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Investor Newsletter October 2022 Investor Newsletter October 2022
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Investor Newsletter October 2022

author - Justin Long
Author
Justin Long
author - Joshua Harris
Author
Joshua Harris
author - Kevin Huang
Author
Kevin Huang
 
October 19, 2022 | Read Time: 10  minutes

Monthly overview of recent KLAS insights, upcoming reports, and industry happenings.

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KLAS Market Insights

Population Health Management & Customer Vulnerability

This year’s Digital Health Investment Symposium (DHIS) brought together executives, thought leaders, and decision-makers from healthcare organizations, vendors, and investors. The discussion topics ranged widely, but two topics were particular areas of focus: value-based care and population health management (PHM). Though these topics are no longer new in the healthcare industry, many organizations still have hypothetical plans that haven’t yet been put into operation. However, in an environment where healthcare organizations must navigate ongoing margin pressures from current market conditions, there are early indicators that organizations who have invested more deeply in value-based care are navigating market pressures more successfully. This caused our KLAS team to examine the history of the PHM market and where the market is headed.

KLAS data shows that prior to the pandemic, PHM products were highly considered—second in number of considerations only to EMR products. In 2017, 2018, and 2019, KLAS validated over 200 PHM considerations each year. Starting in 2020, the number of considerations drastically dropped and continued to be low throughout 2021. This year, the drop is even more drastic, with PHM products being considered only 15 times year to date.

This downward trend can partially be attributed to the pandemic, as healthcare organizations at the time were prioritizing day-to-day operations over long-term plans. But the continued decline in considerations may have more to do with organizations’ risk management and the risk appetite of organizations looking to engage with value-based care contracts. Even though some healthcare organizations are showing resilience in the face of market pressures and the effects of the pandemic, the overall appetite for new risk-based contracts—and thus, PHM products—is low.

Despite the low number of purchases, KLAS data shows that the conditions are ripe for considerations and purchases to rebound once the market stabilizes and risk appetite returns. Only 20% of PHM customer respondents are experiencing vulnerability—that is, only 20% report they are unsatisfied, stuck, considering leaving their vendor, or planning to replace their vendor. Of that 20%, only 7% of respondents are actively vulnerable (they are planning to replace their PHM solution), and 13% are passively vulnerable (they are unsatisfied, stuck, or considering leaving).

average_number_of_phm_considerations_2017_2022
phm_customer_vulnerability


KLAS Reports—Recently Published & Upcoming

Emerging Technology Reports

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 90+ individual reports annually that provide early performance data on these solutions designated as emerging, disruptive, or innovative. To view the KLAS reports library, visit our website.

Chi-Matic Revenue Cycle Services
First Look 2022

The financial climate in healthcare has pressed many revenue cycle teams to do more with less, but many struggle with staffing and the deep technical expertise needed for revenue cycle optimization. An organization’s financial health requires a holistic approach that includes expertise in revenue cycle and healthcare software and processes. This is where firms like Chi-Matic (a primarily Epic-focused firm) step in. This report evaluates the experiences of provider organizations that have used Chi-Matic’s revenue cycle services.


strengths_and_opportunities


Claro Healthcare Comprehensive CDI
First Look 2022


Healthcare organizations’ ability to record accurate and complete clinical information is critical to improving patient outcomes, data quality, and claims reimbursement. With their comprehensive CDI services, Claro Healthcare aims to help organizations enhance and expand CDI programs across inpatient, outpatient, and professional fee settings, thus allowing organizations to achieve better quality of care and accurate reimbursements. This report examines the experience and satisfaction of Claro Healthcare’s clients.

claro_healthcare_comprehensive_cdi_client_experience_an_initial_look


Market Specialty Reports

KLAS publishes 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.

Security & Privacy Consulting Services 2022: Who Exceeds Expectations in This High-Performing Market?

