Today on the blog, I will be discussing how ProviNET has provided assistance with technology relating to mergers and acquisitions in senior living.
Mergers and Acquisitions in Senior Living
The COVID-19 pandemic has upended many businesses and their long-range goals, but perhaps none have been impacted in the way senior living providers have been. The pandemic has exacerbated the precarious financial situation of many communities. With census declines of up to 15% along with the severe staffing crisis, the result has been more turnover and higher wages. Combined with the on-going regulatory controls and leadership turnover, this has made mergers and partnerships more appealing. Since 2010, over 800 communities have changed ownership, and this trend has only accelerated in the past two years.
From a technology perspective, this represents a unique challenge for both the primary provider and the acquired entity.
In The Event of a Merger or Acquisition
In the event of a merger or acquisition, you will want to work with a trusted technology partner who has assisted organizations on both sides of this process. Aligning with a partner who has extensive experience working with the complicated and time-sensitive due-diligence is key.
One of the biggest hurdles in a merger or acquisition from a technology perspective is consolidating the EMR data or transitioning quickly to a new vendor. On top of that, complexities of any acquisition or divestiture may require a stand-alone EMR database containing the medical record in certain circumstances.
Transitioning to a new network domain and topology and can be complicated if not done right. This is often dependent on the size of the organization and requires an agile process. ProviNET Solutions has the experience assisting providers through this process, and has the medical record, database, and technical talent to make this transition as seamless and fast as possible. Whether a direct task such as reimaging a workstation, providing strategic guidance on how and where to store your data, or splitting out one community out of a larger enterprise, ProviNET Solutions has encountered and delivered these specific services in an efficient manner.
Mergers and acquisitions are a challenge. Let ProviNET Solutions take the worry out of the technological component of these transitions. Fill out this form to speak with a client care representative and to obtain our informative checklist!