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Investor Newsletter June 2022
Author
Joshua Harris
Author
Justin Long
Monthly overview of recent KLAS insights, upcoming reports, and industry happenings.
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From the KLASroom
Understanding KLAS Vendor Differentiation: Loyalty
Customer loyalty is an important indicator of the short-term and long-term stability of a product’s customer base. KLAS measures loyalty by combining customer ratings for the following standard KLAS metrics: would you buy again, part of long-term plans, forecasted satisfaction, overall satisfaction, and likely to recommend. These metrics can help investors understand a product’s outlook.
One of the standard KLAS metrics for loyalty—likely to recommend—is sometimes referred to as evangelism. This metric is similar to the widely-used Net Promotor Score and is vital to the long-term growth of a solution. KLAS has observed through our Decision Insights data that solutions with low evangelism ratings are considered far less often than those with high ratings.
Diving Deeper: Evangelism in the Small Practice EHR Market
In the small practice (<11 physicians) EHR market, multiple vendors’ customer bases have shifted their evangelism over the last year. The score increased for four vendors; customers of one vendor increased their evangelism because they felt the vendor alleviated their frustrations, thus cultivating more trust with customers. However, the majority of vendors’ customer bases have considerably decreased their evangelism in the last year. These customers’ continued complaints, ranging from the value of the solution to the overall system functionality, are prompting them to consider switching to other solutions.
The KLASifieds
KLAS Investor Podcasts
Value-Based Care
In this episode of the KLAS Investor Podcast series, KLAS Research Director Bradley Hunter speaks with Justin Long on recent findings in value-based care. They discuss future obstacles to overcome and what healthcare organizations are looking for in a partner.
Watch the episode here. Follow KLAS Research on LinkedIn to stay up to date on new Investor Podcast episodes.
KLAS Report Highlights
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. KLAS publishes more than 90 individual reports annually, and those provide early performance data on solutions designated as emerging, disruptive, or innovative.
To view the KLAS reports library, visit our website.
Recent Emerging Technology Report Sneak Peek
Codoxo Forensic AI Platform
Emerging Technology Spotlight Report 2022
Each year, billions of dollars are put toward healthcare, yet much of that money is lost to fraudulent claims and bad payments. To help payer organizations control costs, Codoxo’s Forensic AI Platform provides actionable insights that identify existing or emerging fraud, waste, and abuse (FWA) issues. This report looks to validate the Codoxo customer experience.
rater8
First Look 2022
In competitive healthcare markets, provider organizations continue to seek ways to differentiate themselves. With growing capabilities to help patients find clinicians and access care, provider organizations are turning to tools that help manage their online reputations. This report will look at rater8 and its unique capabilities to help providers stand out online and organize customer feedback. KLAS will validate customer outcomes and share organizations’ insights on their current experiences and how expectations are being met.
Specialty Reports Published May 2022
KLAS publishes more than 75 specialty reports annually, providing market insight based on customer perceptions of and experiences with the vendor/consultant solutions they employ. KLAS also validates industry trends, emerging technologies, purchasing decision insights, and market energy.
Interested in KLAS report purchase options? Contact the KLAS Investment Advisory team at investorservices@klasresearch.com.
Points of Light 2022: Recognizing Successful Payer/Provider Collaborations
Despite their common goal of enabling efficient, effective healthcare, payer and provider organizations often find themselves at odds, struggling to navigate the intersections where disparate processes and systems converge. The goal of KLAS’ new Payer/Provider Initiative is to help reduce this friction by facilitating trust, collaboration, and alignment between payers, providers, and HIT vendors.
As part of the initiative, the annual Points of Light awards celebrate success stories—or “points of light”—from payers, providers, and vendors who have partnered together to reduce costs and inefficiencies and improve the patient experience. 14 such collaborations were awarded a 2022 Points of Light award, and their strategies and outcomes are shared in this report to illustrate the art of the possible. The report’s Executive Overview provides a high-level summary of the types of challenges tackled and the outcomes achieved, while the full report provides an in-depth case study of each collaboration.
Go-Live Support 2022:Matching the Right Firm to Your Implementation Needs
Firms that provide go-live support for HIT implementations continue to consistently deliver high client satisfaction. Across the board, these firms are highly skilled and knowledgeable, making it rare for healthcare organizations to report a poor experience. Instead of asking which firm provides high-quality go-live support, organizations must decide which firm is the best fit for their organization.
Recently Released and Upcoming KLAS Specialty & Emerging Technology Reports
Complex Claims Services 2022:
Who Delivers Consistent Results?
To process complex claims (specifically, claims for motor vehicle accidents, VA, workers’ compensation, and out-of-state Medicaid), provider organizations must make significant time and resource investments. By hiring specialized firms with the knowledge and experience to handle complex claims, organizations can increase revenue, decrease the cost to collect, and reduce A/R days while saving resources. Contingency-based pricing—which is typical for the market—also makes engaging with these firms fairly low risk. This report examines the performance of each complex claims services firm across different claim types and details their delivery of outcomes and strength of client relationships.