Cybersecurity attacks are on the rise, and healthcare organizations are especially at risk. Security vulnerabilities can lead to financial penalties imposed by OCR, damaged organization reputations, and the increased risk of patient safety and data being compromised. To reduce vulnerabilities, organizations often bring in outside consulting firms that specialize in enhancing security and data privacy measures in healthcare. This report examines several such firms (and one cross-industry firm) to determine who effectively assists in reducing risk, engages closely with clients, and exceeds expectations.

exceeds_expectations


US Digital Pathology 2022: Early Adopters Lead the Charge in an Emerging Market

Digital pathology for primary diagnosis is nascent in the US, but it is primed for rapid growth, similar to what is currently being seen in Europe (see KLAS’ report on global digital pathology). In anticipation, many technology vendors are vying for a foothold in the US, leading to a highly varied landscape. In partnership with the Digital Pathology Association (DPA), KLAS surveyed 55 provider organizations (including hospitals, health systems, academic health centers, and reference labs) to assess the state of digital pathology among pioneers in the US and determine which vendors are gaining traction. 33 of the interviewed organizations are live with digital pathology; the rest are currently implementing or making plans for the future.

state_of_digital_pathology_among_early_us_adopters



Recently Released and Upcoming KLAS Specialty & Emerging Technology Reports

Accenture Digital Transformation 2022

Provider and payer organizations are increasingly concerned about their strategies for digital capabilities that affect operations and patient care. By engaging with consulting firms to define needs and develop digital road maps, organizations are utilizing firms’ assistance to plan, manage, and improve these digital capabilities and, ultimately, consumer experiences. This report evaluates the experiences of healthcare organizations that have engaged Accenture for digital transformation work.

Credentialing 2022:
What Solutions Have Fulfilled Their Efficiency Promise?

Credentialing management has historically required dozens of spreadsheets, manual data entry, and painstaking monitoring of multiple payer, state, and national databases—causing significant inefficiencies and expenses. Vendors providing credentialing software and/or services promise major efficiency gains for healthcare organizations, but not all offerings are equally effective. This report examines three strong predictors of efficiency—the use of automations, strong credentialing workflows, and vendor partnership/guidance—to determine how well vendors are living up to their promises.

Home Health 2022:
Exploring Technology in a Dynamic Market

The home health market has seen renewed energy since 2020 as COVID-19 along with efforts to improve outcomes and decrease costs have shifted more care to the home. As a result, the number of home health agencies has grown. Amid this growth, home health agencies continue to face complex billing and a limited labor market. They want to make the right EMR investments and fully leverage those investments in ways that improve operational efficiency and interoperability, minimize the need for other IT purchases, and keep clinicians happy (thereby mitigating turnover). This report looks at which home health vendors best drive clinician satisfaction. A similar report for hospice is planned for 2023.

Continuum Health IT HIT Staffing:
First Look Report 2022

The scope of HIT staffing projects—including the length, complexity, and skill sets of participants—can vary widely from engagement to engagement. What remains consistent is the need for high-quality, well-matched consultants who drive value and achieve desired outcomes. In this market, provider organizations struggle to find these consultants, so firms like Continuum Health IT can provide staff to help implement, support, and optimize different solutions, specifically EMR systems. This report evaluates the experiences of healthcare organizations that have used Continuum Health IT’s HIT staffing services.

HSi Wi-Fi & Cellular Infrastructure Services:
Emerging Technology Spotlight 2022

Healthcare organizations’ ability to create an environment where patients and staff can reliably use Wi-Fi and a cellular infrastructure is no longer a luxury; it is a necessity, especially as utilization of 5G and Wi-Fi 6 increases. Unfortunately, many organizations today rely on aged, unreliable Wi-Fi and cellular infrastructures. The firm Health Systems Informatics—or HSi—aims to help organizations grappling with this challenge. This report evaluates the experience of clients who have used Wi-Fi and cellular infrastructure services through the firm’s HSi Technology Solutions (HTS) division.

LeanTaaS iQueue for Infusion Centers:
Emerging Technology Spotlight Report 2022

Operational limitations—such as variable staff and patient availability—can make it difficult for healthcare organizations to effectively manage infusion scheduling. This often leads to volatile workloads in which resources may be both under- and overutilized in the course of a single day. LeanTaaS iQueue for Infusion Centers leverages machine learning and predictive analytics to optimize scheduling templates, level load daily schedules, and flag future problem days for preventive action. This report examines customers’ experiences and satisfaction with iQueue for Infusion Centers.

