David Kent Joslin of Sarasota is a senior executive consultant in radiology with many years of experience working with various healthcare services, software development, and management consulting. A successful senior advisor and radiology consultant, David Kent Joslin, has put together deals for multi-million-dollar healthcare mergers throughout his career. David Kent Joslin is also the board member of InSight Radiology Puerto Rico, a multi-site operator of free-standing radiology facilities. David Joslin of Sarasota offers his perspective on how healthcare mergers benefit patients.
Going into 2020, healthcare M&As have accounted for transactions that exceed $11.3 billion. While the numbers don’t lie, what does this mean for patients and those involved in healthcare? From 2017 to 2018, there was a healthcare merger and acquisition increase of 14.4 percent. David Joslin mentions that healthcare mergers are a big trend in the healthcare industry, and he doesn’t anticipate healthcare mergers to slow down anytime soon.
The most important benefit for patients is their access to healthcare will not be interrupted. For starters, most healthcare M&As involve small community-based healthcare centers merging with large regional hospitals. If a local hospital is in financial trouble, it has no chance of survival without merging with a large hospital. Because large regional hospitals have more access to financial resources, healthcare mergers guarantee the survival and growth of the smaller hospitals. Most community-based health centers don’t have access to capital necessary to grow, and merging with a large hospital can provide this.
Cost reduction is the number one benefit of a healthcare merger. The American Hospital Association points out that healthcare mergers accounted for a 2.5 percent cost reduction between 2009 and 2014, which saved healthcare centers and patients a total of $5.8 million. David Joslin of Sarasota explains that the purpose of healthcare M&As is to have a significant cost reduction for the patients.
Aside from reducing costs for the patients, healthcare mergers also have a positive impact on the quality of the services. David Kent Joslin of Sarasota mentions that all in all, healthcare mergers mean a lower cost for patients and access to more medical resources. Many small healthcare centers don’t have access to capital, and merging with a larger hospital allows them for better patient care. Merging with a large hospital or facility guarantees they increase their access to technology and equipment necessary to treat patients. Access to more technology and resources improves patient outcomes overall.
Since settling in Sarasota with his family, David Kent Joslin of Sarasota loves to spend his free time playing golf and cycling outdoors.
After many years in the business, David Kent Joslin of Sarasota has succeeded as a radiology consultant. As a senior executive, David Joslin has put together multi-million dollar deals for prestigious healthcare companies. In his current role, David Joslin advises companies by identifying and solving issues that inhibit growth. Although he now has a successful career, David Joslin had to work his way up. David Joslin of Sarasota shares facts about his life, accomplishments, and projects in an interview.
What is your educational background?
“I attended Duke University and graduated in 1993 with a degree in history and political science. I worked for a few years before returning to school to get my MBA. In 2001, I graduated from Columbia Business School in New York,” said David Kent Joslin of Sarasota.
Your career has taken you to a lot of places. Where have you lived?
“Right after college, I moved to Mexico City, where I spent a few years getting experience and growing my network. I left Mexico for a great opportunity in investment banking in New York City and then in London. During my time in the UK, I worked as a financial analyst for an international investment banking firm. I also had the chance to do an internship in Panama City, Panama during business school,” explained David Joslin.
Why did you choose Radiology?
“During my time working in investment banking, I worked on many healthcare investment transactions. In 2002, I had the opportunity to serve as a co-founder and as a strategy and operations executive for InSight Radiology, a chain of outpatient radiology facilities in San Juan, Puerto Rico. After that experience, I realized I could make a difference and make a career as a radiology consultant,” David Joslin of Sarasota explained.
What kind of nonprofit work do you do?
“I collaborate with my local Habitat for Humanity Chapter in Sarasota. This past fall, we were able to build a home for a woman named Collette. I have more projects planned with Habitat for Humanity in the future,” said David Kent Joslin.
You’re also passionate about helping Puerto Rico. How can people get involved?
