Mergers, Acquisitions and Data, Oh My!
Although the healthcare industry has seen a substantial surge in mergers and acquisitions over the past decade, they aren’t really anything new. Healthcare providers have been consolidating rapidly for at least the past 25 years. However, the types of mergers we’re seeing now are of a different variety.
What’s Changed? Up until a few years ago most mergers simply combined two or more competing hospitals. These kinds of mergers are still happening, but now we’re also seeing what are called vertical acquisitions. This is where hospitals combine with outpatient clinics, physician practices, and other facilities within the system. It’s easy to see why we’re seeing more vertical acquisitions, as they go a long way in creating a better patient experience. An efficient, vertically integrated entity is better equipped to use all relevant patient data, streamline and improve care and communication, and reduce costs. These are much needed improvements for patients and providers, but bringing vastly complex businesses together is no easy feat and hospitals and clinics aren’t the only one’s switching things up.
Everyone’s Affected The change in the U.S. healthcare climate has affected every aspect of the hospital service industry, especially health IT services. This includes software development, consulting, hosting, and you guessed it; EMR services. When EMR vendors merge it’s almost always for a great reason, but it isn’t always clear what the future will hold for them due to the major changes that have to take place. Because it’s hard to tell how a combined suite of products will fare long-term, it’s always good to have a backup plan. That’s where data archiving comes in.