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Investor Newsletter April 2021
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Investor Newsletter April 2021

April 21, 2021 | Read Time: 10  minutes

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Industry Insights

From the “KLAS” Room

Selling vs. Serving

In HIT, there are two ways to solve a problem—upstream or downstream. Solving a problem upstream can save vendors significant time and money in the long run.

When KLAS hears about downstream problems (such as customer support), it is often a symptom of larger problems that occurred during the sales process when original expectations were set. KLAS has found that of all vendor processes, how a vendor sells is the strongest predictor of customer satisfaction. Over the past 20 years, KLAS has observed that vendors typically fall into one of two categories—those that have a service-oriented culture and those that have a sales-oriented culture. Sales-oriented cultures are focused primarily on selling new products and services; at times, this can be detrimental to customers as incentives for sales teams can easily become misaligned with customer success. Service-oriented organizations put service at the forefront of all they do and take a customer-centric approach to their internal workings. These organizations are highly focused on driving successful outcomes and deep adoption that leads to high customer satisfaction and long-term loyalty. Whichever way a vendor chooses to interact with their customers, processes must be in place that ensure that sales practices are aligned with actual product capabilities and that sales teams are selling for long-term customer success.

Who’s Doing It Well?

pelitas

Pelitas, seeing that their training was leading to downstream problems, completely overhauled their training program to ensure customer success. They did this by meeting the provider where they were and offering a wide variety of training materials (both in person and virtual), including all ongoing training for new providers, and always being willing to provide additional training if it would help a customer succeed. One provider shared, “I give the vendor a high rating for their training. No matter what we are wanting to do, like changing a process or looking at how we can better utilize the tool, the vendor is always willing to do a Webex or send somebody out to do training. The vendor is very responsive.”

CX Framework—Operations

KLAS has developed the Customer Experience (CX) framework through decades of customer interviews with healthcare organizations, vendors, and investors throughout the world. This framework is used to help providers and vendors see at a glance where products and vendors excel or where they need improvement.

operations

This month’s highlight: Operations

Operations cover the processes that affect the provider; the most important process occurs during the interactions between providers and vendors leading up to and during the go-live process. KLAS has found that in order for vendors to drive long-lasting, successful relationships with their customers, vendors need to have strong, process-oriented implementation methodologies and a strong implementation team to help train and drive deep adoption. While not impossible, it is very difficult for a vendor to recover from a poor go-live, stressing the necessity to get this right for providers. Providers are paying for outcomes, not software, and vendors need to build strong, customer-centric operations models that are complete with duplicable internal processes that consistently lead customers to those successful outcomes.

The “KLAS”ifieds

KLAS Emerging Technology

Each week, dozens of new companies are knocking on the doors of provider organizations and health systems to present their latest innovative solutions. Leaders of these provider organizations are reporting more noise than ever in this market for healthcare start-ups and innovation, and they are looking for some guidance on which solutions they should really consider.

In an effort to give providers access to performance data on solutions designated as emerging, disruptive, or innovative, KLAS provides early performance data on these solutions. Because KLAS feels it is important to provide a level of insight on these types of solutions, this data has not met the same strict data level of criteria required to be fully ranked and rated by KLAS.

Recent Emerging Technology Report Sneak Peek

VisiQuate Emerging Technology Spotlight 2021

As the complexity of revenue cycle management (RCM) processes increases, it is critical that provider organizations keep pace with advanced analytics and actionable insights. Challenged with disparate systems and fragmented data, organizations need a single source of actionable data. This report highlights VisiQuate’s advanced analytics solution and reports on the customer experience with these tools.

visiquate overall satisfaction and time to outcomes

XSOLIS Emerging Technology Spotlight 2021

As the complexity of revenue cycle management (RCM) processes increases, it is critical that provider organizations keep pace with advanced analytics and actionable insights. Challenged with disparate systems and fragmented data, organizations need a single source of actionable data. This report highlights VisiQuate’s advanced analytics solution and reports on the customer experience with these tools.

xsolis key performance indicators

KLAS Custom Diligence for Investors

Our services are often viewed as merely a robust healthcare database or specialty report resource, but did you know KLAS also provides custom diligence services for investors and vendors?

