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Black Book Names VisiQuate #1 In Revenue Analytics
CIO Review
Black Book names VisiQuate top of class in hospital and health system financial IT solutions for revenue analytics
SANTA ROSA - VisiQuate, the industry-leading provider of advanced analytics, intelligent workflow, results-driven services, and AI-powered automation offerings to America's most respected healthcare providers, today announced their selection as the number one solution for hospital and health system financial IT revenue analytics by Black Book Research™.
"Continued financial pressures including inflation, investment and revenue losses, staffing challenges, along with zero percent margins are contributing to the need for savvy health care leaders to look for advanced technologies optimize their Revenue Cycle Management (RCM) teams," said Brian Robertson, founder and CEO of VisiQuate. "Our solutions provide revenue cycle teams with the actionable insights and data visibility necessary to effectively manage RCM operations. We are delighted that Black Book recognizes the value that our services and solutions bring to the market."
Black Book collected survey responses from more than 5,600 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 "The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations, and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers."
Survey Findings Highlight the Importance of Digital Transformation in Financial Systems
According to the results of the 2023 Black Book survey, a significant number of CFOs and senior leaders recognize the crucial need for digital transformation within their finance divisions. The survey revealed that 80% of participants emphasized the importance of this transformation for the commercial stability and long-term survival of their healthcare organizations. Unfortunately, less than 9% of respondents confirmed that their organizations have already implemented comprehensive strategies for extensive financial IT improvement, indicating a decline since the previous year.
Furthermore, 75% of those surveyed identified missing IT capabilities and redundant or conflicting processes as immediate drivers for prioritizing the rationalization of financial systems. These findings were observed during the second quarter of 2023, leading to the intention to make prompt acquisitions by the first quarter of 2024. In terms of specific areas of focus, providers expressed the need for modular technology improvements in patient engagement and access solutions (30% of respondents), predictive analytics (30%), benchmarking analytics (23%), cost accounting (13%), forecasting tools (10%), and enterprise resource planning software (8%). Additionally, 81% of financial executives reported actively monitoring the use of automation technology to enhance charge accuracy and reduce operational costs.
The survey also shed light on the current challenges faced by healthcare organizations. The departure of skilled professionals and the subsequent struggle to attract and retain talent emerged as a major concern for 77% of surveyed CFOs and financial managers. This situation has been further exacerbated by the ongoing labor shortage. Another significant shift noted since the pandemic began is the rise of remote work. Thirty-nine percent of respondents indicated that they are investing in responsive technology products to support remote employees, increase productivity, and ensure efficient data access. Creating collaborative spaces to facilitate a flexible workplace approach has become essential in this context.
For a comprehensive view of the 2023 financial software solutions survey results, covering 40 revenue cycle management (RCM) categories and over 300 vendors, please visit https://blackbookmarketresearch.com/finance-revenue-cycle-management. To explore VisiQuate's complete suite of revenue cycle solutions, you can visit their website at www.visiquate.com or meet them in person at Booth #515 during the Healthcare Financial Management Association's annual conference in Nashville, taking place from June 25 to 28.
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