Hospital viability is now vulnerably reliant on the success of a single organizational venture: financial system transformation. As the healthcare delivery industry deals with ICD-10, EHR issues, physician alignment, population health, interoperability, value-based reimbursement reforms, and decision support, CFOs embark on the major restructuring of hospital technology priorities for survival.
Tampa, Florida, October 2, 2015 (Newswire.com) - Black Book™ surveyed 1,291 hospital Chief Financial Officers, Vice Presidents of Finance, Controllers and Directors, to determine the top performing vendors among in-demand financial software, systems and outsourcing services, and assess the gaps and urgencies of hospital financial administration. The highest ranked vendors in customer satisfaction and client experience are announced in twenty-four financial solution functionalities and systems.
Additionally, 2,150 respective hospital CEOs, CIOs, business office managers, tech and financial staffers contributed their perceptions on Financial Systems Software and Services Solutions to Black Book™ between April and September 2015. Additionally the business managers of 807 outpatient, alternative care, clinics, physician practices and hospital systems also submitted ballots and evaluated separately. 528 hospital and inpatient organizations were represented in the survey in total.
“Most hospital CFOs have no choice but to leverage next generation financial system solutions including software and outsourced services in order to keep their organizations solvent. The reimbursement challenges ahead to get paid may require several new applications. The frank reality is that outdated, understaffed and failing current solutions could quickly close a marginally performing hospital for good,” said Doug Brown, Managing Partner of Black Book Market Research.
88% of chief financial officers with negative 2014 operating margins report slow or no progress towards orchestrating a technology infrastructure to support value-based models.
"Given the complexities of each individual hospital, implementing the right software and outsourcing solutions in delicate sequence is crucial as to not create an even more adverse situation through the transition," said Brown. "Trends in Medicare reimbursement, declining inpatient volumes, rising expenses and bad debt have most hospitals across the country struggling to avoid a financial stability crisis.”
70% of struggling hospitals are putting population health, analytics, physician practice acquisitions and recruitment, and patient engagement on the back burner, an improvement from 84% in 2014.
In contrast, 89% of CFOs hospitals performing at margins supporting long term viability (over 3%) report successful revenue cycle management transformations initiated, with 2016 capital expenditures planned for upgraded tools such as dashboards, analytics and business intelligence, population health, physician portals, patient engagement solutions and continued acquisitions.
Black Book™ also announced the top performing financial software and outsourced services vendors as ranked by customer satisfaction on eighteen client experience based key performance indicators in thirty-four categories of financial services and technology solutions.
"With so many organizations facing operating margins below the minimal thresholds for long-term financial stability and sustainability, boards and CEO's are moving financial support solutions and outsourcing initiatives to the top of their 2016 capital expenditure priorities," said Brown.
Black Book's 2015 financial solutions survey results can be viewed at http://www.blackbookmarketresearch.com/finance-revenue-cycle-management/
Ranking highest in financial services client experience are:
Accountable Care Organization Financial Software & Services – Conifer Health
Accounting & Audit Outsourcing Firms –McGladrey
Benchmarking and Performance Measurement - Truven Health Analytics
Business Decision Support Software - Allscripts EPSI
Business Intelligence Dashboards – Tableau
Capital And Equipment Planning Software – Infor
CFO & Board Strategic Financial Advisory Consultants - Beacon Consultants
Charge Capture & Charge Master Tools – MedAssets
Claims Management/Clearinghouse – Availity
Collections Outsourcing & Accounts Receivables Debt - Transunion Healthcare
End-to-End Coding, Speech Recognition & Medical Records Solutions- Nuance
Cost Accounting - Strata Decision
Denial Management/Third Party Recovery – Adreima
Early Out/Self Pay Solutions - Avadyne Health
Enterprise Master Patient Index Tools – Allscripts
Enterprise Scheduling Software – Avantas
Enterprise Resource Planning Software – Infor
Financial Documentation & Content Management Solutions - Streamline Health
Insurance & Payer Eligibility Verification Solutions - Recondo Technology
Managed Care Payment/Reimbursement Solutions - Wellcentive
Medical Transcription Services Outsourcing -M*Modal
Operational Budgeting & Forecasting Software - Healthcare Insights
Outsourced Financial Analytics - TriZetto Provider Solutions
Patient Accounting, Hospital Systems – Siemens
Patient Portals – athenahealth
Physician Data Portals - InteHealth
Predictive Provider Analytics - Jvion
Supply Chain & Asset Inventory Management Software – AssetWorks
Time & Attendance Software – ADP
Top ranked RCM outsourcing and technology solution vendors were announced also this week:
Revenue Cycle Management Outsourcing, Hospital Managed Systems Corporations/Systems/Networks and Chains - Optum360
Revenue Cycle Management Outsourcing, Standalone Hospital Managed Service Under 150 Beds – Emdeon
Revenue Cycle Management Outsourcing, Hospital Managed Services Over 150 Beds - Conifer Health
Revenue Cycle Management Software/SaaS/RCM Technology (Hospitals & Chains Over 200 Beds) - Optum360
Revenue Cycle Management Software/SaaS/RCM Technology (Under 200 Beds) – Zirmed
About Black Book™
Black Book Rankings, a division of Black Book Market Research LLC, provides healthcare IT users, media, investors, analysts, quality minded vendors, and prospective software system buyers, pharmaceutical manufacturers, and other interested sectors of the financial and clinical technology industries with comprehensive comparison data of the industry's top respected and competitively performing technology, services and outsourcing vendors.
The largest user opinion poll of its kind in healthcare IT, Black Book™ collects over 400,000 viewpoints on information technology and outsourced services vendor performance annually.
For methodology, auditing, resources, comprehensive research and ranking data see http://www.blackbookmarketresearch.com