KLAS Contact
Contact KLAS
Contact KLAS
2024 BEST IN KLAS
Preferences
Related Series
Investor Newsletter July 2021
Author
Justin Long
Author
Joshua Harris
Monthly overview of recent KLAS insights, upcoming reports, and industry happenings.
Executive Involvement – What Does This Mean to Investors?
The common attributes shared by healthcare organizations are listed below:
- Availability: Customers have immediate access to a specific point of contact they can call to escalate a problem.
- Manages Expectations: Vendors are very clear about timelines for delivery and potential potholes. They keep their promises and consistently deliver exactly what they say they will deliver.
- Empowered: Customers have an individual to call who has the power to break down walls to solve their problems.
- Visionary and Knowledgeable: Customers receive ongoing communication about the company and product road map and feel their vendor contact(s) understands their organization, the healthcare market, and healthcare in general.
Vendors that score well (8 or higher) in executive involvement often experience higher overall customer satisfaction, and that typically leads to improved retention and revenue growth.
Other reasons for win (mentioned by <6% of respondents):
Executive involvement, implementation, incumbent vendor, innovation, pre-sales demo, prior relationship, product flexibility, product maturity, product quality, user experience, and value.
Segment Highlight—Artificial Intelligence/Machine Learning
Artificial intelligence is a hot-button topic today and is making its way into healthcare as well as more and more companies that are offering technologies to solve the problems that healthcare providers are facing. A recent executive study that KLAS conducted together with UMPC showed that 22 out of the 46 respondents—nearly half— mentioned seeing AI as the most exciting emerging healthcare technology in the next two years. While organizations currently using AI technologies acknowledge the significant lift and team of experts needed to get things rolling, expectations are that investment in AI will help them solve some of the most complex problems they are facing today.
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. To give investors and providers access to performance data on solutions designated as emerging, disruptive, or innovative, KLAS provides early performance data on these solutions. As such, 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
Care Simple Emerging Technology Spotlight
To broaden their virtual care strategies, many healthcare organizations are looking for ways to remotely monitor patients, generate additional revenue, and improve outcomes. CareSimple offers a cloud-based remote patient monitoring (RPM) solution that includes cellular-enabled devices and key services to help organizations optimize their RPM approach. This report aims to validate the performance and scalability of their offering.
Swellbox Emerging Technology Spotlight
Accelerating an ongoing healthcare trend, the Department of Health and Human Services’ Office for Civil Rights has proposed changes that would strengthen a patient’s right to gain access to their own health information. Swellbox provides tools and support to empower patients to access their PHI. This report looks to validate the outcomes and satisfaction of Swellbox clients on this important topic.
KLAS Report Highlights
June 2021 Published Specialty Reports
Security & Privacy Consulting Services 2021
Market Perceptions vs. Client Reality
In a constantly shifting security environment, many healthcare organizations choose to engage outside firms to help them improve their security posture and reduce risk. To differentiate the many firms that offer such services, KLAS spoke with security and IT leaders from 74 healthcare organizations of various sizes to understand (1) what makes a security and privacy consulting firm a true partner, (2) which firms are perceived to have the strong security services offering that healthcare organizations need, (3) how these perceptions compare to the experiences of actual clients, and (4) how the COVID-19 pandemic has affected healthcare organizations’ security programs.
Population Health Vendor Overview 20211
Matching Vendor Capabilities to PHM Needs
Provider organizations looking to advance their value-based care strategies often look to population health management (PHM) technology to give them the confidence to move forward with value-based care. This report seeks to provide transparency into the major PHM technology offerings available today—the types of organizations that typically use the systems, what the customer experience is like, which solutions are seeing the most market energy, and the breadth of their PHM capabilities. PHM insights that go beyond this study’s general overview can be found here.
Upcoming KLAS Specialty & Emerging Technology Reports
Gravimetric Verification in IV Workflow Management 2021 How Has the Market Progressed?
Gravimetric verification has been touted as a way to drive significant patient safety gains, and most major IV workflow management vendors have released this functionality. However, the associated challenges (e.g., maintaining an accurate drug density database and handling the changes to compounding workflows) have hurt perceived value for some healthcare organizations, and so far, only BD has demonstrated broad deployment in their customer base. This report examines the maturity of vendors’ gravimetric verification functionality, provides a first look at BD’s performance in this area, and assesses how the technology affects purchase decisions across the market.
Operational Command Center Ecosystem 2021
Based largely on vendor-reported information, this report will look at the various technology pieces that vendors provide to help healthcare organizations create an operational command center. Vendors will also be asked to share best practices for implementing a command center and optimizing it once it is live.
Cardiology 2021
The need for structured reporting in cardiology and the desire for consolidated vendor partners have become more top of mind for provider organizations. This report looks at which vendors have been selected in cardiology as go-forward partners, who are being replaced, and what performance-related factors are driving these purchase decisions.