Seamless MD:
Emerging Technology Spotlight Report 2022

Patient-driven care management solutions have the potential to improve the overall quality of patient care and to drive outcomes by enabling clinicians to monitor and stay connected with patients across their healthcare journey—including before, during, and after hospitalization. This report seeks to validate the experiences of customers (both US and non-US) with SeamlessMD’s digital patient engagement platform.

Surescripts Medication History:
First Look 2022

The scope of HIT staffing projects—including the length, complexity, and skill sets of participants—can vary widely from engagement to engagement. What remains consistent is the need for high-quality, well-matched consultants who drive value and achieve desired outcomes. In this market, provider organizations struggle to find these consultants, so firms like Continuum Health IT can provide staff to help implement, support, and optimize different solutions, specifically EMR systems. This report evaluates the experiences of healthcare organizations that have used Continuum Health IT’s HIT staffing services.

Trulla:
Emerging Technology Spotlight Report 2022

Pharmacy is the largest category of non-labor spend in healthcare and is one of the most complex areas of spend across any industry. Annually, there is considerable healthcare expenditure that is exacerbated by gaps in the pharmacy supply chain. Pharmacy buyers have limited tools to assist with ordering, costing health systems millions every year. Additionally, procuring medication at affordable prices is a concern for providers, pharmacies, and patients. This report offers an at-a-glance profile of Trulla, a pharmacy procurement software application aimed at helping pharmacy buyers select the most economic NDCs and suppliers, ultimately improving the drug-purchasing process.

To make a purchase or find more information on KLAS reports, contact the KLAS Investment Advisory team at investorservices@klasresearch.com.

KLAS Events & Other Events in the Healthcare Industry

Digital Health Investment Symposium (DHIS) 2022
An Insider’s Perspective


What Sets This Event Apart

The overarching goal of KLAS events is to have the right people in the room. For DHIS, that meant having good representation from all three groups of stakeholders—investors, vendors, and providers. There were no empty seats at this year’s event, and we had strong representation from all sides, which allowed attendees to create relationships and have very productive conversations.

Moving the Market

One of the primary goals of the symposium was to help attendees reinforce some of their own strategies and to uncover opportunities they had not previously considered. One provider shared that although they didn’t come to DHIS with a specific problem in mind, they did come to learn. As they heard the keynote speakers and participated in the panels and table-top discussions, they contemplated what their organization was doing well and what gaps they should address. The provider started evaluating their processes, systems, and organization as a whole. Inspired by new ideas and perspectives, they shared their learnings with their leadership and staff.

DHIS generates so much great energy, but unfortunately, that energy dissipates over time. For attendees, the challenge remains to put the event’s content and discussions to good use. We hope attendees have gone back to their organizations, ready to share and implement their thoughts and ideas. Together, we can all move the market forward by addressing the gaps in healthcare.

See You in 2023!

If you enjoyed your time in Park City this year, we would love to have you back for DHIS 2023! For those unable to attend this year, mark your calendars for fall 2023—we invite you to join us.

Additional preliminary DHIS22 insights will be published in the November edition of the KLAS Investor Newsletter.

KLAS Global Summit
June 6–8, 2023
VILA VITA Parc—Porches, Portugal

The KLAS Global Summit in 2023 will be returning to the stunning VILA VITA Parc resort in Portugal. KLAS looks forward to bringing together healthcare leaders from across Europe, Canada, Asia/Oceania, and the Middle East for two days of collaboration and learning. This invite-only event is limited to 150 executive-level attendees and is a unique opportunity to interact with global healthcare leaders who are mutually focused on improving the delivery of healthcare.

If you have not received a personalized invite but have interest in attending the Global Summit, please email us at investorservices@klasresearch.com


HLTH Conference
November 13–16, 2022
Las Vegas, Nevada

Justin Long and Steve Bitteker from the KLAS team will be attending the conference and would welcome the opportunity to meet with you in person. To schedule a meeting, please send an email to investorservices@klasresearch.com.


author - Bronson Allgood
Designer
Bronson Allgood
author - Andrew Wright
Project Manager
Andrew Wright
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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. © 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.