Accelerated Digital Transformation Key to Recovery for Healthcare CFOs, Black Book Research Survey Findings
The industry-wide movement of radical IT housecleaning identifies gaps, redundancies, and conflicts in financial digital transformations
TAMPA, Fla., June 3, 2020 /PRNewswire/ -- 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.
"It 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. "For 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.
For methodology, auditing, resources, comprehensive research and vendor ranking data, see http://www.blackbookmarketresearch.com or contact us at [email protected]
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SOURCE Black Book Research
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