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
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