Winning decisions require industry expertise and uncompromising accuracy. KLAS data uncovers key insights and reveals answers to your most vital questions. We are passionately committed to matching investors with the best HCIT solutions and services. For more information, contact the KLAS Investment Advisory team at investorservices@klasresearch.com to scope out your next custom project.

klas custom diligence for investors

KLAS Report Highlights

Specialty & Emerging Technology Reports—Published February 2021

patient engagement ecosystemPatient Engagement Ecosystem 2021:
How Has the Industry Progressed?

Patient engagement technology continues to be offered by a large group of vendors aiming to solve varied, complex challenges—leading to the need for clarity about what capabilities vendors offer to meet provider and payer organizations’ core needs. This study, along with additional deep-dive content on KLAS’ website, seeks to show which vendors report the broadest capability sets, which vendors made the most progress over the last two years, and how the industry as a whole has matured.

vendors with most new capabilities

enterprise imagingEnterprise Imaging 2021:
Are Any Solutions Ready for Broad Market Adoption?

how strategic are vendors

KLAS estimates that just over 200 organizations in the US are live with enterprise imaging (EI) technology, defined here as the ability to store and/or view images across the enterprise from more than one service line, PACS, or long-term storage solution. KLAS interviewed leaders from 138 of the deepest adopting organizations (over 60% of all organizations live) to gain insights into their experience. A single question guided the interviews: Is EI technology ready for broad adoption by the market at large? By examining recent go-lives, customer-reported ROI, and vendors’ strategic ability, this report identifies each vendor’s proof points of success and reasons for caution, seeking to determine which vendors are best poised to meet needs as EI adoption expands.

enterprise physician schedulingEnterprise Physician Scheduling 2021:
Who Delivers Best for Enterprise Customers?

KLAS estimates that just over 200 organizations in the US are live with enterprise imaging (EI) technology, defined here as the ability to store and/or view images across the enterprise from more than one service line, PACS, or long-term storage solution. KLAS interviewed leaders from 138 of the deepest adopting organizations (over 60% of all organizations live) to gain insights into their experience. A single question guided the interviews: Is EI technology ready for broad adoption by the market at large? By examining recent go-lives, customer-reported ROI, and vendors’ strategic ability, this report identifies each vendor’s proof points of success and reasons for caution, seeking to determine which vendors are best poised to meet needs as EI adoption expands.

deployment breadth vs depth

Upcoming KLAS Specialty & Emerging Technology Reports

ACO Enablement
Energy around value-based care (VBC) payment arrangements is flat or even declining as health systems cling to more reliable revenue streams (i.e., fee-for-service). Medicare Advantage, however, remains a top priority for many health systems. Although Medicare Advantage is a full-risk (capitated) payment arrangement, health systems often rely on market share rather than population health as a way to ensure profitability. This report will examine the options that VBC managed-services firms deliver to their clients and how well they support all dimensions of Medicare Advantage success.

Computer-Assisted Coding
This update on customer satisfaction with computer-assisted coding (CAC) software will focus on measuring what impact CAC solutions and vendors have on quality and productivity and how well they provide the breadth of codes needed across different care departments.

Enjoin First Look 2021
Clinical documentation improvement (CDI) is critical for improving things such as case mix index (CMI) and productivity in hospitals and health systems. While many CDI vendors focus on workflow improvements using technology, Enjoin complements this approach with CDI education, denial defense, and operations support to help clinicians improve documentation and coding. This report looks to validate the outcomes and satisfaction of Enjoin clients.

HIT Staffing: Finding the Right Fit
The purpose of this study is to identify what firms can meet provider organizations’ staffing needs promptly and effectively, along with establishing a benchmark around how often firms are replaced.

