Steven Richards

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

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.

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.

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.

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.

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?

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?

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.

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-

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,

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,