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Investor Newsletter June 2021 Investor Newsletter June 2021
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Investor Newsletter June 2021

author - Justin Long
Author
Justin Long
author - Joshua Harris
Author
Joshua Harris
 
June 16, 2021 | Read Time: 7  minutes

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From the “KLAS” Room 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 a product or vendor excels or where they need improvement.

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Industry Insights

CX Framework—Loyalty

loyalty

This month’s highlight is loyalty

Looking at the KLAS questions of “Would You Buy Again,” “Part of Long-Term Plans,” “Forecasted Overall Satisfaction,” “Overall Satisfaction,” and “Likelihood to Recommend,” we see that this pillar is a fantastic indicator of a customer base’s stability and customer perceptions of a product’s long-term outlook.

Segment Highlight—Patient Financial Engagement

Following last year’s COVID-19 crisis, a growing share of billing responsibility is falling on patients. Provider organizations (and patients) have shared with KLAS that the current billing and payment process is too difficult and/or disjointed for patients, resulting in fewer payments and lower patient satisfaction. Patient financial engagement firms have the potential to simplify payments by providing technologies that make the payment process as painless as possible.

Who’s Doing It Well?

Interviewed provider organizations using technologies from Cedar, VisitPay, Patientco, RevSpring, and Flywire have seen significant increases in both revenue and patient satisfaction and express high levels of loyalty and satisfaction with the tangible results received so far. Additionally, many have high optimism for the future and look forward to long-term partnerships.

loyalty score for patient financial engagement firms

The “KLAS”ifieds

klas dhis 2021

Digital Health Investment Symposium (DHIS) 2021

Reserve your seat for this exclusive annual conference. A select group of vendor, provider, and investment leaders will share their perspectives on which healthcare investments will have the greatest impact.

Registration is open!

klas dhis 2021 register

Live, in-person event September 28–29 at the luxurious Stein Eriksen Lodge in Park City, Utah.

KLAS Emerging Technology

Each week, dozens of new companies knock on provider organizations’ and health systems’ doors to present their latest solutions. To give investors and providers an initial look at the customer experience with emerging, disruptive, or innovative solutions, KLAS provides early performance data on these solutions. This data generally does not meet the standard data levels KLAS requires in order for solutions to be fully ranked and rated.

Recent Emerging Technology Report Sneak Peek

PatientBond Emerging Technology Spotlight

PatientBond attempts to guide patients through their care journeys by understanding and focusing on their psychographic motivations. By segmenting patients into different patient personas, PatientBond feels they can help target and guide patients more appropriately. This spotlight will examine the experiences of clients hoping to use PatientBond to better personalize care for patients.

patientbond emerging technology spotlight

SOC Telemed Emerging Technology Spotlight

SOC Telemed offers a turnkey virtual telemedicine platform to help hospitals expand their telemedicine programs across multiple service lines and facilities while achieving clinical and financial outcomes. Customers can leverage their own existing telemedicine hardware and physicians, SOC Telemed’s hardware and physicians, or a hybrid of the two. This report seeks to validate the performance, outcomes, and use cases of the Telemed IQ platform.

soc emerging technology spotlight

KLAS Report Highlights

May/June 2021 Published Specialty Reports

telehealth ecosystem 2021Telehealth Ecosystem 2021:
Understanding the Rapidly Evolving Landscape

The COVID-19 pandemic greatly accelerated healthcare delivery organizations’ adoption of telehealth and virtual care technologies. As these organizations scrambled to meet the immediate demand, they quickly implemented solutions that often required few resources and met focused needs. At the same time, vendors quickly pivoted to either develop dedicated telehealth products or add telehealth capabilities to existing offerings, creating a sea of options. This study, along with additional deep-dive content on KLAS’ website, shows which vendors report the broadest telehealth capabilities and aims to help organizations navigate different options as they look to consolidate systems and define their long-term telehealth strategy. Note that the vendor-capability data in this report is based on vendor-reported information.

types of telehealth vendors

patient privacy monitoring 2021Patient Privacy Monitoring 2021:
Many High-Performing Options for Keeping Records Safe

