2. Data integration should be a first consideration
Patient data could unlock the potential of early diagnostics and preventive care using artificial intelligence. However, health data is often siloed and data entry into the electronic health record is inconsistent. In healthcare, inaccurate data can put lives at risk.
“It has become a big challenge for the healthcare industry,” says Venkataraman Chittoor, Chief Product and Technology Officer at Marathon Health. “When migrating two systems, we need to plan how they are used and mapped, and how to recognize data issues.”
Healthcare IT managers need to consider the impacts and details of data integration early in the M&A process.
“It’s not just about moving data between columns. It must be a full migration. Data exchange and storage has been a big challenge for healthcare companies, but they are making a lot of progress in catching up,” says Chittoor.
3. Partnerships are important for navigating IT integrations
Healthcare and IT leaders are experts in their fields, but every merger or acquisition comes with unique challenges. Expert advice from a partner who has experience in healthcare M&A can make the integration process easier and smoother.
Involving an IT partner with knowledge and experience specific to healthcare M&A can help organizations meet the demand for scale, especially with larger integrations. An expert partner, for example, understands that thousands of endpoints are involved in clinical operations.
It is important to involve a partner as early as possible in the M&A process, ideally before a public announcement is made, so that the partner understands the company’s business and IT integration objectives early on. organization. A partner that is in place before day zero can perform unbiased assessments sooner and ensure that security is central.
4. Cybersecurity should not be an afterthought in a healthcare M&A
Cybersecurity is the top IT issue for 38% of healthcare IT leaders surveyed in a recent HealthTech Twitter poll. As cyberattacks become increasingly sophisticated and healthcare organizations remain the primary target of malicious actors, cybersecurity must be a priority throughout the merger and acquisition process.
#HealthIT leaders: what is your main IT problem during a #merger Where #acquisition?
— HealthTech Magazine #BeCyberSmart (@HealthTechMag) July 11, 2022
It is important for IT managers to understand the security infrastructure and gaps of both organizations so that they can navigate the integration process without exposing either organization to increased vulnerabilities.
“We perform a cybersecurity review, assess everything, and resolve issues before connecting the acquired network to ours,” says Mike Minear, CIO of Lehigh Valley Health Network.
5. Due Diligence is an Opportunity for Computing Information Gathering
During due diligence, the buyer conducts a thorough process of investigating, verifying and auditing the target healthcare organization to identify risks and confirm information. While much of the focus may be on finance, it’s also important for organizations to consider IT environments.
Three things healthcare CIOs and IT leaders should keep in mind during the due diligence phase of mergers and acquisitions:
- IT managers need a thorough understanding of both healthcare organizations’ IT environments, including security vulnerabilities and technical debt.
- Stakeholders should align with the IT integration strategy early on, as integrations will move quickly once the deal closes.
- Organizations need to foster collaboration between IT teams and healthcare leadership to ensure everyone is aligned and able to make decisions with future efficiency in mind.
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