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Investor Newsletter October 2021 Investor Newsletter October 2021
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Investor Newsletter October 2021

author - Justin Long
Author
Justin Long
author - Joshua Harris
Author
Joshua Harris
 
October 21, 2021 | Read Time: 9  minutes

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From the “KLAS” Room

Case Study: MModal and the Effects of a Successful Client Success Management (CSM) Program

Many factors contribute to a customer’s overall satisfaction with a solution. KLAS has found the most successful companies (with high overall customer satisfaction and retention) employ a productive CSM program. When done right, a CSM program empowers vendor representatives to knock down barriers and provide customers the help they need to solve their problems. This proactive approach helps customers feel like they have a voice within the company and a true partnership with the vendor. For investors, companies with well-executed CSM programs indicate having strong potential growth and increased retention.

number of positive references to account management over time

In 2016, MModal decided to give all customers, regardless of size, dedicated account management. Initially, the customer experience did not change after the CSM program was implemented, managers were trained, and the relationship between the vendor and customer was established. Then, between 2017 and 2018, the new customer-focused model began to produce astounding results. MModal’s account managers boosted the overall value to the customer, dramatically increased their retention rate, and became known as some of the best in the business.

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

AvaSure
Emerging Technology Spotlight Report

In the course of patient care, risks like violence, drug use, suicidal ideation, patient elopement, and falls can make providers and patients less safe. Historically, high-risk patients have been monitored by placing staff members in their rooms, and that is expensive and increases risk to staff. To address this problem, AvaSure’s platform allows a single staff member to digitally monitor high-risk patients, keep them safe, and interact with them through a command center. This report details the customer experience with AvaSure.

avasure adoption of key functionality

Klara
First Look Report

Provider organizations are seeking to consolidate patient engagement vendors, and Klara—a provider of patient outreach functionality—offers several components needed for an effective patient engagement strategy. This report provides a first look at the satisfaction and outcomes of Klara’s patient outreach customers.

klara overall customer satisfaction and time to see outcomes

Specialty Reports Published August/September 2021

Clinical Communication Platforms 2021:
Improved Efficiency Leading to Concrete Outcomes

Many acute care organizations’ clinical communication strategies have moved far beyond clinician messaging and now aim to streamline communication across most areas of the hospital. Having thoughtfully deployed enterprise communication platforms, these organizations report a myriad of powerful outcomes. This report examines these outcomes as well as which vendors best drive efficient, timely communication, support adoption across a variety of user roles, and earn high confidence in their ability to facilitate customers’ future goals.

clinical communication platforms clinical communication adoption across user roles

Healthcare Consulting and Services 2021:
What Challenges Lie Ahead, and Who Can Help?

No industry has been impacted by COVID-19 quite like healthcare, and many provider organizations now have new ideas about what the future will look like. For this study, KLAS asked 140 healthcare leaders (from C-suites to directors in both IT and non-IT roles) to identify which areas of future focus are most likely to require help from consulting firms and which firms are best positioned to offer guidance.

healthcare consulting and services top of mind hit challenges for healthcare organizations emerging

Upcoming KLAS Specialty & Emerging Technology Reports

Emerging Post-Acute Care Product Suites 2021:
An Initial Look at the Netsmart 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 Netsmart 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 Netsmart customers with multiple PAC service lines, exploring (1) their adoption of Netsmart’s offerings, (2) outcomes from the product suite approach, (3) Netsmart’s strengths and weaknesses, and (4) how likely Netsmart 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.

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 (RCO) research; given increased market interest, the EBOS segment is now measured independently.

HealthEdge Core Payer Administration Platform 2021:
Newfound Energy in a Stagnant Market

Though core administration platforms are essential for payer organizations, many of the products in the market are perceived as outdated, complex, and low performing (the market has one of the lowest average performance scores of any KLAS measures). However, HealthEdge has recently seen increased attention from both small and large health plans, who view the vendor’s technology as innovative and who have been asking KLAS for vendor insights. This report examines the experience of HealthEdge customers and how the HealthEdge technology stands out from competitors’.

