples of companies primed for disruption were found to follow [his] model.”  (Harvard professor Clayton Christensen defined ‘disruptive innovation’ in the late 1990’s).  Twenty years later, home care articles are inundated with the hackneyed word that seems to have shifted to mean ‘status quo’.

Home care providers and payers contract with home care technology companies not because they are disruptive, but rather for value-based care, improved quality of care, lower readmission rates, preventative and proactive measures, better technological platforms, robust data, advanced software, and improved service.

Home care technology advances daily to keep the customers’ needs and growth aligned with success and passion for care.  SinqTechnologies learns, adjusts, re-evaluates, modifies, and improves its software platform, service, modules, reports, and application thanks to the providers’ desire for an industry-leading technology company that does not strive to be disruptive, but rather invested and compassionate about delivering collaborative care across the continuum.  

Sinq is an excellent example of how a smaller business can achieve success within in industry surrounded by M&A.  The ability to be a unique home care technology company allows providers, payers, and patients to have more control and autonomy while creating a holistic approach to quality care.

About Sinq Technologies         

Sinq’s collaborative software technology platform was built with the purpose in mind.  Sinq’s Care Plan Transparency, Care Gap Management, EVV / EvS, and Change in Care Monitoring makes Sinq’s software stand out within the industry, and with Payors, Providers, and Plans.  We can help you become compliant, but our expansive software offers long-term solutions for the betterment of your agency and clients.  Call today for more information, a free demo, or a consultation at (847) 325-5007, or visit us at www.sinq.io

Evolving Landscape of Mergers and Acquisitions Shapes Home Care Technology

Customizable Home Care Technology Platforms Make a Case as Relevant Disruptors in the M&A Market

Mergers and acquisitions within the healthcare industry are becoming commonplace in today’s complicated market.  In 2017, large mergers dominated the headlines: CVS and Aetna; Catholic Health Initiatives and Dignity Health; Ascension acquired Presence Health through a joint venture; Advocate Health Care and Aurora Health Care -- to name a few.

Recently, the population health market experienced many acquisitions: Next Gen Healthcare Information Systems acquired Eagle Dream Health; Phillips acquired Wellcentive and Vital Health; athenahealth purchased Filament Labs; GE Healthcare purchased the balance of Caradigm from Microsoft; IBM bought Truven after its acquisitions of Explorys, Phytel, and Merge.

Adding to the already exhaustive list of M&A, the home care industry is busy creating its own fervor of activity: LHC Group and Almost Family; Humana and Kindred; Addus and AmberCare and Options Home Care; Mercy Health and Bon Secours Health System; Riverside and ComForCare and CarePatrol; AccentCare and Nurses Unlimited; CareFinders and Sovereign Home Health of Connecticut.

This popular trend will continue as unique and specialized home care technology companies continue to expand their IT capabilities and broaden their product suites, while companies and investors look towards strategic partnerships and revenue growth. Software platforms for home care are desirable for investors and partners, in part, because the value-based care model is shaping new and improved technologies to focus on robust reports, data, and interoperability to bring interventive and preventative measures to home health care.

The exciting part of the ever-changing road map of home care technology is smaller companies are, at the minimum, equally as relevant as larger home care IT companies.  Providers will not be satisfied with a company that specializes in a single-component platform, just as investors would not spend money on a business that has no growth potential.  Home care software platforms that build out capabilities, accommodate changing behaviors, leverage data, and provide collaborative discourse for the entire care team constitute as future disruptors in the home health care milieu.

The fast-paced market of mergers and acquisitions, and home health care/healthcare is putting favorable pressure on software companies by providers and payers to be innovative and forward thinking when it comes to their products.  Heather Landi of Healthcare Informatics notes that healthcare IT vendors must offer providers, “solutions and capabilities to fit their needs for population health management and value-based care models, with core IT capabilities needed around data aggregation, data analytics, care management and patient engagement.” 

