Posts Tagged: acquisition analytics

Buying or Selling? Check Out Our Healthcare Transition Services

Posted by & filed under Healthcare.

Healthcare organizations change hands all the time. Bankruptcies, mergers and acquisitions, closures, and more happen all the time. In these times of transition, organizations need a variety of solutions to ensure they are seamless and compliant. As a leader in healthcare data management, we offer turnkey healthcare transition services. Learn about how we can help.

Metrics and Insights

There are a variety of analytics needs in transitions. We developed a product years ago called Acquisition Analytics, which provides an unbiased, third-party review of the data. Its purpose is to help buyers determine the potential profitability and patient retention.

Since its introduction, we have expanded our analytics capabilities to provide deep insights on valuations along with other KBIs (key business indicators). 

Data Conversions

Healthcare data conversions are our core competency. We’ve completed thousands of them for all types of healthcare organizations. We’ve also worked with over 150 different software products. Our data migrations are secure, compliant, and accurate. No matter where your data is and where it needs to go, you trust us to ensure an optimal result.

Interfaces

We consider our solutions to be the pipes for healthcare data. As such, we can move it from any system to any format. That includes real-time and batching with FHIR-standard APIs. As a result, sharing data is now easy and no longer a hurdle or obstacle to operational improvement. 

Data Archiving

During a transition, you’ll likely have data you need to store but not convert to a new system. However, you have to keep it to meet medical record retention requirements. Data archiving is the cost-effective, easy answer. We can archive documents, data, and images to a secure repository that’s accessible via any browser with a login. Enjoy print-ready audit reports, too.

Print and Direct Mail

Lastly, if an organization is changing, you’ll need to communicate this with signage and mailings. We offer turnkey print and mail bundles for rebranding locations with our Printwerks brand. Additionally, we can mail patient-directed communications as first-class letters to advise of changes, portal access/opportunities, and what actions to take. 

Learn More About Our Healthcare Transition Services

When it comes to transitions, your data is one of your most valuable assets. Moving it, archiving it, and understanding it are key. Let us be your data management guide if you’re buying or selling. Download our Healthcare Transition Services spec sheet today.

Pharmacy Transition Services: Buying, Selling, and Closing

Posted by & filed under Pharmacy.

pharmacy transition services

Pharmacy is a large enterprise in the U.S. In such a market, hundreds change ownership each year or completely close. The buying, selling, and closing of pharmacies prompt the need for specific services. We define them as pharmacy transition services and include data conversions, analytics, archiving, and print and mail solutions. 

Learn about the solutions we offer for pharmacies in transition.

Acquisition Analytics: Valuate with a Third-Party Report

Before you make a pharmacy purchase, you’ll certainly want to evaluate the operations and profitability. However, sometimes, this view isn’t as transparent as you’d like. Seeing this was a challenge in the industry, we developed Acquisition Analytics. 

We take the selling pharmacy’s data, and create a non-biased report, redacted to follow HIPAA guidelines. The report offers greater visibility around revenue and volume. With this, you can make a better determination of future profitability and the ability to retain patients. 

Data Conversions: Migrating Data to New Platforms

If you’re buying a pharmacy, whether just the patients or the complete location, you’ll likely need a data conversion. Pharmacy data conversions are very common and consist of moving data from one software platform to another. We make them as pain-free as possible with a thorough process that ensures accuracy, security, and compliance.   

Data Archiving: Store Healthcare Records Compliantly

If you’re buying, selling, or closing a pharmacy, you should understand your data archiving options. Patient record retention requirements require you to maintain files for at least seven years, even if they are no longer active. 

If you are buying a pharmacy, you should consider only migrating current records to your software platform. You can archive the rest with a web-based solution that offers easy access and robust security, including encryption and backup. 

If you’re the seller or closing a pharmacy, you may be responsible for maintaining the records as a custodian. It’s too expensive and complicated to keep them on legacy systems. The decision to archive satisfies regulations and is very low-cost.

Print and Mail Services: Tell Patients the News

The previous pharmacy transition services have been data-focused, but you still need communication solutions, too. Our pharmacy print and mail services can take care of spreading the news. We’ll send first-class letters to patients, based on the data in the pharmacy system, notifying them of the pharmacy change. These letters can inform patients no matter the situation. As a buyer, let them know you’ll still be able to serve them. If closing, thank them for their business and direct them to a new provider. They are completely customizable with your branding, maps, and more. 

Further, we have large format and exterior signage capabilities. If you’re closing the purchased location, purchase signage for the old site to point them to the new one. If you’re taking over the store, we can develop a turnkey rebrand package for every signage need.  

Buying, Selling, or Closing in 2021? Let Us Help with the Transition

Is a pharmacy transition in your future? If so, you can trust our pharmacy experts to support you through the journey. Get started by downloading our transition services spec sheet.

Acquisition Analytics Reports: Third-Party, Unbiased Reviews Before You Buy

Posted by & filed under Healthcare, Pharmacy.

acquisition analytics

For any person that considers investing in or buying a business, you want to do your due diligence. Ultimately, you need to know if what you’re buying is and can be profitable. In healthcare, much of what buyers want to quantify is the probability of patient retention. To make this assessment, you can ask for data to gauge this, but it could contain omissions or inaccuracies. With acquisition analytics, you receive a third-party, unbiased review, helping you make the best decision. 

What Is an Acquisition Analytics Report?

An acquisition analytics report is a business intelligence assessment of a pharmacy’s or healthcare practice’s financials and patient data. It typically covers the past two years. An analytics provider retrieves the data directly from a pharmacy software system or health information system (HIS). It’s a redacted report with no PHI (protected healthcare information) containing various data elements.

Data elements that make up a report:

  • Average weekly scripts, volume, or patient visits
  • Percentage of new vs. returning patients 
  • Prescriber information (pharmacy)
  • Number of “high value” patients (patients with a large number of scripts or visits)
  • Patient location
  • Payer information (private and public)
  • Percent of controlled scripts (pharmacy) to discern if there’s any risk

The report presents this information to you with comparisons of year over year. From this, you can spot trends and patterns. You’ll gather insights on profits, volume, and more. 

Why Request an Acquisition Analytics Report?

Having access to such a report provides transparency in the process. The provider of the report is pulling real, live data with no manipulation. It’s one of the best approaches to sizing up an investment. Just as you wouldn’t buy a house without an inspection or appraisal, the same goes for buying a pharmacy or healthcare practice.

It’s an integral part of the decision-making process. It complements your other valuation efforts and gives you a broad picture of future profitability. 

How to Choose a Report Provider

Many firms specialize in acquisition analytics. They commonly provide reports in mergers and acquisitions. However, most don’t have healthcare-specific expertise. So, while a company may have years of experience in business intelligence, healthcare is different. 

Here’s why:

  • PHI: Any healthcare report must meet compliance factors regarding PHI. Not all organizations will understand or have processes in place to remain HIPAA compliant.
  • Pharmacy systems and HIS: If a company is going to provide this kind of report, they need to have great familiarity with how such systems work. It’s not the same as a balance sheet or other financial evaluations. 

Thus, it’s a good idea to tap an analytics partner that routinely provides these kinds of reports. They should be able to give you a sample and discuss how they protect PHI. Asking these questions gives you peace of mind that the information is accurate and unbiased.

Make the Best Decision with the Best Data

good decision

Every potential business buyer wants to have as much information as possible to make the best decision. A clear and impartial report on the health of the business is critical for you to move ahead with confidence. 

If you’d like to learn more about our acquisition analytics solutions, contact us today. We also offer a turnkey approach to pharmacy transitions for buyers. Download our product sheet to see all we offer.