Black Book estimates manual contract management costs health providers and systems nearly $157 billion dollars collectively, per year.
TAMPA, Fla., June 13, 2019 (Newswire.com) - Black Book Market Research LLC’s annual poll of 1,275 CFOs, financial management and business unit software users evaluating healthcare provider contract management solutions revealed that Axiom by Kaufman Hall had achieved top client experience and product loyalty user scores over the field of 28 vendor competitors.
96% of American health systems and provider organizations participating report either not having a contract management system entirely using manual processes or have a system that is outdated and inadequate to address value-based care.
Black Book estimates manual contract management cost health providers and systems nearly $157 billion dollars collectively per year.
“The majority of US health systems are struggling with manual contract tasks and fragmented contract processes,” said Doug Brown, Managing Partner of Black Book. “Value-based care reimbursement is forcing financial leaders to implement more comprehensive contract lifecycle management solutions onto one single platform to afford them accelerated, innovative agreements through automated compliance and to drive growth, or in some cases, survival.”
Black Book polled 522 contract managers in provider organizations specifically to determine system acquisition plans and drivers of contract management software. 504 respondents indicated their organization required a solution by Q1 2020 to enable a more effective and intelligent transition from traditional fee-for-service to fee-for-value reimbursement.
Asked what are the top three forces moving Contract Management System acquisition to the health system's priority IT list, respondents indicated:
Develop Competitive and Complex Payer Contracts (92%)
Improve Payment Accuracy (90%)
Improve Negotiations (87%)
Improve Productivity in Developing and Managing VBC Contracts (80%)
Estimate Net Revenue by Patient (74%)
Automate Contracting Tasks (72%)
Minimize Contract Risks (70%)
Increase Modeling and Term Revisions (70%)
Full Audit Tracking (67%)
“With the average hospital margin thinning to less than two percent, and 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 contracts is mission critical,” 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 Kaufman Hall achieved top user honors in 10 of the 18 KPIs.
In order, the top 15 rated provider contract modeling, analytics and management vendors this year are:
AXIOM BY KAUFMAN HALL
VIZIENT HARRIS HEALTHCARE
ONBASE BY HYLAND
The full listing of financial digital transformation product rankings in sixteen 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