“Puerto Rico has been struck in the past few years with hurricanes Irma and Maria, but they also suffered through a 6.4 magnitude earthquake. Although Puerto Rico’s residents are resilient, they need all the help they can get. Those who want to help can do so by sending cash donations. The Hispanic Federation Unidos program is a great organization. Donating Supplies to relief organizations is also a great place to start,” explained David Joslin of Sarasota.
David Kent Joslin lives in Sarasota with his family, where he enjoys cycling and playing golf.
David Kent Joslin is a senior executive radiology consultant – his long-standing career in radiology has helped him orchestrate mergers and acquisitions, strategy and development, partnerships, de novo projects, and more. In this interview, David Joslin shares facts more on his accomplishments.
How did your career get started?
“I graduated in 1993 from Duke University with a degree in history and political science. After I got my degree, I was lucky enough to get a job in Mexico City as a strategy management consultant for a leading media and telecom company. After working in several positions over the years, I decided it was time to continue my education. I enrolled in Columbia Business School in New York and obtained an MBA in 2001,” explained David Kent Joslin.
Where else in the world has your career taken you?
“After I spent a few years honing my skills and growing my network in Mexico City, I moved to London in 1996. While in London, I worked as a financial analyst for an international investment banking firm. I also had an opportunity to do an internship in Panama City, Panama. Of course, I’ve also had the pleasure of breaking through in one of the toughest markets, New York City,” said David Joslin.
How did you get started in Radiology?
“In my career in investment banking, I had the opportunity to work on healthcare investment portfolios, which opened the door for new opportunities. In 2002, I had the opportunity to serve a co-founder and as a strategy and operations executive for InSight Radiology, a chain of outpatient radiology facilities in San Juan, Puerto Rico. Although I remained a board chair for Insight Radiology, in 2016, I served as vice president of operations and development at RadNet, where I managed operations for 17 radiology centers in New Jersey,” David Kent Joslin said.
At Alliance Healthcare Services, you led a mergers and acquisitions group and completed five transactions in value of $105 million. How do mergers and acquisitions help patients?
“Sometimes, small medical facilities don’t have the resources to stay afloat. When mergers take place, it guarantees the survival and growth of smaller hospitals, which serve less populated communities. When a merger takes place, it usually means lower costs for patients. According to the American Hospital Association, healthcare mergers accounted for a 2.5 percent cost reduction between 2009 and 2014, which saved healthcare centers and patients a total of $5.8 million,” David Joslin explained.
Do you perform charity work?
“Yes, I collaborate with my local Habitat for Humanity Chapter in Sarasota. During my most recent collaboration, we were able to build a home for a woman named Collette. I have more projects planned with Habitat for Humanity in the future,” said David Kent Joslin.
Since settling in Sarasota with his family, David Joslin loves to spend his free time playing golf and cycling outdoors.
In his successful career, David Kent Joslin of Sarasota has worked for a variety of healthcare services, management consulting, and software development. David Joslin took on the role of board member for InSight Radiology Puerto Rico, a multi-site operator of free-standing radiology facilities. According to David Kent Joslin, there are many different ways and paths one can take to become a radiology technician. Depending on the state, the rules might vary, but for the most part, radiologist technicians must complete the following requirements.
Obtain a High School Diploma
Before a future radiology technician can start their specialized education, they must complete high school or get a GED. David Joslin of Sarasota mentions that those students who know they want to pursue a career in radiology from a young age should focus on math and science courses. Aside from volunteering or working in a healthcare setting, there’s not a lot more they can do at this stage.
Enroll in an Undergraduate Radiology Program
David Kent Joslin mentions enrolling in a radiology program is the fastest way to get started in their career. There are a variety of Associate’s or Bachelor’s degrees for radiology technicians depending on the school or specialization. An associate’s degree will still give students a complete understanding of the industry. However, a bachelor’s degree might provide a radiology technician candidate for more job opportunities.
Get ARRT Certified
David Joslin mentions that once a radiology technician has completed their education, they must take steps to get ARRT certified and licensed. Getting the ARRT certifications makes the candidate more employable. To apply for ARRT certification, a candidate must submit their academic records, an ethics pre-application, and pass the exam. Getting certified will increase their employment opportunities.