Drug Diversion Monitoring 2022:
What Outcomes Are Provider Organizations Achieving?
Drug diversion monitoring continues to be a top area of interest for pharmacy departments across the US as they seek to understand which products can effectively identify non-compliant behavior and otherwise unknown diverters. This report—KLAS’ first to analyze the performance of several vendors in this area—looks at which vendors are consistently delivering guidance, analytics, and insights that help organizations identify and prevent drug diversion. In addition, this report examines the outcomes provider organizations are achieving and how well vendors follow through on commitments.
EMR-Centric Virtual Care Platforms 2022:
A Rapidly Evolving Market
Virtual care has been a roller coaster for healthcare organizations in the last few years—from minimal uptake in the face of reimbursement barriers, to the COVID-19 rush in demand and availability, to hastily implemented and developed IT solutions, to a recent return to more-standard care delivery, and now the re-examination of go-forward strategies. This report shares how EMR-centric virtual care platforms perform today and what provider organizations have planned for the future.
Patient Communications 2022:
Leveraging Communication Tools to Drive Outcomes
As patients’ expectations have evolved and provider organizations’ technology has matured, the need for quick, easy, ongoing patient/provider communication has become even more prevalent. It is often no longer sufficient to merely push communications to patients (e.g., appointment reminders). This study examines and defines the current landscape of patient communication solutions—including how they are used; how easy they are to set up, customize, and use on an ongoing basis; and what outcomes they are helping to achieve.
Biofourmis:
Emerging Technology Spotlight 2022
Healthcare systems need to address patients’ needs in the most cost-effective way without compromising care quality, no matter where patients reside. Improving provider workflows and reducing burnout are also imperative. With virtual care and remote patient monitoring platforms, specialists can remotely monitor patients’ health or procedures and treat acute care, post–acute care, and chronic conditions, consequently reducing rehospitalizations and costs. This report offers a first look at Biofourmis’ telehealth platform, which aims to reduce health costs and improve clinician workflows, patient engagement, and care.
LeanTaaS:
Emerging Technology Spotlight 2022
Maximizing operating room (OR) utilization can be very difficult for healthcare organizations to achieve, leading to the misuse of valuable time and loss of potential revenue. The LeanTaaS iQueue for Operating Rooms solution provides real-time data, as well as block and open time management tools, to help perioperative leaders improve margins by optimizing staff, equipment, and capital utilization. This report aims to explore customers’ experiences and satisfaction with iQueue for Operating Rooms.
MD Revolution RevUp:
First Look 2022
Healthcare organizations are increasingly trying to use remote patient monitoring solutions to provide care to patients while maintaining financial viability. This report offers a look at MD Revolution’s RevUp, which assists care managers; assesses, manages, and monitors patients; and proactively encourages patient engagement.
Neudesic:
Emerging Technology Spotlight 2022
Provider organizations require a broad range of technical skills to help them manage mergers and acquisitions and the acceleration of healthcare’s digital transformation. To help already strained IT departments, many provider organizations turn to services firms for project-based implementation services and infrastructure and application management. This report evaluates the experience of healthcare organizations that have used technical services offered by Neudesic, an IBM company.
PwC SMART:
Emerging Technology Spotlight 2022
Medical billing errors are alarmingly frequent and cause large financial tolls for all in healthcare. It can be resource intensive for provider organizations to address these errors on their own, but as healthcare costs rise, it is imperative to prevent and correct coding errors. PwC seeks to address the issue through SMART, a prebilling solution that helps automate coding quality and regulatory compliance. This report evaluates the experience of provider organizations using SMART.
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
Private Equity Mega-Funds Overwhelm LP Funding Abilities
A recent article from PitchBook shows that a flurry of private equity mega-funds is limiting the capital available to general partners, and that could disrupt the lucrative status quo that PE firms have become accustomed to.
What Will Be the Impact on Telehealth Usage in 2022?
A FAIR Health report on telehealth growth in 2020 and the potential challenges for 2022 are evaluated relative to market segments and population uses.
European PE Activity Remains Resilient in Q1
The resiliency was buoyed by record dry-powder levels, softer multiples, and healthy leveraged lending markets. European private equity dealmaking held strong in the first three months of the year, with deal value reaching a new quarterly peak of €241.3 billion.
Write-Downs and Their Impact on Companies
A write-down doesn’t change the true value of the company. True value is the price paid between a willing buyer and a willing seller. Write-downs help companies attract and retain talent. When companies can issue low-priced stock options to their employees, there is a greater potential for more upside down the road.
Five Mega PE Firms Dominate the European Market
The largest fund was raised by Swedish PE giant EQT. The €15.6 billion vehicle exceeded its €15 billion hard cap to hit a final close in April 2021. The vehicle, which was 40% larger than its previous iteration, represented the firm's first and final close of a core vehicle since it went public in 2019.
Decreasing IPOs Reduce PE Exit Options
Sponsor-to-sponsor deals became the favored exit option in Q1 2022 as the IPO boom cooled and PE investors began to rethink their exit models.
Designer
Natalie Jamison
Project Manager
Andrew Wright
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.