Enterprise Solutions Finally Come to Revenue Cycle
The healthcare market has seen a lot of enterprise strategies over the years, especially on the clinical side. These strategies have not historically translated to the revenue cycle side. The inherent complexity of the revenue cycle has kept any single vendor from making a unified enterprise solution.
However, several vendors have come forward with what they claim are the beginnings of enterprise strategies for the revenue cycle, and we at KLAS decided to look into that.
Our new Enterprise Revenue Cycle 2020 report—which was just recently published—dives into the insights of those users that have adopted the most revenue cycle focused technologies from their vendor in order to see what works, what doesn’t, and whether enterprise revenue cycle is on the verge of becoming a mainstream topic.
Standing Tall and Setting Apart
The vendors we discuss in this report are doing a lot to set themselves apart in the revenue cycle market and draw more attention to their enterprise strategies. The vendors that are most broadly adopted are the ones that have strong, established workflows. People tend to use what is easiest and works the best, so those systems are seeing the most adoption.
Additionally, the enterprise vendors have the advantage of having their systems be tightly integrated with one another, allowing data to flow more seamlessly across the revenue cycle process. The more revenue cycle needs you fill with one vendor, the more systems work together, and fewer headaches come from attempting to stitch together two disparate systems.
The advanced users have also seen a lot of value in having a single point of contact for their revenue cycle needs. With an enterprise strategy, gone are the days of having to call four different vendors and deal with the blame game that ensues when there is a problem.
Having only one vendor has made it much easier for some of these providers and has allowed for faster fixes when issues arise. With these benefits in mind, we have seen a stark difference in satisfaction levels between the advanced enterprise users and the standard piecemeal users. Clearly, something about this is working.
A Rocky Road Yet
Widespread adoption for enterprise solutions in revenue cycle has its barriers. Best-of-breed solutions still have a strong place in the market, and many providers consider the switch to be a trying and risky one.
However, as the functionality and features of these enterprise revenue cycle options develop, we at KLAS see the potential opportunity for growth in this space for both providers and vendors. As shown in our report, while the growth is slow to start, we believe that vendors should take this opportunity to expand and see what is possible.
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