In the recent months of the pandemic crisis, 84% of surveyed hospitals
and 79% of large physician practices have confirmed they performed
audits on the existing state of their digital transformation.
Ninety-three percent of all provider respondents state that missing
capabilities and redundant or conflicting systems were identified in Q2
2020 to drive immediate financial systems rationalization and
acquisitions.
While 100% of all CFOs surveyed recognize they will experience a
significant revenue decline this fiscal year and they will have to
adjust spending accordingly, only 12% expect they will need to cut or
defer spending on their financial systems digital transformation. With health system margins waning below three percent nationwide,
providers urgently seek opportunities for digital transformations to
capture all revenue through updated software solutions and anticipate
industry shifts through innovative analytics and forecasting tools. Black Book„¢ surveyed nearly 1,800 hospital and health provider chief
financial officers, vice presidents of finance and RCM, controllers,
business office managers, analyst staff, consultants and directors to
determine the top-performing vendors among in-demand financial software
systems additionally. œIt would seem most CFOs understand what the pandemic has proved is
the need to speed up digital transformation initiatives to not only
survive but to prosper in the new normal, said Doug Brown, President of
Black Book Research. œFor CFOs eager to expedite their organization's
digital transformation, the standardization and simplification leaders
want in their back-end processes are allowing for less complicated,
faster adoption despite the times." Black Book conducts polls and surveys with healthcare executives and
front-line users about their current technology and services partners
and awards top-performing vendors based on performance based on eighteen
indicators of client experience, loyalty and customer satisfaction. The latest wave of pandemic impacts on providers are also
accompanying the decline of procedure utilization and the imminent shift
to value-based care. The latest Black Book survey found that most providers are navigating
these challenges through empowering virtual health (87%), initiating
highly patient positive experiences (73%) and confronting radically
sinking margins with layoffs and process changes (54%). "The lack of advanced financial analytic tools, strategic dysfunction
caused by failed software integrations and outdated dashboard and
decision support systems has put focus on the immediate technology needs
of chief financial officers," said Brown. Eighty-one percent of surveyed CFOs and senior leaders revealed the
absolute and immediate need for digital transformations for long term
survival of their healthcare organization. The highest ranked vendors in customer satisfaction and client
experience are also announced by Black Book Research in 23 categories of
financial digital transformation. In total, 504 hospitals and inpatient
organizations and 1,148 physician practices were represented in the
sweeping Q4 2019 - Q2 2020 series of polls. Ranking highest in financial administrator and planning solutions by outstanding client experience for 2020 are: END-TO-END REVENUE INTEGRITY SOLUTIONS: REVINT PATIENT PAYMENT TECHNOLOGY & SOFTWARE SOLUTIONS: WAYSTAR PATIENT REVENUE ANALYTICS SOLUTIONS: REVSPRING PROVIDER CONTRACT MANAGEMENT & OPTIMIZATION SOLUTIONS: AXIOM BY KAUFMAN HALL REVENUE RECOVERY AND ACCOUNTS RECEIVABLE SOLUTIONS: OPTUM360 ENTERPRISE PATIENT MASTER INDEX & CLEAN UP: VERATO CHARGEMASTER SOLUTIONS: OPTUM360 COMPLEX CLAIMS SOLUTIONS: ARGOS HEALTH BUSINESS DECISION SUPPORT & COST ACCOUNTING SOLUTIONS: AXIOM BY KAUFMAN HALL ENTERPRISE DOCUMENT MANAGEMENT & IMAGING: HYLAND ONBASE ENTERPRISE RESOURCE PLANNING: ORACLE PATIENT ACCESS SOLUTIONS: ACCUREG SOFTWARE INPATIENT ACCOUNTING SYSTEMS (LARGE HOSPITAL): EPIC RESOLUTE INPATIENT ACCOUNTING SYSTEMS (SMALL HOSPITAL): MEDITECH EXPANSE INPATIENT CLAIMS & DENIAL MANAGEMENT SYSTEMS: REVSPRING AMBULATORY CLAIMS MANAGEMENT & PHYSICIAN CLEARINGHOUSE SOLUTIONS: POKITDOK PATIENT FINANCING SOLUTIONS: CLEARBALANCE BENCHMARKING & COMPARATIVE ANALYTICS: AXIOM BY KAUFMAN HALL STAFF SCHEDULING SOLUTIONS: API HEALTHCARE, SYMPLR PHYSICIAN SCHEDULING SOLUTIONS: QGENDA PATIENT FLOW SOLUTIONS: EPIC GRAND CENTRAL REAL-TIME LOCATION TRACKING SYSTEMS: STANLEY HEALTHCARE ENTERPRISE FINANCIAL PLANNING & RCM CONSULTANTS: KAUFMAN HALL About Black Book Black Book rankings are based on client experience scores obtained
from crowdsourced ballots cast and available through mobile apps, web
surveys, remote polling instruments, interview calls and on-site trade
shows and user groups throughout the year. They represent the opinions
of healthcare professionals and clinicians from more than 4,600
hospitals, 600 IDNs, 2,800 clinics, 23,000 physician practices, 250
health plans, and nearly 500,000 healthcare industry consumers, and
account for 6,000 products and services from more than 1,700 vendors. Black Book„¢, its founder, management and staff do not own or hold any
financial interest in any of the vendors covered and encompassed in the
vendor satisfaction surveys it conducts. Black Book reports the results
of the collected satisfaction and client experience rankings in
publication and to media prior to vendor notification of rating results
and does not solicit vendor participation fees, review fees, inclusion
or briefing charges, subscription or consultation requirements, and/or
vendor collaboration as Black Book polls vendors' clients. Black Book's 2020 financial software solutions survey results can be
viewed
at https://blackbookmarketresearch.com/finance-revenue-cycle-management. The
Black Book annual end-to-end Revenue Cycle Management software and
outsourced services survey results are announced in Q3 annually. RCM
client and user surveys were closed on June 1 for audits. Top-performing
RCM vendors as noted by their respective customers will be released to
media and online later this month. Source - https://www.newswire.com/news/accelerated-digital-transformation-key-to-recovery-for-healthcare-cfos-21155841
| Company Name | Contact Person | Contact Number | Email Id | Website | Address |
|---|---|---|---|---|---|
| BLACK BOOK MARKET RESEARCH |
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