Black Book™ Announces 2022 Top Client-Rated Financial Solutions Delivering Digital Transformation and Managing Liquidity
Over 900 hospitals and inpatient organizations and 4,000 physician practices were represented in the sweeping Q1-Q2 2022 series of financial management IT user polls, as daunting challenges are forcing providers to advance their technologies to maintain solvency.
TAMPA, Fla., June 2, 2022 (Newswire.com) - Inflation, medical revenue losses, staffing troubles, and the sluggish recovery of patient volumes are adding up to increased total expenses upwards of 8% in Q2 2022. The compounding fiscal distresses of hospitals, physicians, ambulatory ancillaries, and post-acute providers have created intensifying demand for advanced technologies to confront straggling RCM systems and underperforming services, report 95 percent of the healthcare industry's collective C-suite.
Black Book™ collected survey responses from 4,959 hospital and health system Chief Financial Officers, Vice Presidents of Finance and RCM, Controllers, Business Office Managers, Staff, Consultants and Directors from hospitals and physician practices to determine the top-performing vendors among in-demand financial software, technology platforms and systems, and assess the gaps and urgencies of financial technology administration.
"The latest wave of post-pandemic challenges accompanying the shift to value-based care finds most providers navigating through empowering virtual health, initiating highly patient-positive experiences and sinking margins," said Black Book's founder Doug Brown. "The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers."
While most provider systems expect to experience significant revenue declines this fiscal year due to the continued impact of the pandemic surges, 18% of CFOs state they must regrettably cut or defer spending on technologies aimed at advancing the digital revamp of business processes and efficiency.
Seventy-nine percent of CFOs and senior leaders in the 2022 Black Book survey revealed the absolute need for digital transformation in their finance divisions for the commercial stabilization and long-term survival of their healthcare organization. Less than 13% of respondents confirmed their organizations have fully initiated comprehensive strategies for extensive financial IT improvement.
Other Black Book survey insights include:
Seventy-seven percent of respondents stated that missing IT capabilities and redundant or conflicting processes were identified in the first quarter of 2022 as immediate drivers of prioritizing financial systems rationalization and prompt acquisitions by Q2 2023.
In Q3 2023, providers are reportedly seeking technology improvements for patient engagement and access solutions (34% surveyed), predictive analytics (29%), benchmarking analytics (25%), cost accounting (12%), forecasting tools (11%) and enterprise resource planning software (7%) specifically.
Eighty-six percent of financial executives report their organizations are actively monitoring the use of automation technology to increase charge accuracy and reduce operational costs.
Ninety-four percent of CFOs state that digital transformation efforts continue to be at forefront of health systems' financial operations and strategy for 2023-2024.
"The capabilities bar keeps rising for healthcare financial and RCM technology, and dodging the end-to-end digital revolution is creating organizational havoc for providers that postponed their financial transformation journeys during the pandemic," said Doug Brown, President of Black Book.
The ongoing departure of skilled and valuable professionals from healthcare organizations and the subsequent scramble to attract and retain talent is a major focus of 72% of surveyed CFOs and financial managers as the current labor shortage is exacerbating the situation. Along with recruitment and retention challenges in the health system business operations, another major shift since the pandemic began has been the rise of remote work. Thirty-six percent of respondents report that they are investing in responsive technology products that allow for high productivity and data access for remote employees and creating collaborative spaces essential to implementing a flexible workplace approach.
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 18 indicators of client experience, loyalty and customer satisfaction.
Black Book's full 2022 financial software solutions survey results including 40 RCM categories and over 300 vendors can be viewed at at https://blackbookmarketresearch.com/finance-revenue-cycle-management.
