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Investor Newsletter November 2021
Author
Justin Long
Author
Joshua Harris
Monthly overview of recent KLAS insights, upcoming reports, and industry happenings.
From the KLASroom
The Effect of Unkept Promises and Nickel-and-Diming on Customer Retention
KLAS has found and analyzed many trends among providers as we have surveyed them using our standard evaluation questions. Among the yes/no questions, there is a strong link between “keeps all promises,” “avoids nickel-and-dime,” and “would you buy again.” When a provider gives a negative rating for one, that will likely negatively affect the ratings of the others. For example, if a provider feels their vendor does nickel-and-diming and doesn’t keep all promises, the likelihood of them reporting they would buy again drops dramatically. As this has a significant impact on a vendor’s vulnerability among their clients, vendors and investors should highly consider this as they interact with provider organizations.
Segment Highlight—Patient Financial Engagement
Patient financial engagement (PFE) tools allow providers to better interact with, reach, and communicate with patients. KLAS interviewed executives at several large healthcare organizations who recently contracted with a PFE vendor to aid in their engagement strategies. As provider organizations have sought to improve the patient experience with PFE tools, their most frequently realized outcomes have been increased collections and significant reductions in costs (mainly due to the reduction of FTEs required to handle payments). Organizations realized these outcomes regardless of the PFE solution they chose. As organizations worked to make the payment process easier and more convenient for end users, over 95% of executives reported an ROI within the first 12 months of implementing their PFE solution, and many reported near immediate results.
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. 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. Because data is limited, the solutions are not fully ranked and rated by KLAS.
Recent Emerging Technology Report Sneak Peek
SureTest
Emerging Technology Spotlight Report
Provider organizations regularly need to upgrade and update their IT applications. Testing to ensure previous workflows remain intact is a monotonous, manual process that diverts resources from patient care. SureTest’s automated testing tool streamlines the testing process and significantly reduces staff hours devoted to testing. This report examines customer experiences to see how SureTest is helping provider organizations gain valuable hours by automating this testing process.
Zebra Technologies
First Look Report
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 organizations that 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 October/November 2021
Extended Business Office Services 2021:
Achieving Profitability While Reducing the Administrative Burden
Citing labor shortages, slimmer budgets, and higher costs, more and more healthcare organizations are turning to outside firms to fill gaps in their business office operations and meet their revenue cycle needs. With specialized expertise, firms that offer extended business office services (EBOS) can achieve economies of scale, allowing healthcare organizations to remain profitable while delivering quality care. The firms measured in this report have previously been included in KLAS’ revenue cycle outsourcing research; given increased market interest, the EBOS segment is now measured independently.
Risk Adjustment 2021: Which Vendors Deliver Best?
Payer organizations, provider-sponsored health plans, and provider organizations are expressing growing interest in adopting risk adjustment solutions that provide a wide variety of capabilities and enable consolidation to fewer vendors. Many vendors say they can provide a comprehensive solution, but which vendors can actually deliver? Based on the feedback of 163 respondents, this report examines vendor performance across key customer experience metrics and validates customer adoption across the broad spectrum of risk adjustment capabilities.
Upcoming KLAS Specialty & Emerging Technology Reports
Emerging Post–Acute Care Product Suites 2021:
An Initial Look at the WellSky Suite
Value-based reimbursements and changing regulations have brought more attention to post–acute care (PAC). Hoping to drive significant outcomes, many provider organizations are seeking a single-vendor offering to cover as many of their PAC settings and service lines as possible. As a result, vendors like MatrixCare, Netsmart, PointClickCare, and WellSky have made PAC product suites a top priority. This report focuses on WellSky and is part of a series examining the use of a single product suite across multiple post–acute care settings. The following pages include feedback from WellSky customers with multiple PAC service lines, exploring (1) their adoption of WellSky’s offerings, (2) outcomes from the product suite approach, (3) WellSky’s strengths and weaknesses, and (4) how likely WellSky is to meet long-term needs. Other reports in this series detail the other major post–acute care vendors, and future KLAS reports will examine customer satisfaction in individual care settings.
Healthcare Services 2021
(Decision Insights)
Since November 2020, KLAS has collected insights regarding 349 decisions by 245 healthcare organizations to engage a services firm. This report offers a first, high-level look at services decisions specifically. The types of services with the highest decision energy in the last year include HIT staffing, HIT advisory services, HIT implementation leadership (small), and technical services.
Patient Experience Improvement 2021:
Increased Consumerism Driving Need for Customized, Real-Time Feedback
Provider organizations’ efforts to improve the patient experience have typically relied on standardized, retrospective benchmarking data (predominantly from the CMS-regulated CAHPS survey). However, to really amplify the voice of the patient and meet the rising demands of healthcare consumerism, organizations also need customizable tools that allow them to respond to patient feedback in real time and quickly identify service-recovery options. This report examines the opportunity that exists for the industry to augment a CAHPS-centric approach with more customizable capabilities.
Streamline Health:
First Look 2021
Healthcare organizations are increasingly pivoting to the cloud and seeking digital transformations, and those changes cause many healthcare organizations to invest in new ERP systems—such as the Workday ERP suite. Avaap recently became a certified Workday partner. Historically, Avaap has been an Infor-focused firm, but they recently divested their Infor services arm to focus solely on Workday. This report explores Avaap’s performance as an ERP implementation and digital transformation partner in the Workday space.
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
Pre-IPO Financial Exaggerations—Beware!
More than 25%of the 50 largest venture-backed companies to go public since 2019 made assertions about their profitability that don’t appear to line up with their later IPO-related disclosures to the SEC, a new Forbes analysis has found.
Global Telemedicine Market to Reach $397 Billion with a CAGR of 25.8% by 2027
This Fortune market projection covers diverse telehealth sectors, which include cardiology, radiology, behavioral health, and others. This market growth will further give rise to new healthcare business models in telemedicine.
AI Should Be Designed to Support—Not Replace—Clinicians
As Google and Microsoft compete over their cloud capabilities for healthcare, both companies are touting tools to make clinicians’ lives easier by streamlining documentation or making records searchable.
Over 20% of US Counties Are Hospital Deserts
Many people have to drive more than 30 minutes to reach the closest hospital, making their areas hospital deserts, according to a recent GoodRx report.
Disaster and Backup Recovery Are the Best Tools for Organizations to Avoid Paying Ransoms
63% of hospitals expect to be hit with a ransomware attack, but only around 50% of hospitals have a fully detailed disaster and/or backup recovery plan in place, while another 40% have only a partially developed plan in place. Investing in disaster and backup recovery tools and services will help mitigate operational risk.
Feast on This!
Are you looking to feast on the most current and up-to-date healthcare data in the industry? KLAS can set the table with all the sweet and savory delights your firm needs to make the most informed healthcare investment decisions. Give us a call or email the KLAS Investment Advisory Team at investorservices@klasresearch.com to discover the best options our team can deliver. To all within the US, we wish you a happy Thanksgiving celebration with family and friends. To all outside the US, we likewise wish you a healthy and happy season as we all enjoy the remaining few weeks of fall.
Designer
Natalie Jamison
Project Manager
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.