Senior living tech platforms taken over by private equity entity
LOS ANGELES: Even so, the combined company is seeking to integrate all three tech providers’ offerings into a “module-based, easy-to-use platform with capabilities that can be easily adapted, configured and combined to fit the needs of providers, owners, or investors,” according to an announcement of the deal.
Services offered will include lead management, billing, resident engagement, quality monitoring, care and medication management.
Frasher spent more than 20 years with Atria as an executive VP of financial planning and analytics before moving to the company’s in-house software development team.
As chairman and CEO of the newly combined company, Frasher said he wants to maintain the current relationships that all three companies created while looking toward the industry’s future needs.
“I think the Covid-19 [pandemic] sped up the look and view of what technology can do for the industry,” Frasher told Senior Housing News. “But the industry is still catching up to other, more mature industries. I think the fragmented nature of our senior housing business has kept it slow.”
For now, operators want more data, better systems and “systems that they’re accustomed to in other industries,” Frasher said.
Sherpa CRM Vice President of Research Lana Peck echoed that sentiment in June when she joined Sherpa after leaving the National Investment Center of Senior Housing & Care (NIC). With Peck’s hiring, Sherpa doubled down on data collection and analysis.
Rubicon began looking into the senior living sector toward the end of 2020. It found that the senior living sector was underserved and that there was an opportunity to go big on backing an industry leader.
“We were interested in making a big bet on the sector because we believe in the long-term trends,” Kleiner said. “The long-term trends in this space are undeniable.”