Managed Cloud Services
Interest in cloud computing continues to grow, but confusion persists around the types, benefits, and challenges of numerous options. This report will clarify the space by presenting an early framework and feedback from providers who have already walked the various paths available.

Quil Emerging Technology Spotlight
Solutions that address multiple patient engagement needs are in high demand. Quil offers a unique approach through their association with Comcast and Independence Blue Cross. This spotlight examines Quil’s potentially disruptive and innovative solution.

RxNT First Look
The use of third-party ambulatory RCM services continues to expand rapidly, and the organizations that provide these services need technology solutions that work behind the scenes to deliver strong, successful outcomes. RxNT provides key solutions in this area, and this report is KLAS’ first look at the customer experience of organizations that use RxNT’s solution within a business process outsourcing (BPO) or managed services organization (MSO) environment.

Smile CDR Emerging Technology Spotlight
In 2021, new CMS rules came into effect requiring CMS-regulated health plans to have a patient access API and a provider directory API. These regulations, aimed at increasing the interoperability of personal health data, have prompted payers to look at new ways of facilitating external information sharing. This report offers a first look at Smile CDR, a fast-moving, healthcare-specific solution vendor that has recently delivered interoperability solutions to payer customers to help meet the new mandates.

Vatica Health Emerging Technology Spotlight
Vatica Health provides dedicated clinical support and technology to payers’ contracted physicians to improve diagnostic coding, documentation, and quality of care for members. Vatica Health’s team works on-site to lend providers support, enabling payers to manage members and their care while also increasing financial impact and reducing compliance risk.

Vendor Performance in Response to the COVID-19 Crisis: 2021 Update
COVID-19 has tested the healthcare IT and services communities in their response to the long, difficult crisis. What vendors have truly been partners? What vendors have fallen short in their response? Who showed they are up to the challenge of working through inevitable future crises? This report is the second in KLAS’ series on vendors’ performance in responding to COVID-19. The first can be read on the KLAS website, along with customer comments regarding all vendors’ performances.

To make a purchase or find more information on KLAS reports, contact the KLAS Investment Advisory team at investorservices@klasresearch.com.

Industry Investments of Interest

Market Activities Impacting Investments

Intermountain Healthcare, Ascension, and Amazon Care are founding members of a new healthcare coalition aimed at expanding home-based clinical care. Packaging Alexa with telehealth, remote patient monitoring software, and wearable computing devices can support some cases of acute care. Will homecare surpass hospital care for care quality and patient satisfaction?

Video-Based Vital Signs Monitoring
Image- and video-based patient monitoring solutions are poised to become a significant disruptive factor to the RPM market. Vendors who use patient monitoring devices that replicate devices used in physician offices and hospitals (e.g., blood pressure cuffs, pulse oximeters, EKG monitors, and thermometers) are at the highest risk for replacement.

Synthetic Data Advances Clinical Research

Synthetic Data (SD) will solve many of the clinical research issues regarding institutional review board processes and personal health information regulations. SD will foster collaboration across medical centers for researching key diseases and evidence-based medicine protocols that will drive more healthcare breakthroughs. SD also provides the ability to more effectively support the AI training data models that need to be frequently updated and expanded.

Retail Use of AI Informs Healthcare

Amazon’s use of AI to help target retail services to consumers could be used to evaluate healthcare services to reduce fraud and waste. Use cases for AI in other industries provide good insights for potential healthcare uses.


Spring Is Here!

Few things are more enlivening to the soul than shaking off the bitter cold of winter and stepping fully into the sunshine of spring. Give your organization a fresh start and contact the KLAS Investment Advisory team to explore how we can support your healthcare research goals. Regardless of whether you are looking to dip your toes, become fully immersed, or something in between, we offer a wide array of investment services, products, and subscriptions sure to meet your investment needs. Contact our team at investorservices@klasresearch.com to get started today.

Current Time Inside Cache Tag Helper: 5/14/2021 3:56:15 PM and Model.reportId = 1973

Industry Insights

From the “KLAS” Room

Selling vs. Serving

In HIT, there are two ways to solve a problem—upstream or downstream. Solving a problem upstream can save vendors significant time and money in the long run.