Maintain ARRT Certification in Good Standing
David Kent Joslin of Sarasota also mentions radiology technicians must renew their certifications every year to stay compliant. To renew their certification, technicians must remain in compliance with the regulations, code of ethics, and earn 24 continuing education hours.
During his career, David Joslin helped healthcare companies develop a competitive strategy and reach success because he always stayed on top of the trends. As a successful senior advisor and radiology consultant, David Kent Joslin has put together deals for multi-million dollar companies. David Joslin has a B.A. in history and political science from Duke University and an MBA in finance and accounting from Columbia Business School. David Joslin lives in Sarasota, FL, with his family.
David Kent Joslin, a healthcare consultant, has a history of volunteering for Habitat for Humanity. The last time he spent all day volunteering with Habitat for Humanity, he built a home for the future owner, Collette. “We put up Zonts and Zuckles which support the walls and keep them level when the concrete is poured into their insides,” said David Joslin. Helping Collette get a home in Sarasota was a fulfilling experience for him. David Kent Joslin shares a few ways people can get involved.
Get Your Company Excited and Involved
David Kent Joslin shares that sometimes individuals have hesitations about volunteering for Habitat for Humanity by themselves. Those who are afraid of volunteering by themselves can get their businesses involved. To get started, they should contact a local Habitat for Humanity chapter and find out more about larger corporate groups. Many companies bond as a team and can enjoy a day volunteering and giving back to the community. Not only will employees get to work together as a team in a new way, but they will make a difference in people’s lives.
Donate Money or Supplies to Habitat for Humanity
Although many people are physically unable to volunteer for Habitat for Humanity, they can still become involved by making a donation. Many people who don’t live close to a chapter or don’t have the physical ability to help can still contribute to the cause. David Kent Joslin suggests that those who are unable to volunteer and physically help Habitat for Humanity can still help by providing a donation. There are many ways to help that don’t require monetary donations. Depending on the Habitat for Humanity chapter, they will accept supplies such as paintbrushes, ladders, and other building supplies. Some people also get extra donations by launching a campaign at their jobs or churches. No matter how small the gift feels, Habitat for Humanity appreciates all donations.
Get in Touch with a Local Habitat for Humanity Chapter
Those who are interested in making a difference in their community and helping people should contact their local Habitat for Humanity chapter. For example, David Joslin lives in Sarasota, so he volunteers with the Sarasota Habitat for Humanity chapter. People often believe they need construction experience to volunteer for Habitat for Humanity. However, those who volunteer with this organization don’t have previous construction experience. Some chapters have a preservation team and will assign people for tasks such as weatherization, painting, or landscaping. Each chapter assigns people to a project or task based on their experience and skills. Visiting the website of the local Habitat for Humanity chapter is the first step; there you will find information about upcoming projects.
David Kent Joslin sits on the board of InSight Radiology Puerto Rico. Before he obtained an MBA from Columbia University, he pursued an undergraduate degree at Duke University.
After Hurricanes Irma and Maria, Puerto Rico has experienced the loss of lives, power, and millions of dollars in property loss. As a board member for InSight Radiology Puerto Rico, a multi-site operator of free-standing radiology facilities, David Joslin has a special connection with the Island and its people. Even though the hurricanes have passed, many people still struggle to get back to normal. David Joslin shares what people can do to help Puerto Rico.
Donate to Relief Funds
David Joslin explains that cash donations go a long way in the efforts to help Puerto Rico. Those interested in helping the current situation should find a reputable nonprofit and provide donations. Some prominent organizations people can donate money to include United for Puerto Rico, American Red Cross, Save the Children, and UNICEF.
Send Supplies to Relief Organizations
If people are not able to donate cash, they can always send supplies to many relief organizations. These organizations send supplies such as diapers, water, canned foods, garbage bags, toiletries, pet food, and medicines. Sending a few of these goods to organizations can make a significant impact on their lives.