MEDITECH Implementation Services 2021:
How Well Do Firms Drive Successful Implementations?

When implementing a MEDITECH EMR, provider organizations must use a firm that is certified by MEDITECH (i.e., READY-certified). There are many READY-certified firms in the market, and MEDITECH has recently joined the competition by offering their own implementation services. To help provider organizations navigate their options, this report seeks to share which firms consistently provide high-quality services and provides an early look at the client experience with MEDITECH’s implementation services.

Patient Financial Engagement 2021:
Recent PFE Adopters Realizing Outcomes

Interest in patient financial engagement (PFE) solutions is high as provider organizations seek to improve their revenue cycle and the patient financial experience. As part of other research, KLAS interviewed 13 financial leaders whose organizations have recently adopted a PFE solution. Though from a small sample, these interviews yielded valuable insights regarding the outcomes that are possible with a PFE platform. While future KLAS research will explore more vendor-differentiating insights, this report provides an early pulse check on the potential PFE solutions have to elevate the patient experience while improving provider organization revenue (a rare combination). A small amount of data from KLAS’ standard software performance evaluation is also included to provide context as to how each vendor is performing in the market.

Avaap:
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.

Zebra Technologies: 
First Look 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 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.

DrFirst MedHx: 
Emerging Technology Spotlight 2021

DrFirst’s MedHx solution provides a broad source of medication history data, including local pharmacy data, with the goal of enabling faster, more accurate medication reconciliation that reduces the risk of medication errors and adverse drug events caused by keyboard errors and missing/poor-quality prescription data. This report provides a first look at the experiences of MedHx customers and explores whether the solution’s medication history data is driving accessibility, accuracy, and safety.

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

Google Shuts Down Health Division

Cerner announced that Google Health lead David Feinberg was joining their company as president and CEO. This is the second high-profile provider executive to leave a technology company in the last year. Haven and Google have failed in their efforts to use experienced provider executives to lead their healthcare efforts. Apparently, experience with digital products supporting consumer interactions is more important than experience with legacy healthcare operations.

Apple Scales Back Health and Wellness App Support

The app, called HealthHabit, is the most visible project to emerge from Apple’s health clinics. Apple employees can use the app to log fitness goals, manage hypertension, and talk to clinicians and coaches at AC Wellness, the doctors’ group that Apple works with. More than 50 employees were spending a significant amount of time working on the app.

Pharmacies Push Back on GoodRx and SureScripts Deal

The deal would not reveal the true cost of medications and might steer patients away from independent pharmacies. Price transparency and negotiated pricing with PBMs are also issues.

Venture Capital Investment in Digital Wearables Increases 110% over 2020

Digital health wearables companies raised $675 million in venture capital in the first half of 2021, compared to $321 million in 1H 2020, a 110% increase year over year according to the latest Mercom Digital Health Funding and M&A Report.

Smartphones and AI Transforming Dermatology 

Smartphone cameras with associated AI models are emerging to produce healthcare solutions that will drive higher levels of consumer interactions that result in higher levels of self-care.

MIT Digital Transformation Insights 

The ability to implement effective digital health applications into the care delivery or financial services processes of a healthcare organization should generate improved workflow efficiencies.

No Tricks, Only Treats!

While we can’t direct you to the most popular haunted houses, costume parties, or neighbors that give away full-size candy bars, the KLAS team is able to provide the most up-to-date and accurate healthcare data in the industry. No magic potions or spells are required—just a concerted, dedicated approach to collecting candid, unbiased feedback from healthcare professionals, which we have done for the last 25 years. When your firm is ready, contact the KLAS Investment Advisory team at investorservices@klasresearch.com for questions or to learn more. Until then, the KLAS Investment team wishes you and your family and friends a safe and festive Halloween season.

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. © 2022 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.