Solutions ranking highest by financial client experience for 2022 by survey participants are:
REVENUE CYCLE WORKFLOW OPTIMIZATION SOLUTIONS
FINVI
COMPLEX CLAIMS SOLUTIONS
ARGOS HEALTH
COST ACCOUNTING & FINANCIAL DECISION SUPPORT
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
PATIENT FINANCING & MEDICAL LOAN SOLUTIONS
CAREPAYMENT
ENTERPRISE PATIENT IDENTIFIER SOLUTIONS (EMPI)
EXPERIAN HEALTH
PATIENT PAYMENT TECHNOLOGY
WAYSTAR
REVENUE CYCLE MANAGEMENT ANALYICS
VISIQUATE
PROVIDER CONTRACT MANAGEMENT
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
REVENUE RECOVERY & ACCOUNTS RECEIVABLE SOLUTIONS
BESLER
CHARGEMASTER & PRICE TRANSPERANCY SOLUTIONS
CHARGEASSIST HOLLIDAY & ASSOCIATES
ENTERPRISE DOCUMENT MANAGEMENT & IMAGING
MCKESSON ONECONTENT
ENTERPRISE RESOURCE PLANNING
PREMIER ERP
PATIENT ACCESS SOFTWARE
PELITAS NTHRIVE
INPATIENT ACCOUNTING SYSTEMS: LARGE HOSPITALS & IDNS
EPIC RESOLUTE HOSPITAL BILLING
INPATIENT ACCOUNTING SYSTEMS: COMMUNITY HOSPITALS
CPSI EVIDENT
HOSPITAL CLAIMS MANAGEMENT SYSTEMS
EXPERIAN HEALTH
PHYSICIAN CLAIMS MANAGEMENT & CLEARINGHOUSE SERVICES
VERADIGM PAYERPATH
PATIENT FINANCIAL ENGAGEMENT
REVSPRING
BENCHMARKING & COMPARATIVE SOLUTIONS
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
NURSE & STAFF SCHEDULING SYSTEMS
HEALTHSTREAM ANSOS STAFF SCHEDULING
PHYSICIAN & MEDICAL SCHEDULING SOLUTIONS
AMION
REAL-TIME LOCATION SYSTEMS
STANLEY HEALTHCARE
PATIENT FINANCIAL COMMUNICATIONS & SATISFACTION SOLUTIONS
RELATIENT
REVENUE INTEGRITY & BILLING COMPLIANCE SOFTWARE
BESLER
INSURANCE DISCOVERY
PVERIFY
ROBOTIC PROCESS AUTOMATION & PREDICTIVE ANALYTICS
WAYSTAR HUBBLE
FINANCIAL DATA REPORTING & VISUALIZATION
TABLEAU
END-TO-END RCM SOFTWARE: HOSPITAL CHAINS, SYSTEMS, IDNS
WAYSTAR
END-TO-END RCM SOFTWARE: COMMUNITY & SMALL HOSPITALS
NTHRIVE
END-TO-END RCM SOFTWARE: LARGE HOSPITALS & MEDICAL CENTERS
WAYSTAR
END-TO-END RCM SOFTWARE: PHYSICIAN PRACTICES & GROUPS
VERADIGM PAYERPATH
END-TO-END RCM SOFTWARE: LONG TERM & POST ACUTE CARE
EXPERIENCE CARE
END-TO-END RCM OUTSOURCING: HOSPITAL CHAINS, SYSTEMS, IDNS
R1 RCM
END-TO-END RCM OUTSOURCING: COMMUNITY & SMALL HOSPITALS
ENSEMBLE HEALTH PARTNERS
END-TO-END RCM OUTSOURCING: LARGE HOSPITALS & MEDICAL CENTERS
R1 RCM
END-TO-END RCM OUTSOURCING: PHYSICIAN PRACTICES & GROUPS
ATHENA HEALTH RCM SERVICES
END-TO-END RCM OUTSOURCING: PHYSICIAN PRACTICES & GROUPS
ATHENA HEALTH RCM SERVICES
LABORATORY REVENUE CYCLE MANAGEMENT SOLUTIONS
XIFIN
FINANCIAL TECHNOLOGY DIGITAL TRANSFORMATION CONSULTANTS
CHANGE HEALTHCARE
About Black Book
Black Book™, its founders, 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, consultation requirements and/or vendor collaboration as Black Book polls vendors' clients.
Black Book™ has polls for vendor satisfaction and industry trends across the healthcare software, technology and outsourcing sectors around the globe. Since 2010, Black Book began polling the client experience of now over 860,000 healthcare software and services users. Black Book expanded its survey prowess and reputation of independent, unbiased crowd-sourced surveying to IT, clinical, operations and financial professionals, physician practice administrators, nurses, consultants, executives, and hospital information technology managers.
For methodology, auditing, resources, comprehensive research and vendor ranking data, see http://www.blackbookmarketresearch.com or contact us at research@blackbookmarketresearch.com.
Source: Black Book Research
