eTech Insights – KLAS Commits to Emerging Technology Research

The Problem: Legacy HIT Research Firms Are Not Addressing Provider Advisory Needs

The HIT market is dynamic and rapidly advancing with emerging digital technologies. Many of the legacy research and advisory firms that have provided HIT insights to providers are not providing the market and industry insights needed to help providers create strategies that will successfully move them to the next generation of healthcare services. Insights into emerging digital healthcare solutions related to cost, quality, and clinical outcomes are lacking in the HIT research that is available today.

In many cases, providers must evaluate vendor marketing literature to ascertain objective and defensible solution capabilities for meeting operating or clinical needs. Investors are also struggling to evaluate and assess which emerging digital vendors to back. Without reliable market information driven by proven research methodologies, the digital HIT market can be a minefield for both providers and investors.

Information on the emerging technology vendors can also help providers determine which vendors would be good partners for launching, supporting, and tailoring their digital solutions to meet the providers’ current and future needs.

The ability to effectively analyze emerging healthcare technologies such as artificial intelligence, voice recognition, ambient intelligence (natural language processing), social determinants of healthcare, smart home devices (e.g., Alexa, Google Home, cable companies), patient engagement, and revenue management support will be a critical success factor for the long-term viability of providers as we move to value-based care.

The Solution: KLAS Emerging Technology Services Extends KLAS Trusted Advisor Status

KLAS is an established HIT research and advisory company that is also recognized as a trusted advisor for the provider market as it relates to well-known HIT vendors and solutions. KLAS’ Emerging Technology research services also help identify early and emerging digital healthcare solutions with insights into solution capabilities, management strength, financial status, and early customer feedback for benefits and challenges.

KLAS uses two different research deliverables to provide market intelligence on emerging solutions to providers and investors. First Look articles [1] provide insights into emerging technologies and vendors as well as positions on regulatory topics. The articles are designed to provide easily-digestible insights to provider and investor executives that create a market awareness of emerging technology solutions and companies that are likely to impact existing markets through cost reductions, quality improvements, or more effective and consistent healthcare outcomes. KLAS has also created Spotlight research to provide an effective methodology for evaluating emerging technology solutions when a small number of live customer implementations exists (e.g., 6 –10 customers)[2]. Spotlight research drills down into solution capabilities, customer insights for solution benefits and challenges, potential market challenges, management strength, and company profiles. This research also  provides a CEO interview.

KLAS’ Emerging Technology services also accommodate the ability for providers and investors to connect with KLAS research analysts in order to drill deeper into market insightsthat are gathered during research projects. These high-touch customer services enable providers and investors to extend their knowledge of emerging technologies.

The Justification: Informed Providers and Investors Improve Risk Mitigation for Emerging Technologies

The HIT market is rapidly advancing technologies for reducing costs, improving quality, and driving more effective and consistent healthcare outcomes through the migration to value-based care. New digital healthcare solutions are being introduced by start-up companies as well as large international technology companies like Amazon, Google, Apple, and Microsoft.

The early identification of emerging technology companies with higher chances of market success provides providers and investors with the ability to mitigate some of their financial risk when engaging these companies. Proven research methodologies for evaluating these companies are likely to identify vendors that could become market leaders or could be acquired by established market vendors that need those technologies to update their solutions portfolios.

The Players: KLAS Research

For decades, KLAS has published focused and supportable research on provider markets that has created a foundation of broad market knowledge that is likely not available in other research firms. Extending proven research models to effectively analyze emerging technologies for financial, operational, and clinical impacts currently differentiates KLAS from the rest of the market. KLAS provides this service with accurate, honest, and impartial research.

Success Factors

  1. KLAS extends its highly-regarded provider HIT research models to deliver insights into emerging technologies and vendors that are likely to impact healthcare services in the near future.
  2. As a trusted advisor for providers and investors, KLAS has the foundational market knowledge to provide emerging technology research that will benefit the industry.
  3. KLAS has a deep and experienced team of analysts to deliver and support the emerging technology service.

Summary

KLAS has identified a true market need that is not being filled by current HIT research and advisory firms related to emerging technologies. Emerging technologies require a unique research model to delve into the benefits and challenges of the technologies as well as the vendor solutions that are based on these technologies. KLAS continues to enhance and expand research models that deliver research that is valued by providers and investors. These research models have been developed to accurately assess emerging technologies in a concise and easily digestible format. Experienced analysts with deep market knowledge provide defensible insights into the benefits and challenges that are expected from new and emerging technologies.

KLAS has established long-term relationships with provider organizations and investors that also serve as a key foundation for creating accurate and valuable emerging technology research. Targeted emerging technology research is identified through provider and investor members as well as through continued market observations. KLAS’ Emerging Technology research will further enhance the trusted advisory status of the company with the provider and investor communities.

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