Breaking Down the HIMSS Conference – Leading Topics With Andy Johnston and Ben Garber
April 6, 2022
After attending the HIMSS Global Health Conference & Exhibition, Andy Johnston and Ben Garber have insight into the top industry trends as they relate to digital transformation. According to Andy and Ben, healthcare providers and digital service companies are increasingly coming together to shape a more interconnected data environment.
The focus on cybersecurity initiatives was an emerging topic of particular interest. As companies embrace digital and move their data to the cloud, the danger of cyber threats increases dramatically. While cybersecurity solutions are developing rapidly, it’s difficult to keep pace with data exposure risks. That’s why it’s vital to not only focus on your digital transformation solutions, but also on diverse security protocols to protect your information.
Individual companies aren’t the only ones focused on cybersecurity. The government is playing an increasing role in regulation to create specific standards of compliance. Through cybersecurity executive orders, the Biden administration aims to create more transparency and safety within the fast-paced digital world. So, while companies need to remain vigilant to protect themselves, a system to ensure compliance with federal regulations and statutes is important as well.
Andy and Ben further discuss changes in revenue cycle management and how it plays into the digital world, how healthcare providers are refocusing their projects on non-pandemic related issues, and how private equity groups are enhancing their shareholder value.
On this episode of Deal Talk with 7MA, Andy and Ben explore specific ways in which the healthcare industry is moving through digital transformation. From case studies to 7 Mile Advisors’ services, they break down the current trends and share how healthcare providers and technology service companies are coming together to develop better customer care.
Top takeaways from this episode
- Technology and service companies are coming together in the healthcare space. As technology develops, service companies are integrating new systems to create better patient care. Overall, each of these industries is moving together toward a more interconnected data environment.
- There’s an urgent need for cybersecurity. As the world moves deeper into digital, companies across industries are focusing on cybersecurity threats and solutions. Specifically, in the healthcare space, there’s a constant flow of sensitive information across systems. While working toward seamless integration in the technology space, it’s crucial that you also have security software in place to protect your data, your patients, and your company as a whole.
- The pace of technological advancement is beyond healthcare systems. As healthcare companies scramble to keep up with the constant digital shifts, there’s a greater dependence on outside service providers. Healthcare organizations are turning towards consultancies and advisories to augment products and utilize them to the greatest extent possible.
- The healthcare industry is resilient. With the rise of the pandemic, healthcare providers were forced to shift their strategy toward Covid response. However, healthcare providers are now returning to more historic norms, allocating their budget toward digital transformation as opposed to Covid protocols and operations. And the team at 7 Mile Advisors is seeing long-term growth and capabilities in the interconnectedness of healthcare and digital.
[03:45] There’s an emerging and enduring need for cybersecurity: The HIMSS Global Health Conference & Exhibition showed Andy and Ben the current trends in the healthcare industry, specifically in regard to digital transformation. Digital transformation firms from all over the world are working towards interconnected systems, better communication, and solutions to effectively treat clients.
[08:43] Through digital solutions, there’s greater connectivity — but there’s also greater exposure: As more companies adopt cloud-based solutions, the risk of cyberattacks increases. Although there’s more efficiency and interconnectedness in communication, companies have to ensure that they’re protecting information and managing security controls.
[13:46] The government plays a role in regulation and technology standards: The Biden administration’s cybersecurity executive order requires a software bill of materials to keep track of how software is made. With an urgency to adopt these technologies, organizations are turning toward consultancies and advisories in order to remain compliant.
[19:20] Revenue cycle management is at an interesting inflection point right now: Data captured by old-school revenue cycle management companies are becoming integral to more advanced systems. With revenue cycles caught in the crosshairs of multiple buyer groups, companies are looking to become more tech-enabled so that they can obtain better data, and, in turn, better serve patients.
[23:53] 7 Mile Advisors have a unique perspective on the industry landscape and individual payers: Deals are about people and bringing people together. And the team at 7 Mile Advisors has built trusted relationships that span years, working with individuals and private equity groups to expand shareholder value. They’ve helped various groups augment capabilities and accelerate growth in a compounding manner through targeted searches and technological advancements.
[28:45] Looking forward in the healthcare and technology space: Healthcare in relation to services and technology has seen tremendous resiliency through the pandemic, and it’s only expected to grow. The complexities and barriers to entry can be overwhelming, but companies like 7 Mile Advisors can help you navigate the market and analyze strategic options.
Deal Talk with 7MA is a podcast by 7 Mile Advisors that aims to give listeners a look behind the curtain of the middle-market Mergers & Acquisitions world. 7 Mile Advisors is a middle-market M&A firm based out of Charlotte, NC, that provides investment banking services and advice on mergers, acquisitions, and private capital transactions around the globe.