When KLAS hears about downstream problems (such as customer support), it is often a symptom of larger problems that occurred during the sales process when original expectations were set. KLAS has found that of all vendor processes, how a vendor sells is the strongest predictor of customer satisfaction. Over the past 20 years, KLAS has observed that vendors typically fall into one of two categories—those that have a service-oriented culture and those that have a sales-oriented culture. Sales-oriented cultures are focused primarily on selling new products and services; at times, this can be detrimental to customers as incentives for sales teams can easily become misaligned with customer success. Service-oriented organizations put service at the forefront of all they do and take a customer-centric approach to their internal workings. These organizations are highly focused on driving successful outcomes and deep adoption that leads to high customer satisfaction and long-term loyalty. Whichever way a vendor chooses to interact with their customers, processes must be in place that ensure that sales practices are aligned with actual product capabilities and that sales teams are selling for long-term customer success.

Who’s Doing It Well?

pelitas

Pelitas, seeing that their training was leading to downstream problems, completely overhauled their training program to ensure customer success. They did this by meeting the provider where they were and offering a wide variety of training materials (both in person and virtual), including all ongoing training for new providers, and always being willing to provide additional training if it would help a customer succeed. One provider shared, “I give the vendor a high rating for their training. No matter what we are wanting to do, like changing a process or looking at how we can better utilize the tool, the vendor is always willing to do a Webex or send somebody out to do training. The vendor is very responsive.”

CX Framework—Operations

KLAS has developed the Customer Experience (CX) framework through decades of customer interviews with healthcare organizations, vendors, and investors throughout the world. This framework is used to help providers and vendors see at a glance where products and vendors excel or where they need improvement.

operations

This month’s highlight: Operations

Operations cover the processes that affect the provider; the most important process occurs during the interactions between providers and vendors leading up to and during the go-live process. KLAS has found that in order for vendors to drive long-lasting, successful relationships with their customers, vendors need to have strong, process-oriented implementation methodologies and a strong implementation team to help train and drive deep adoption. While not impossible, it is very difficult for a vendor to recover from a poor go-live, stressing the necessity to get this right for providers. Providers are paying for outcomes, not software, and vendors need to build strong, customer-centric operations models that are complete with duplicable internal processes that consistently lead customers to those successful outcomes.

The “KLAS”ifieds

KLAS Emerging Technology

Each week, dozens of new companies are knocking on the doors of provider organizations and health systems to present their latest innovative solutions. Leaders of these provider organizations are reporting more noise than ever in this market for healthcare start-ups and innovation, and they are looking for some guidance on which solutions they should really consider.

In an effort to give providers access to performance data on solutions designated as emerging, disruptive, or innovative, KLAS provides early performance data on these solutions. Because KLAS feels it is important to provide a level of insight on these types of solutions, this data has not met the same strict data level of criteria required to be fully ranked and rated by KLAS.

Recent Emerging Technology Report Sneak Peek

VisiQuate Emerging Technology Spotlight 2021

As the complexity of revenue cycle management (RCM) processes increases, it is critical that provider organizations keep pace with advanced analytics and actionable insights. Challenged with disparate systems and fragmented data, organizations need a single source of actionable data. This report highlights VisiQuate’s advanced analytics solution and reports on the customer experience with these tools.

visiquate overall satisfaction and time to outcomes

XSOLIS Emerging Technology Spotlight 2021

As the complexity of revenue cycle management (RCM) processes increases, it is critical that provider organizations keep pace with advanced analytics and actionable insights. Challenged with disparate systems and fragmented data, organizations need a single source of actionable data. This report highlights VisiQuate’s advanced analytics solution and reports on the customer experience with these tools.

xsolis key performance indicators

KLAS Custom Diligence for Investors

Our services are often viewed as merely a robust healthcare database or specialty report resource, but did you know KLAS also provides custom diligence services for investors and vendors?

