TAMPA, Fla., June 21, 2021 (Newswire.com) - Black Book Market Research LLC's annual poll of 1,178 CFOs, financial management and business unit software users evaluating over three dozen healthcare cost accounting and business decision support vendor solutions revealed that Axiom by Syntellis Performance Solutions had achieved top client experience and product loyalty user scores for the fourth consecutive year over the field of competitors. Eighty-one percent of American hospitals report either not having a relevant cost accounting system or have one that lacks data interoperability or is outdated and inadequate to address value-based care.
"The enormous disruption shaped by the coronavirus crisis warranted that health system CFOs need to advance their digital tools to balance costs savings, investment returns and financing through 2021," said Doug Brown, founder of Black Book Research.
"Grasping and lowering the total cost of care is now a requirement for financial executives and embracing all providers' inpatient, outpatient and post-acute setting costs is a major shortcoming for most legacy cost accounting applications in place that depend on charges as a proxy for cost," said Brown.
Ninety percent of health systems leaders surveyed in the Q2 2021 report say they are now in the process of evaluating, acquiring and/or deploying more advanced cost accounting applications with time-driven and activity-based costing with priority for solutions with innovative cost controls, dynamic budgeting, rolling forecasts and support conversion of fixed costs to variable, according to survey respondents.
The average hospital margin has thinned to less than two percent and confirmed the need for accurate, accessible and actionable information on the cost of care delivery for health system survival. "Boards and senior executives are concluding that understanding and managing cost is mission critical to recapture pre-Covid revenue levels and continue health system belt-tightening," said Brown.
Black Book Market Research LLC measures customer satisfaction across 18 copyrighted key performance indicators: Strategic Alignment of Vendor Offerings to the Client's Mission and Goals; Innovation and Optimization; Training and Education; Client Relationships and Cultural Fit; Trust, Accountability, Ethics and Transparency; Breadth of Offerings; Deployment and Implementation; Customization; Integration and Interfaces, Interoperability and Connectivity; Scalability and Client Adaptability; Vendor Staff Expertise and Performance; Reliability; Brand Image and Marketing Communications; Marginal Value Adds; Vendor Financial Viability and Managerial Stability; Data Storage Services; Support and Customer Care; and Best of Breed Technology and Process Improvement.
Axiom by Syntellis Performance Solutions achieved top user honors in 9 of the 18 KPIs.
In order, the top 10 rated cost accounting and business decision support vendors this year are:
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
The full listing of financial digital transformation product rankings in 20 functional categories can be found at Black Book's website https://blackbookmarketresearch.com/finance-revenue-cycle-management.
About Black Book Market Research LLC
Black Book Market Research LLC, its founder, management and staff do not own or hold any financial interest in any of the vendors or public relations firms covered and encompassed in the surveys it conducts. Additionally, Black Book does not contract for, barter, exchange or accept direct services from any public relations firm mentioned in the rankings. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor/firm notification of rating results and does not solicit vendor/agency participation fees, review fees, inclusion or briefing charges, consultation requirements and/or vendor collaboration as Black Book polls' clients.
Since 2010, Black Book Market Research LLC has polled the vendor and service firm satisfaction in the software/technology and managed services sectors around the globe.
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Source: Black Book Research