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
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