Winning decisions require industry expertise and uncompromising accuracy. KLAS data uncovers key insights and reveals answers to your most vital questions. We are passionately committed to matching investors with the best HCIT solutions and services. For more information, contact the KLAS Investment Advisory team at investorservices@klasresearch.com to scope out your next custom project.

klas custom diligence for investors

KLAS Report Highlights

Specialty & Emerging Technology Reports—Published February 2021

patient engagement ecosystemPatient Engagement Ecosystem 2021:
How Has the Industry Progressed?

Patient engagement technology continues to be offered by a large group of vendors aiming to solve varied, complex challenges—leading to the need for clarity about what capabilities vendors offer to meet provider and payer organizations’ core needs. This study, along with additional deep-dive content on KLAS’ website, seeks to show which vendors report the broadest capability sets, which vendors made the most progress over the last two years, and how the industry as a whole has matured.

vendors with most new capabilities

enterprise imagingEnterprise Imaging 2021:
Are Any Solutions Ready for Broad Market Adoption?

how strategic are vendors

KLAS estimates that just over 200 organizations in the US are live with enterprise imaging (EI) technology, defined here as the ability to store and/or view images across the enterprise from more than one service line, PACS, or long-term storage solution. KLAS interviewed leaders from 138 of the deepest adopting organizations (over 60% of all organizations live) to gain insights into their experience. A single question guided the interviews: Is EI technology ready for broad adoption by the market at large? By examining recent go-lives, customer-reported ROI, and vendors’ strategic ability, this report identifies each vendor’s proof points of success and reasons for caution, seeking to determine which vendors are best poised to meet needs as EI adoption expands.

enterprise physician schedulingEnterprise Physician Scheduling 2021:
Who Delivers Best for Enterprise Customers?

KLAS estimates that just over 200 organizations in the US are live with enterprise imaging (EI) technology, defined here as the ability to store and/or view images across the enterprise from more than one service line, PACS, or long-term storage solution. KLAS interviewed leaders from 138 of the deepest adopting organizations (over 60% of all organizations live) to gain insights into their experience. A single question guided the interviews: Is EI technology ready for broad adoption by the market at large? By examining recent go-lives, customer-reported ROI, and vendors’ strategic ability, this report identifies each vendor’s proof points of success and reasons for caution, seeking to determine which vendors are best poised to meet needs as EI adoption expands.

deployment breadth vs depth

Upcoming KLAS Specialty & Emerging Technology Reports

ACO Enablement
Energy around value-based care (VBC) payment arrangements is flat or even declining as health systems cling to more reliable revenue streams (i.e., fee-for-service). Medicare Advantage, however, remains a top priority for many health systems. Although Medicare Advantage is a full-risk (capitated) payment arrangement, health systems often rely on market share rather than population health as a way to ensure profitability. This report will examine the options that VBC managed-services firms deliver to their clients and how well they support all dimensions of Medicare Advantage success.

Computer-Assisted Coding
This update on customer satisfaction with computer-assisted coding (CAC) software will focus on measuring what impact CAC solutions and vendors have on quality and productivity and how well they provide the breadth of codes needed across different care departments.

Enjoin First Look 2021
Clinical documentation improvement (CDI) is critical for improving things such as case mix index (CMI) and productivity in hospitals and health systems. While many CDI vendors focus on workflow improvements using technology, Enjoin complements this approach with CDI education, denial defense, and operations support to help clinicians improve documentation and coding. This report looks to validate the outcomes and satisfaction of Enjoin clients.

HIT Staffing: Finding the Right Fit
The purpose of this study is to identify what firms can meet provider organizations’ staffing needs promptly and effectively, along with establishing a benchmark around how often firms are replaced.

Managed Cloud Services
Interest in cloud computing continues to grow, but confusion persists around the types, benefits, and challenges of numerous options. This report will clarify the space by presenting an early framework and feedback from providers who have already walked the various paths available.

Quil Emerging Technology Spotlight
Solutions that address multiple patient engagement needs are in high demand. Quil offers a unique approach through their association with Comcast and Independence Blue Cross. This spotlight examines Quil’s potentially disruptive and innovative solution.