One example of limited technological innovation revolves around the 21st Century Cures Act EVV requirement.  The EVV mandate can be an opportunity for home care providers to become a powerful voice for improved technology in the industry.  EVV is one component of a vast wonderland of home care technology.  However, settling for EVV-only platforms will not cause necessary change within the industry.  Seeking out software that truly addresses FWA, hospital readmission rates, Care Plan and Care Gap monitoring, and Changes in Condition will bring about quality care across the continuum.  Furthermore, it is important for providers to be able to control their data, which is not the always the case, but will prove to be a game changer soon. 

About Sinq Technologies

Sinq’s collaborative software technology platform was built with purpose in mind.  Sinq’s Care Plan Transparency, Care Gap Management, EVV / EvS, and Change in Care Monitoring makes Sinq’s software stand out within the industry, and with Payors, Providers, and Plans.  We can help you become compliant, but our expansive software offers long-term solutions for the betterment of your agency and clients.  Call today for more information, a free demo, or a consultation at (847) 325-5007, or visit us at www.sinq.io

Senators’Bill May Provide Grace Period for Electronic Visit Verification Provision

A Senate Bill, Electronic Visit Verification, and the Effects on Home Health Care

Senators Sherrod Brown and Rob Portman of Ohio, and Lisa Murkowski of Alaska have introduced a bipartisan bill that would delay the implementation deadline for the Electronic Visit Verification provision of the 21st Century Cures Act.  The senators hope the January 1, 2019 deadline for personal care services can be delayed until January 1, 2020, to give states, home care agencies, and workers more time to provide input, prepare, train, and effectively administer the home care technology for patients.

The senators agree that EVV services are crucial in reducing FWA and delivering quality care in the home, but they also believe rushing to comply with a mandate only seven months away may prove problematic for parties involved. Brown and Portman’s home state of Ohio has become the prototype for what can go right and wrong with statewide EVV implementation.  Senator Brown’s statement, “we must take the time to get it right,” brings a sigh of relief for some, but acts as a cautionary tale for others.

The interesting and necessary rift that exists between providers and the EVV requirement further demonstrates the pressure agencies are facing in the light of worker shortages, increased worker burden, and renewed CMS outcome and value-based initiatives.  

It would not be fair to say that providers extol the possible EVV implementation delay, but it does offer some respite for providers who want to be engaged in the process, and realize what the vast potential home care, patient-centered technology encompasses.  The end goal for providers and all parties is not to be compliant with a mandate, but to provide quality, cost-effective care.  The delay in the mandate should not be considered harmful.  If the delay results in improved quality of care, the action of the senators will be applauded.

The Senate bill does bring to attention FWA, differentiated technology, and the role of preventative care. One possible effect of delaying EVV implementation is that payers and patients may not benefit from legislative measures to reduce FWA.  

The Tremendous amount of money has been reclaimed as a result of improved FWA oversight, and in the twelve months, the EVV mandate may be delayed, more fraudulent spending and inconsistent care may occur.  However, providers can take advantage of differentiated home care technology to bring quality care to patients, retain their customer base, and reinforce what payers value – cost-effective care.  

Technology that utilizes value-added drivers for preventative and proactive care, for example, Change in Condition monitoring, Care Gap alerts, Care Plan assessment, and robust reporting will make providers more attractive in the eyes of payers, who value HEDIS and STARS ratings, and patients who value the quality of life.

Waiting for a mandate to dictate future business models in the home health care industry is not a strong strategy.  For that reason, one has to decide independently what impact the senators’ bill will have on home health care.  Being ahead of the mandate, going beyond the EVV requirement, providing unique, quality care through specialized technology will set one provider apart from other providers.  Payers, providers, and patients want exactly what the senators desire – take the time to get it right!

About Sinq Technologies

Sinq’s collaborative software technology platform was built with the purpose in mind.  Sinq’s Care Plan Transparency, Care Gap Management, EVV / EvS, and Change in Care Monitoring makes Sinq’s software stand out within the industry, and with Payors, Providers, and Plans.  We can help you become compliant, but our expansive software offers long-term solutions for the betterment of your agency and clients.  Call today for more information, a free demo, or a consultation at (847) 325-5007, or visit us at www.sinq.io