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Investor Newsletter March 2022
Author
Justin Long
Author
Joshua Harris
Monthly overview of recent KLAS insights, upcoming reports, and industry happenings.
From the KLASroom
Understanding KLAS Decision Insights Data
Every month, researchers at KLAS speak to thousands of decision-makers within the healthcare space. Often during these conversations, healthcare professionals will share with KLAS their purchasing plans for different technology needs. These conversations often contain details concerning which vendors/solutions are being replaced, which are being considered as replacements, which are the most likely to win the deal, and the drivers or motivations causing organizations to make changes. KLAS Decision Insights data aggregates and displays this data by market segment, providing more clarity and visibility into what decisions are being made and how the market is evolving.
Non-EMR Virtual Care Seeing High Levels of Movement
Outside of the acute and ambulatory EMR markets, the virtual care market has some of the most considerations across all markets KLAS monitors. During the beginning of the pandemic, many organizations adopted a virtual care solution as quickly as possible; now as the industry slowly begins to evolve into a post-pandemic era, these organizations are reevaluating the solutions they initially selected and determining whether those solutions are the right fit going forward.
Many of those looking to replace their current solution say there are problems integrating the virtual care solution with their existing software stack. These organizations are looking for solutions that facilitate a smooth flow of information from the virtual care platform into their enterprise EMR/PM solution. Another commonly mentioned reason for switching is the impact these solutions are having on the patient experience. Many decision-makers say usability drives the experience for both patients and providers, so they are looking for solutions that allow them to deliver better care to their patient populations.
Integration continues to be a key driver for healthcare organizations who are considering or selecting other solutions. Several other factors that influence the final decision include the following: a solution’s multiparty capabilities as well as other functionalities that could be provided by the solution; the cost of a solution, since lower-cost options are available while also offering the same functionality and reliability as the current or previous solution; and finally, the overall patient experience. The patient experience is brought up by again and again by organizations making purchasing decisions; they want a solution that will best help them offer care to their patients in a virtual care setting while limiting frustrations common with other virtual care platforms.
The KLASifieds
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 70–90 individual reports annually, and these provide early performance data on solutions designated as emerging, disruptive, or innovative. To access the KLAS reports library, visit our website.
Recent Emerging Technology Report Sneak Peek
Datos
Emerging Technology Spotlight Report 2021
In the expanding world of remote and virtual care settings, healthcare organizations are actively working to better engage with patients and implement solutions that enable clinicians to provide needed care. The purpose of this spotlight report is to provide an early look at customer satisfaction with the remote care platform from Datos Health and the outcomes customers have achieved.
Zebra Technologies
First Look Report 2021
Shared smart devices are becoming increasingly popular in healthcare as a means of improving communication, streamlining clinical workflows, and potentially consolidating the nurse tool belt. In this report, KLAS spoke to healthcare organizationsthat are using Zebra Technologies’ TC52-HC, a mobile computer, to get their perspective on how well these devices perform, increase operational efficiency, enhance patient care, and meet the unique needs of clinical workflows.
Specialty Reports Published February/March 2021
KLAS typically publishes 70–80 specialty reports annually, providing market insights 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. To view the full KLAS reports library, visit our website.
To purchase a KLAS report or find more information, contact the KLAS Investment Advisory team at investorservices@klasresearch.com.
Healthcare IoT Security 2022:
Moving Beyond Device Visibility
As the number of devices connected to networks within healthcare organizations continues to grow, so does the potential for network security to be compromised. These security risks—which can come from medical devices or the myriad of other devices connected to healthcare networks—can impact not only information security but also patient safety. Many internet of things (IoT) security solutions in healthcare give organizations visibility into connected devices, but the most effective solutions also help actively reduce the risk associated with those devices. To inform healthcare organizations of their IoT security options, this report highlights the performance and purchasing decision energy of software vendors in this space. The performance of IoT security services firms is also shared.
Medication Inventory Management 2022:
Insights from Advanced Users Reveal What Is Possible Today
Medication inventory represents tremendous hospital spending. Managing it well is crucial for patient safety and cost management, yet many healthcare organizations report they struggle to get the right tools and workflows in place, leading to high-touch, manual processes. To understand what is possible with medication inventory management today, KLAS spoke to organizations that have broadly adopted capabilities from BD, Epic, Omnicell, and Swisslog Healthcare. Based on the feedback from these advanced users, this report examines the breadth of capabilities in use today, how well the solutions integrate with various hardware components, and how well the vendors support their customers to drive key outcomes. Performance data from the vendors’ general customer bases is also included for additional context.