SYNERGEN Health Emerging Technology Spotlight 2021
Healthcare revenue cycle management (RCM) is complicated and often plagued by inefficiencies and bottlenecks, resulting in cash slow-downs or even stoppages. SYNERGEN Health provides services and advanced digital transformation tools to improve and optimize RCM workflows for ambulatory organizations. These offerings are intended to reduce costs and errors, leading to quicker cash recognition. This report provides an initial look at the SYNERGEN Health client experience.
AWS in Healthcare 2021 Part of a Public Cloud Providers Series
Compared to other industries, healthcare has lagged in the adoption of, though not in the interest in, cloud technology and services. How can provider and payer organizations get started, what benefits and challenges can they expect, and which cloud provider can best meet their needs? This report—which focuses on Amazon Web Services (AWS)—is the first in a series examining the healthcare customer experience with public cloud providers. KLAS anticipates publishing subsequent reports on Google Cloud Platform (GCP) and Microsoft Azure. Insights on Amazon Web Services (AWS), which has historically generated the most interest from healthcare organizations, come from 11 organizations identified by AWS as leading customers. The potential of cloud technology appears promising; most organizations interviewed for this study report that leveraging AWS has saved them time or money.
ERP Decision Insights 2021
KLAS conducts thousands of annual interviews with provider organizations to better understand their experience with their healthcare IT vendors. However, not all vendors are measured by KLAS today; some emerging vendors have very small customer bases, and others work in market segments outside KLAS’ current focus. This report also includes some established companies newly disrupting the healthcare market (e.g., Amazon, Google, Salesforce). To gain insights on emerging companies in healthcare IT, KLAS asks interviewed organizations to share the most innovative or potentially disruptive HIT vendor they have seen or heard about recently. This report shares the top-of-mind companies and market segments that surfaced from these interviews; in the future, KLAS will monitor those companies that continue to pique market interest and gain mindshare among healthcare organizations.
Hart Emerging Technology Spotlight 2021
The processes and workflows for healthcare data and analytics can be cumbersome and daunting. What should provider organizations do with the data, and how can they make it actionable for end users? Hart provides a unique “data management as a service” offering that isn’t tied to a specific software solution. Applying their understanding of healthcare and analytics, Hart creates consumable, actionable data that drives outcomes. This report is an early look at client satisfaction.
Patient Financial Experience 2021 - Pulse Check
This Pulse Check report will analyze buying trends and considerations in the patient financial experience market.
Nurse & Staff Scheduling 2021 - Workload Balancing
This report will examine customer satisfaction with solutions for nurse and staff scheduling, specifically when it comes to workload balancing. KLAS will solicit customer ratings regarding their scheduling solution’s day-of and short-term analytics as well as their ability to quickly access information and achieve desired outcomes.
Emerging Enterprise Post-Acute Platform Vendors 2021
In the post–acute care space (including long-term care, home health, hospice, private duty/homecare, and senior living), acquisitions of vendor solutions have become commonplace. This report will highlight the emergence of these large vendors. Some are conglomerates, while others are working to create large, interoperable post–acute care platforms. What should provider organizations today be considering when it comes to enterprise platforms and interoperability?
Microsoft Acquisition of Nuance Flash Insight
Optum Acquisition of Change Healthcare Flash Insight Q1 2021
Secure Exchange Solutions Emerging Technology First Look 2021
Secure Exchange Solutions (SES) provides multiple interoperability solutions, such as Direct secure messaging and ADT notifications, that connect disparate organizations. As a vendor-agnostic HISP leveraged by both providers and vendors, SES facilitates interoperability that aids in coordinating and managing care, as well as compliance with core measures. This report will validate which aspects of SES’ offering are being used by customers and what customer satisfaction with the vendor looks like today.
To make a purchase or find more information on KLAS reports, contact the KLAS Investment Advisory team at investorservices@klasresearch.com.
Market Activities Impacting Investments
Impact as a Service (IaaS)
“Keep an eye out for this new metric, Iaas, that uses technology to help the business community “tackle and report on intractable social issues at scale.”
Clinical Decision Support Investments Growing
Clinical Decision Support software companies raised $661 million in 15 venture capital (VC) funding rounds in Q1 2021, compared to $505 million in 12 funding rounds in Q4 2020. This constitutes a 31% increase in quarter-over-quarter funding activity, according to the recently released Mercom Digital Health Funding Report.
Transformer Neural Networks Advancing NLP:
Existing neural networks used to support natural language processing incur significant resource time for creating data models that can be used to train the NLP engines for their desired focus.
Advantages of Smart Phones and Multi-Modal RPM Devices:
COVID-19 exposed the need to provide a new level of remote patient monitoring (RPM). The ability to continually monitor patients with chronic or acute care needs in their homes became a front-and-center requirement for healthcare providers.
Digital Health Investment Symposium (DHIS) 2021
Don’t miss out! Reserve your seat for the exclusive annual conference held in beautiful Park City, UT at the luxurious Stein Erickson Lodge, September 28–29.
To request additional information or for help registering for the event, contact the KLAS Investor Advisory team at investorservices@klasresearch.com.
Designer
Natalie Jamison
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. © 2024 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.