RxNT First Look
The use of third-party ambulatory RCM services continues to expand rapidly, and the organizations that provide these services need technology solutions that work behind the scenes to deliver strong, successful outcomes. RxNT provides key solutions in this area, and this report is KLAS’ first look at the customer experience of organizations that use RxNT’s solution within a business process outsourcing (BPO) or managed services organization (MSO) environment.

Smile CDR Emerging Technology Spotlight
In 2021, new CMS rules came into effect requiring CMS-regulated health plans to have a patient access API and a provider directory API. These regulations, aimed at increasing the interoperability of personal health data, have prompted payers to look at new ways of facilitating external information sharing. This report offers a first look at Smile CDR, a fast-moving, healthcare-specific solution vendor that has recently delivered interoperability solutions to payer customers to help meet the new mandates.

Vatica Health Emerging Technology Spotlight
Vatica Health provides dedicated clinical support and technology to payers’ contracted physicians to improve diagnostic coding, documentation, and quality of care for members. Vatica Health’s team works on-site to lend providers support, enabling payers to manage members and their care while also increasing financial impact and reducing compliance risk.

Vendor Performance in Response to the COVID-19 Crisis: 2021 Update
COVID-19 has tested the healthcare IT and services communities in their response to the long, difficult crisis. What vendors have truly been partners? What vendors have fallen short in their response? Who showed they are up to the challenge of working through inevitable future crises? This report is the second in KLAS’ series on vendors’ performance in responding to COVID-19. The first can be read on the KLAS website, along with customer comments regarding all vendors’ performances.

To make a purchase or find more information on KLAS reports, contact the KLAS Investment Advisory team at investorservices@klasresearch.com.

Industry Investments of Interest

Market Activities Impacting Investments

Intermountain Healthcare, Ascension, and Amazon Care are founding members of a new healthcare coalition aimed at expanding home-based clinical care. Packaging Alexa with telehealth, remote patient monitoring software, and wearable computing devices can support some cases of acute care. Will homecare surpass hospital care for care quality and patient satisfaction?

Video-Based Vital Signs Monitoring
Image- and video-based patient monitoring solutions are poised to become a significant disruptive factor to the RPM market. Vendors who use patient monitoring devices that replicate devices used in physician offices and hospitals (e.g., blood pressure cuffs, pulse oximeters, EKG monitors, and thermometers) are at the highest risk for replacement.

Synthetic Data Advances Clinical Research

Synthetic Data (SD) will solve many of the clinical research issues regarding institutional review board processes and personal health information regulations. SD will foster collaboration across medical centers for researching key diseases and evidence-based medicine protocols that will drive more healthcare breakthroughs. SD also provides the ability to more effectively support the AI training data models that need to be frequently updated and expanded.

Retail Use of AI Informs Healthcare

Amazon’s use of AI to help target retail services to consumers could be used to evaluate healthcare services to reduce fraud and waste. Use cases for AI in other industries provide good insights for potential healthcare uses.


Spring Is Here!

Few things are more enlivening to the soul than shaking off the bitter cold of winter and stepping fully into the sunshine of spring. Give your organization a fresh start and contact the KLAS Investment Advisory team to explore how we can support your healthcare research goals. Regardless of whether you are looking to dip your toes, become fully immersed, or something in between, we offer a wide array of investment services, products, and subscriptions sure to meet your investment needs. Contact our team at investorservices@klasresearch.com to get started today.

 Download Whitepaper

This material is copyrighted. Any organization gaining unauthorized access to this report will be liable to compensate KLAS for the full retail price. Please see the KLAS DATA USE POLICY for information regarding use of this report. © 2021 KLAS Research, LLC. All Rights Reserved. NOTE: Performance scores may change significantly when including newly interviewed provider organizations, especially when added to a smaller sample size like in emerging markets with a small number of live clients. The findings presented are not meant to be conclusive data for an entire client base.