Donate Frequent Flyer Miles
According to David Joslin, many people don’t realize they can donate their frequent flyer miles. Donating frequent flyer miles to charitable organizations. Many relief organizations can use the miles to fly out volunteers such as doctors or skilled workers to help with the efforts.
As someone who has volunteered for Habitat for Humanity, David Joslin knows the importance of lending a helping hand. Many people who want to help can take a voluntourism trip to improve the area. As they rebuild houses, it costs a lot less for the people who are struggling to rebuild their homes if they have free labor. Instead of donating money, this is a way to help by donating their time. Also, this a great way to support local businesses in terms of meals and lodging.
About David Joslin
Before sitting on the board of InSight Radiology, David Kent Joslin was the VP of Operations and Development for RadNet, a radiology facility operator. A successful senior advisor and radiology consultant, David Kent Joslin, has put together deals for multi-million dollar companies. He has also worked for a variety of healthcare services, management consulting, and software development. David Joslin has a B.A. in history and political science from Duke University and an MBA in finance and accounting from Columbia Business School. David Joslin lives in Sarasota, FL, with his family.
As a senior executive consultant in radiology, David Kent Joslin has many years of experience working with various healthcare services, software development, and management consulting. David Kent Joslin is also a board member of InSight Radiology, Puerto Rico, a multi-site operator of free-standing radiology facilities. With his extensive portfolio in the healthcare industry, he explains the healthcare reimbursement process.
Log the Patient Information Necessary to Submit for Payment
According to David Joslin, before they can get paid, medical providers have to log the patient’s information into an electronic health record (EHR). The purpose of the EHR is to document the necessary patient information including, medical history and reason for the visit. Most providers also document how they diagnosed the patient and the treatment plan. It’s necessary that the provider documents all of this information since it’s key to process the reimbursement.
Enter the Appropriate Medical Codes
Every single entry made in the EHR has to have the appropriate medical code. Medical coders or the providers are in charge of assigning medical codes. The use of these medical codes is necessary when trying to obtain reimbursement from payers. David Joslin explains that it’s a lot easier for insurance companies to simply look at the medical code instead of reading through a long medical description. For each service or procedure performed, the provider will be paid based on the services.
Submission of the Claim
David Joslin explains once the services provided to the patient have been properly coded, it’s time to submit the claim. Many providers choose to submit the claim directly to the payer/insurance company, while others first run it through Clearinghouse. According to David Joslin, the purpose of Clearinghouse is to review the claims internally before sending it to providers. If it identifies a mistake, the provider has the opportunity to address it before the payer receives the claim. This cuts back on mistakes and speeds up the reimbursement process. Once the claim is ready to go, the payer will receive the electronic submission.
Wait for the Payer’s Response
Once the payer receives and reviews the invoice, they either pay the full claim, partially pay it, or reject the claim. David Joslin says that providers should also expect a list of remittance advice codes with every rejected claim. On top of providing a code with each rejection, they also provide a brief explanation. The provider needs to take the necessary steps to give the payer what they need in order to process the claim.
Prepare for Audits
Providers should always have all of the documentation necessary in case of an audit. David Joslin explains payers can request an audit at any point to ensure all of the claims are correct. The more organized they are on the front end, the easier the audits will go.
About David Kent Joslin
David Kent Joslin obtained his MBA in finance and accounting from Columbia Business School and a Bachelor of Arts in History and Political Science from Duke University. He also holds a real estate license in the state of New York. When he is not playing a game of golf, he likes to spend time with his family in their Sarasota home.
As a successful senior advisor and radiology consultant, David Kent Joslin has a long successful career in the healthcare industry. For many years, David Joslin has advised companies to help them identify areas that inhibit growth. His role helps healthcare companies develop a competitive strategy and reach success. David Kent Joslin has also worked with a variety of healthcare services, management consulting, and software development. David’s experience with Mergers & Acquisitions healthcare has helped him put together deals for multi-million dollar companies. This is one of the reasons why David Joslin is familiar with the Mergers & Acquisition trends in 2019.
