Revenue Cycle Unicorns

There is a challenge with traditional KLAS reports, which is that most are created for products that have competitors and fit neatly into market segments. Yet there are so many other solutions in healthcare that aren't necessarily niche but address specific problems and are highly innovative. However, the Revenue Cycle Unicorns 2019 report allows us to publish data on revenue cycle vendors and solutions we are watching that don't have a clear-cut home in the KLAS market segments. Unicorns are mystical, unique, and one of a kind. Likewise, the solutions featured are unique to the revenue cycle. 

Finding the Mystical Data

I was excited to come up with unique ways to chart the vendors and show the customer experience. I was also excited for KLAS to provide in-depth information to current and prospective customers regarding how these specific solutions are achieving beneficial outcomes in the revenue cycle. Even though these solutions are unique, two common threads did emerge across vendors: providers are using these solutions to (1) increase efficiency (e.g., streamlining/automating workflows) and (2) increase revenue (by either increasing collections or reducing denials).

To create our list of revenue cycle unicorns, we had to narrow down what we would actually collect research on. We settled on a good number for our first edition; I anticipate KLAS updating this revenue cycle report in the future. There is also the potential of using the same “unicorn format” to publish on unique solutions for EMRs, patient portals, population health solutions, and patient engagement solutions. 

Too Unique to Compare

The revenue cycle is so complex in terms of what it encapsulates—registration, tracking, billing, processing, insurance, and claims. It is massive, and there have to be ways to improve that process. That is what these unique solutions are targeted for.

The report features a variety of vendors. Some are established, and some are emerging. Some offer broad solutions, and some offer niche solutions for particular aspects of the revenue cycle. Each featured vendor is unique in their own way. For example, Imprivata is a security vendor, yet their solution is being used on the front end of the revenue cycle. Some providers are using Olive’s AI tool to reduce manual tasks. Each vendor and their corresponding solution have something to offer.

As these vendors continue to improve their products and customers’ experiences, their customer base will expand. Out of speculation, I could see other vendors perhaps taking note and creating competition for these unique solutions. Moving past unicorn status will be dependent on competition and interest. 

Lasso Your Unicorn

There are opportunities in the revenue cycle to increase efficiency, cut costs, and increase collections. Healthcare organizations are operating on a narrow margin, and we want to do anything we can do to improve that situation and provide possible solutions and opportunities.

The solutions in the report won't work for everybody, but providers can take the information we present about customer experiences and see which solutions can benefit them that they haven't thought of before. Only seven vendors are listed in the report, but it offers a good window into KLAS' expertise and knowledge of unique opportunities that we are happy to share with providers. To continue learning more, I recommend reading the report. 

     Photo cred: Adobe Stock, nateejindakum