M&A in Healthcare Part 2: Advantages of Using An IT Integration Foundation
Chance Veasey is the VP of the Infor Line of Business at Velocity.
The growth of mergers and acquisitions in the healthcare industry is creating opportunities and challenges. One of the biggest challenges is integrating various technologies and IT environments.
As I mentioned in my previous blog, Velocity has found that an innovative approach to integration during mergers and acquisitions, which uses Information Technology (IT) as the foundational element, helps healthcare organizations more effectively and efficiently meet their goals.
Advantages of Starting with ERP:
There are several advantages to focus on integrating your ERP platform first after a merger or acquisition. Bringing data from multiple healthcare entities into a single ERP system allows you to consolidate all of your biggests costs, including human capital, labor and purchasing. By doing that, you can make more informed and faster decisions at the corporate level.
Consolidating platforms such as human capital management also allows you to get a quick win early on in the merger process. This type of integration is less complex than your clinicals and will allow your newly integrated teams to start working together and join in a shared victory.
Consolidated healthcare systems will be focused on hiring and retaining the top talent. Integrating ERP systems allows you to achieve this goal by improving the employee user experience. The social aspects of ERP including employee self-service, online performance management and goal management can help you retain top talent in a competitive marketplace.
Achieve CIO’s Initiatives
An integration strategy that focuses on technology as the foundation can also help CIOs achieve innovative objectives more rapidly, especially in areas like big data, social integration, mobility and security.
For example, Velocity’s Infor customers get access to Velocity Zoom ® for the ERP platforms they are using in order to understand how their use of the applications compares to peers in our community of customers.
By integrating the ERP platform early, users can also access the social aspects of the system. With Infor, employees using Ming.le Enterprise for instant messaging can get real time answers associated with data in the system.
From a security perspective, a consolidated healthcare organization may turn to a third party to provide audit and compliance standards that are difficult for a CIO to meet internally.
So, by focusing on integration at the technology layer first, then the business process and finally the people, healthcare organizations can better identify opportunities and realize the benefits of consolidation.
Learn more about Velocity’s solutions for the healthcare industry and how our Velocity Cloud Services can benefit your organization.