Steven Richards
speaker
44 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Steven Richards’s voice in public audio — every appearance, attributed to the second.
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Appearances
Provider services to me is a tricky one for all the reasons that I mentioned about shifting reimbursement models and just uncertainty as to what reimbursement rates are going to be as we move forward, what the budget's going to be to support that in Washington, regulatory oversight at the federal level with private equity involvement. And as I mentioned before, the state level
regulatory oversight. I think for us in particular, we've sort of decided to focus on more narrow swim lanes within provider services. We love behavioral with the aging population. We love home health and hospice. And there's some others, but we generally are looking at outsourced business services platforms that are supporting that ecosystem.
And whether that's healthcare IT or more human capital, clinical staffing, things like that, that will help improve efficiencies is probably a better lane for us right now because of those uncertainties. But I think when you see any kind of specialty practices, right, women's health, gastro-oncology, things like that, I think you're going to see more successful outcomes there.
But at the end of the day, I always think about it's really your buyer's buyer that you have to be concerned about. And, you know, there is... more momentum from payers as a buyer and for these really scaled assets. Whereas before, I felt like when you got into that, call it 20, 30 million, 40 million of EBITDA range, you start having a problem as to who's going to buy this.
And I think that's starting to transform a little bit with more of the provider involvement in those processes. But that's an area where we're trying to more narrowly define our swim lanes, frankly.
yeah i agree i think historically those have been areas where private equity was not quick to rush into and what we've seen you know from a size standpoint 10 million of arr break even or better that's an entry point for a lot of middle market sponsors to acquire uh tech enabled i would say more on the software you know sas you know truly sticky recurring revenue But it varies, right?
How truly differentiated are you in the market? How sticky are those customer relationships? And what value are you providing to your customers? Are you able to demonstrate a true ROI to the customer, whether it's cost or revenue, that's repeatable?
And if you can do that, you're going to improve the valuation substantially, but not all tech companies are created equal, particularly in healthcare, where if you're a point solution and a health system, you know, chief IT officer is evaluating different opportunities.
I mean, if you have 50 million different options out there and you got to figure out which ones you're going to choose and what's the cost of having all those different options out there, it's going to be taxing, right? So you have to be broad enough to serve more than one need, but also be specialized enough to get some true ROI out of it too. So-
Yep. So I think we're, we're very focused on specialty RCM revenue cycle management. You know, you don't want to go against the R1s and the ensembles of the world, but you,
I think the denials management is a key area that a lot of folks are, are paying attention to, you know, on the front end, mid cycle, pre-auth, coding compliance, verification of benefits and other technologies that are, you know, disintermediating cost into the health system. Um, particularly, you know, inpatient rooms and operating rooms where a lot of the costs are, uh, specialty EHR, EMR, uh,
Behavioral being one of those subspecialty areas where getting outcomes data that's reliable is challenging and marrying that with the clinical data and the billing and the revenue cycle. So those are areas that we're particularly paying attention to on the healthcare IT side of things. And then pharma and pharma services, specialty pharmacy and home infusion is an area.
Pharmaceutical compounding, data and analytics. and in pharma i.t broadly speaking as it relates to what should sellers do in this marketplace i think given the regulatory complexity policy uncertainties inflationary pressures supply chain disruption potential with tariffs and just
the broader sharp elbows that are in diligence right now, you have to have a clear and actionable value creation plan to present when you go to market. Many firms, even sponsor-owned firms, are finding that their finance and accounting functions, particularly their data, presents risks that could leak value.
So making sure that you kind of cross all the T's and dot all the I's, whether it's quality of earnings and things of that nature before you go to market. And doing a gut check on your regulatory cybersecurity and broader risk management are things that you want to get in front of.
And I'm a big believer in market studies as an important tool to demonstrate total addressable market, market share, differentiation, defensibility, et cetera. But speak to your advisors early because these processes are not always a linear path and they are extended processes in most cases over the last couple of years. So if you think you're too early, you're probably not.
And those are the areas that I would sort of focus on because that's where you're really going to get hammered in diligence.
Well, I don't even know if I can answer the Michigan-Ohio State game for fear of retribution here, but – I would say I'm going to go based on my son's preference there. He's more of a Michigan guy over Ohio State. He's six years old, loves Tom Brady. And so anything that Tom Brady did or does, he wants to do. So we're going to roll with Michigan there, although it sounds bad.
You know, sounds weird saying that out loud as an Indiana guy. But I'm an Indiana guy through and through. I will root. I will root for the kiddies when, you know, when my son wants to go to a game, as long as they're not playing Indiana. But I'm a Hoosier.
Uh, I love Cignetti, but I, you know what? I didn't grow up in Indiana fan, believe it or not. I grew up a Kansas Jayhawk fan. I've got family that kind of has roots in Nebraska. And, uh, as a matter of fact, my, my freshman year in Indiana, Kansas was on the opposite side of the final four.
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