Recently Released and Upcoming KLAS Specialty & Emerging Technology Reports
Middle East & Africa PACS 2022:
Which Vendors Meet Customer Expectations?
The PACS market in the Middle East and Africa is evolving, with some vendors gaining prominence and others losing traction. Healthcare organizations are looking to enhance their imaging strategies with new, advanced technology (e.g., AI and the cloud) and want vendors who innovate and deliver this technology. Using customer feedback from 60 organizations across 14 countries, this report is KLAS’ first to focus on the PACS market in the Middle East and Africa, exploring vendor market share and performance and examining which vendors are keeping pace with customer expectations.
Smart Pumps 2022:
Where Are Organizations Investing for the Future?
The smart pumps market sees a high number of purchase decisions as old pumps wear out and new functionality becomes available, including bidirectional EMR interoperability, updated pump functionality, and better verification and documentation. To determine where healthcare organizations are investing for the future, this report examines 40 recent or upcoming smart pump purchase decisions validated by KLAS between January 2020 and December 2021.
1upHealth FHIR Platform 2022:
Emerging Technology Spotlight
In 2021, new CMS rules came into effect that require CMS-regulated health plans to have a patient access API and a provider directory API. Aimed at increasing the interoperability of personal health data, these rules have prompted payers to look at new ways of sharing external information. This report evaluates 1upHealth‘s FHIR Platform, an interoperability solution designed to help payer customers meet governmental regulations.
Clarify Health Atlas Platform 2022:
Emerging Technology Spotlight
Today, many healthcare organizations have a limited ability to aggregate, analyze, and generate actionable insights from big data. Properly harnessed, big data can enable provider and payer organizations to better analyze population health to unlock the potential of value-based care (VBC) and improve medical and financial decisions. Clarify Health strives for this through Atlas, their analytics platform that delivers insights via use case specific software applications that live on Atlas. This report seeks to validate customers’ experience with Clarify Health’s analytics software.
Codoxo Forensic AI Platform 2022:
Emerging Technology Spotlight
Each year, billions of dollars are put toward healthcare, yet much of it 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.
CorroHealth Autonomous Coding 2022:
Emerging Technology Spotlight
More and more healthcare organizations are evaluating the viability of autonomous coding to increase efficiency and reduce overhead expenses. CorroHealth’s autonomous coding product offers provider organizations a solution that streamlines coding workflows to reduce labor-intensive tasks and improve productivity. This report looks to validate the outcomes that CorroHealth’s customers have experienced and examine their satisfaction with the product.
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
New SEC Regulations to Require Hedge Funds and Private Equity Quarterly Reporting
While still in a review period, the regulatory requirement for hedge funds and private equity pools to report quarterly information is likely to happen. These quarterly reviews are intended to make equity positions and performance fees transparent to investors.
More Unicorns Minted After Series A and B Funding Rounds
Skyrocketing valuations are being generated as 18% of early-round funding is minting unicorns per a new study. This rate is five times higher than it was in 2020.
2021 Global M&A Report Projects Impact to Healthcare Market
The 2021 Global M&A Report by PitchBook provides a good overview of healthcare market segment activities that will impact 2022 investments (page 16).
Secondary Markets Heat Up as Companies Stay Private Longer
Secondary deals—in which investors buy secondhand equity stakes from early backers, founders, and employees—have gained prominence in recent years as companies have stayed private for longer. The global unicorn count has grown from just above 200 in 2016 to over 1,000 this month, according to PitchBook data.
Telemedicine and Telehealth Long-Term Viability Challenges
A recent article identifies broadband improvements, permanent Medicare reforms, Interstate Medical Licensure Compact participation, and payment parity assurance as key items requiring resolution to drive telemedicine and telehealth viability.
Join KLAS in Portugal!
We are excited to announce the relaunch of the 2022 KLAS International Summit in Algarve, Portugal! Join us June 7–8 along with healthcare leaders, vendors, and investors from across Europe, Canada, Asia/Oceania, and the Middle East. Experience collaboration and learning as leaders and decision-makers discuss solutions for driving healthcare forward.
KLAS International Summit 2022
June 7–8 | Vila Vita Parc Resort, Algarve, Portugal
Interested in more information? Contact Justin Long at justin.long@klasresearch.com for additional details or help with completing your registration.
For information on all KLAS events and those coming soon, visit the KLAS events page.
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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.