So far, in 2019, healthcare M&As accounted for $11.3 billion in transactional revenue. According to David Joslin, 2018 saw some healthcare M&A trends that carried over into 2019. Small and community-based hospitals and health centers partnered with some of the large regional hospitals. David Joslin explains this move will ensure the survival and growth of the smaller hospitals.
The smaller hospitals were not the only ones merging in 2019. Large and regional healthcare facilities and hospitals participated in mega-mergers to expand their service reach and health coverage. David Joslin also explains that one of the most significant trends includes nonprofit healthcare systems acquiring for-profit health centers and hospitals. By acquiring for-profit hospitals, nonprofits hope to fill service gaps.
Some of the other trends happening in healthcare M&A also have private equity firms accounting for most of the transactions in mega-deals, cross country integrations, and disruptive partnership models. According to David Joslin, the healthcare sectors that have seen the most M&A activity in 2019 include urgent care centers, behavioral health, senior practices, ambulatory surgery, diagnostic imaging, and senior living. For example, David Joslin explains there is a higher need for services that are happening outside of hospitals, which is the reason why urgent care services are a popular sector.
Aside from his work as a senior executive consultant in radiology, David Kent Joslin is also the board member of InSight Radiology Puerto Rico, a multi-site operator of free-standing radiology facilities. David Kent Joslin also has an MBA in finance and accounting from Columbia Business School. Not to mention, he graduated from Duke University with a B.A. in history and political science before obtaining his MBA. He currently resides in Sarasota, FL, with his family. When he is not playing a game of golf, he spends his time building homes with Habitat for Humanity.
Sarasota healthcare consultant, David Joslin, spent all day on September 14th, collaborating with Habitat for Humanity building a home for the future owner, Collette. David said, “We put up zonts and zuckles which support the walls and keep them level when the concrete is poured into their insides.” David Joslin and the team he collaborated with were a few weeks into the project. David Joslin had plans to go back the following Tuesday to continue work on the house.
David Joslin admits this collaboration wouldn’t have been possible without a great organization such as Habitat for Humanity. In the city of Sarasota, Habitat for Humanity is the leading provider of permanent and affordable housing for individuals who qualify. The mission of Habitat for Humanity is to provide income-qualified individuals with the tools and an affordable mortgage to help them improve their living conditions.
Habitat for Humanity wants to facilitate the transition of individuals from tough housing situations to a safe place to live they can call their own. David Joslin and Habitat for Humanity believe improving living situations will help families rise and finally find stability. Staying true to their mission, Habitat for Humanity purchases land to build homes for income-qualified individuals. All of the homes they build have green and sustainable materials, which means the homes meet environmental standards and keep the costs low for homeowners. Habitat for Humanity also provides owners with low rate mortgages, which increases the benefits.
At the end of the fiscal year for 2018, Habitat for Humanity Sarasota had made a difference in the lives of over 22 families. This gave over 34 children a permanent and stable home to grow up. Habitat for Humanity also estimates and increase of 82% from the previous year. David Joslin joined the over 717 volunteers who spent a total of 17,176 hours to make the dream of many families possible. Aside from hundreds of volunteers who donate their time, Habitat for Humanity received over $1.86 million from the over 477 donors.
When he’s not building homes with Habitat for Humanity, David Joslin works as a successful senior healthcare advisor. He advises companies on competitive strategy, growth initiatives and the pursuit of value-additive mergers and acquisitions. He has worked with investment banks and top tier consulting firms in New York, London, Mexico City, and Puerto Rico. David Joslin obtained an MBA from Columbia University and pursued an undergraduate degree at Duke University. David Joslin also sits on the board of InSight Radiology Puerto Rico.
In his current role as a healthcare consultant, David Kent Joslin advises companies in developing a competitive strategy, identifying growth, and pursuing value-additive mergers and acquisitions. David Joslin describes growth in M&A activity over the last several years as being strong across all transaction sizes increasing by 14.4 percent from 2017 into 2018 with continued momentum into 2019.