To combat the rising number of patient privacy breaches, healthcare organizations are increasingly using patient privacy monitoring solutions for regulatory compliance, efficiency, and peace of mind around medical record access. Overall, patient privacy monitoring is one of the highest-scoring markets KLAS measures. For this report, KLAS interviewed 148 healthcare organizations about their customer experience and tracked 48 recent purchase decisions through our Decision Insights research to learn why certain solutions are being chosen and who can reliably lead organizations to success.

patient privacy monitoring market energy

payer care management 2021Payer Care Management 2021:
Amid Shifts in the Market, Who Will Step Up?

In the past, payers have struggled with vendors’ care management solutions not keeping pace with functionality and support needs. Recent market shifts, such as M&A activity and leadership and ownership changes, along with the need for better payer/provider collaboration have created energy and optimism around the future of some vendors. Which vendors are stepping up, and which vendors are missing the mark? This report focuses on how well vendors are helping organizations achieve desired outcomes through the delivery of needed technology, excellent support and service, and follow-through on promises.

payer care management drives tangible outcomes vs overall product quality

Upcoming KLAS Specialty & Emerging Technology Reports

A Complete Look at:

  • Allscripts
  • Cerner
  • Epic
  • MEDITECH Expanse

EMR-Centric Virtual Care Platforms, Part 1 2021
The first in a two-part series, this report will allow ambulatory EMR vendors to self-report the telehealth capabilities their customers currently have live. A later study will validate these vendor claims with customers and also report on customer satisfaction.

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.

Managed Cloud Services 2021
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.

Security & Privacy Services Perception 2021
KLAS is seeking to understand which vendors and firms stand out for helping healthcare organizations secure a remote workforce, rapidly deploy telehealth programs, and respond to other COVID-19-related security challenges.

Upfront
Emerging Technology Spotlight 2021

Alpha II ClaimStaker
First Look 2021

Pareto Intelligence
First Look 2021

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

Smart Speakers Becoming Healthcare Monitors 

Amazon Echo and Google Home are advancing technologies that will allow their smart speakers to monitor heartbeats without any physical contact. Both regular and irregular heart rhythms can be identified using a two-factor algorithm. Smart speaker RPM capabilities continue to advance, and they represent a great way for providers to create an intuitive, cost-effective approach to homecare while improving patient satisfaction and care quality.

Blue Health Intelligence

An emerging analytics company will aggregate data from the Blues health plans to add race, ethnicity, and language information as well as social determinants of health factors to a database of millions of Blue Health Intelligence plan members. The insights gleaned will be used to design interventions and develop community partnerships to reduce disparities in care.

AI to Unseat Telehealth as Top Digital Health Investment

A report from Philips says only 40% of healthcare leader respondents expect to invest heavily in telehealth, while AI will emerge as a key area for investment.

Healthcare Companies Raise Record-Breaking $31.6B in First Quarter of 2021

Global healthcare funding hit a new quarterly record in the first quarter of 2021 according to a report provided by CBInsights. A total of $31.6B in equity funding was raised, boosted by a record number of 96 mega-rounds ($100M+). Deal count grew by 9% to 1.5K+ deals, the second highest in the last 12 quarters.

CVS Establishes a $100 Million Innovation Venture Fund 

CVS Health Ventures will focus on early-stage company collaborations looking to make services more accessible and affordable. CVS has more than 20 direct investments through their CVS Aetna businesses, which include Unite Us, a tech platform that connects healthcare and social services point-of-care diagnostic platform LumiraDx.


Summer Time!

Remember those carefree days of summer? No longer shackled by school or homework, the entire world (or respective neighborhood) was your playground. While summers are undoubtedly less carefree now, as we slowly begin to emerge from the grip of COVID-19, we at KLAS wish you and your loved ones a safe and enjoyable summer wherever your vacations or adventures take you. When it’s time to get back to business, the experts at KLAS are ready to serve and support all your healthcare investment needs at investorservices@klasresearch.com

author - Natalie Jamison
Designer
Natalie Jamison
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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.