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.

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 "The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers."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

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Categories: Hospitals and Clinics

Tags: accounts receivable, Black Book Research, claim management, cost accounting, EMPI, hospital finance, outsourcing, patient financial engagement, price transperancy, RCM, revenue cycle management, RPA


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Black Book Market Research LLC, provides healthcare IT users, media, investors, analysts, quality minded vendors,prospective software system buyers, and pharmaceutical manufacturers with client experience competitive analysis and purchasing trends.

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