Andrew Barnett is a popular name for mergers and acquisitions of businesses around Fort Lauderdale. He has worked in a variety of sectors and is appreciated for his attention to detail, exclusive strategies, and speedy results. His career background has multiple achievements as a trainer, coach, and innovator. You can follow Andrew Barnett on LinkedIn and read his advice on healthcare M&A success associated with IT.
As an Apple Engineer, he created and executed tamper-proof stickers to prevent illegal access of warranted units. Andrew helped in the development of data recovery software called CPR tools [on SCSI device]. He worked with Reader’s Digest and was appointed as the Vice President of Dollarsignz.
Today, mergers and acquisitions are overriding the healthcare system. The merged organization will need integrated data to function. The in-effect solution is to rip the ERPs and EHRs and replace it with common products. This is not a great alternative as it is complex and expensive. It is wise to integrate the data first at a low cost using a data operating system.
Two basic requirements include –
- Asset digitization
- Digitizing the processes surrounding and affecting those assets
In healthcare, the patient is an asset while registering, diagnosis, scheduling, orders, etc. are processes that need digitizing. There are EHRs but they don’t digitize the patient, so the task has to get typed and clicked, during clinical visits.
To fully digitize a patient, the healthcare system needs to expand its data ecosystem and capabilities. It means collecting information about the patient’s social, behavioral, physical, and economic factors as well as blending them with the care provided.
80% of factors impacting a patient’s fall outside traditional healthcare delivery like education, income, exercise, diet, etc. Only 20% of data is available from the areas of care access and quality. So, to digitize healthcare comprehensively, it is crucial to prioritize data integration and IT strategy.
Data integration and IT strategy
Merger & acquisitions in the healthcare sector are highly active, so IT strategy is crucial, especially because of the increase in digitization. Without an IT integration strategy, 40% of M&A value is at risk. Healthcare leaders prioritize data acquiring because it will help them deliver faster and better care to a wide range of patients.
Instead of ripping & replacing old technologies, choose a data operating system to upgrade and enhance its ability to deal with the increasing demand for M&A structure. Today, the rip & replace strategy is not applicable because advanced software is designed around the microservice architecture.