In this article he has identified several trends driving M&A activity in the first half of 2019 and provides several indicative transactions:
Clinical / Patient Data Management: As the fee-for-service model continues to erode, data is becoming increasingly important in the delivery and monitoring of clinical care pathways for patients. From a corporate perspective, technologies that exploit big data analytics can drive improvements in operating efficiencies, investment decisions, personnel management, and regulatory compliance. Important recent acquisitions include:
- Beacon Health Options, a premier provider of behavioral health solutions to health plans, employers and labor organizations of all sizes
- Equian, a payments processing services provider for healthcare companies and insurers
- Press Ganey, a provider of safety, quality, patient experience, and workforce engagement solutions for healthcare organizations
- Vyne, a leader in secure health information exchange and electronic healthcare communication management for dental practices, hospitals, and major health systems
- Accumen, a tech-enabled provider of health system performance optimization solutions
- PatientsLikeMe, the world’s largest personalized health network that helps patients discover new treatment options
Prescription Drug Pricing and Medication Adherence: There has also been particular interest in bringing technology to the pharmacy piece of the healthcare continuum in terms of pricing, medication dose adherence, and transparency. Important recent acquisitions include:
- RX-Net, an automated, single interface, multi-location prescription price management for retail pharmacies
- Echo, a U.K.-based medication management company that enables patients to receive medication refill alerts in conjunction with at-home delivery
- Comprehensive Pharmacy Services, which addresses the challenges faced by hospitals and health systems in the form of drug cost inflation and retail/specialty pharmacy strategy and operations
Revenue Cycle Management (RCM) and Payment Solutions. Healthcare services providers are increasingly dependent upon third-party technology providers to facilitate operational efficiencies and overcome pressing financial and operational hurdles. Challenges to a provider’s goal of maintaining market competitive advantage have come in the form of regulatory change, greater patient choice, and sophistication, shifting payment models. Important recent acquisitions include:
- McBee, a leading technology-enabled revenue cycle management, strategic consulting and other professional services firm that serves providers in acute and post-acute care settings
- Ensemble, which markets an outsourced, hospital-focused revenue cycle management platform
- InstaMed, a leading healthcare technology company that has developed a paperless healthcare payments solution with particular focus on improving the consumer financial experience and reducing the cost of collecting payments
Remote Patient Monitoring. Healthcare providers recognize the importance of maintaining the continuity of longer-term multi-dimensional care for patients with chronic conditions who are between doctor’s office visits. Such technologies improve outcomes, reduce healthcare spend, and improve patient quality. Important recent acquisitions include:
- Critical Signal Technologies, a leading provider of remote real-time patient monitoring and care services in conjunction with an emergency response capability
- Tueo Health, a patient monitoring solution that monitors nighttime sleep breathing of children with asthma
Home Health / Hospice. Closely associated with developments in remote patient monitoring (noted above) is the increasing reliance by providers on the provision of care in the home to aging patients with high-cost, medically complex ailments. Payors have welcomed this development since in many cases the quality of care can be improved alongside a dramatic reduction of cost. Important recent acquisitions include:
- AccentCare, a Dallas-based provider of post-acute services in rehabilitative therapy and hospice with a presence in 16 states
- Forever Young Home Care, a provider of companionship, homemaking duties, transportation, meal preparation, medication reminders and full personal care throughout NC and GA
- Alacare Home Health & Hospice, an operator of home health and hospice with 23 locations in Alabama
- Mission Healthcare, a home health and hospice services provider for its California patients
Healthcare Staffing Solutions. Growing patient demand and increasing complexity of healthcare treatment pathways have created an urgent need for service providers to maintain and/or have ready access to excess capacity in terms of service offering breadth and depth. The lack of such capacity results in sub-optimal care treatment and diminished patient satisfaction. Important recent acquisitions include:
- Symmetry Healthcare Solutions, a platform that aggregates 100+ qualified healthcare staffing agencies including travel nurse, locums, and just-in-time local staff
- CV Staff Solutions, which focuses on cardiovascular surgeons, cardiologists, and non-physician providers for inpatient care facilities