By Jacqueline LaPointe
Many healthcare organizations use a third-party revenue cycle analytics solution in lieu of or next to their EHR system’s offering. A recent KLAS report found that leaders are most impressed by Visiquate and MedeAnalytics.
EHR systems don’t always meet the needs of healthcare organizations when it comes to revenue cycle analytics, KLAS reported. EHR revenue cycle analytics offerings oftentimes lack functionality, such as enhanced performance visualizations and customizable reports. The EHR can also find it difficult to aggregate the necessary data from different systems to provide comprehensive revenue cycle analytics.
Many healthcare organizations turn to a third-party solution for their revenue cycle analytics needs. Most respondents in the small KLAS report said they use a third-party solution as their primary revenue cycle analytics solutions or as a supplement to what their EHR system offers.
Of the three vendor studied in the report, Visiquate took the top spot in terms of third-party solution overall performance. The vendor earned 92.0 out of 100.0 points, with most surveyed customers saying they are highly satisfied with the revenue cycle analytics tool.
MedeAnalytics was a close second with 85.4 points and FinThrive rounded the three vendors with 77.9 points.
VisiQute is largely used by clinics and organizations with under 1,000 beds, according to the report. Customers highlighted the vendor’s ability to combine data from multiple sources into unified dashboards and scorecards so healthcare organizations can understand revenue cycle performance. They agreed that this feature drove consistent actionable insights, such as identifying problem areas quickly.
KLAS validated some of the VisiQuate solution’s capabilities, including ad hoc reporting, denials management analytics, key performance indicator (KPI) and trending insights, revenue and reimbursement management analytics and performance reporting metrics. The solution works with athenahealth, eClinicalWorks, Epic, MEDITECH, Oracle Health (Cerner) and Veradigm, among others, the report stated.
“RCM analytics solutions must preserve data integrity and manage data effectively to facilitate client success. Further, organizations highly value working with vendors that can anticipate future needs and deliver new features and enhancements in response,” KLAS stated in the report.
Usability pushed MedeAnalytics to the top, the report indicated. Customers emphasized the solution’s ease of use because of its ability to aggregate meaningful data, create self-service dashboards, and display key trends. MedeAnalytics took the first spot for ease of use, earning 8.0 out of 9.0 points (versus 7.5 points for VisiQuate and 7.0 points for FinThrive).
Customers also praised MedeAnalytics’ strong partnerships with clients, which they attributed to the vendor’s ability to adapt the solution to specific organizational needs.
Meanwhile, KLAS reported that the main driver of dissatisfaction among surveyed customers was the vendor’s implementations and upgrades, which they said felt disorganized and took longer than expected.
Validated capabilities include ad hoc reporting, budget forecasting, KPI and trending insights and revenue and reimbursement management analytics. The MedeAnalytics solution engages with athenahealth, MEDITECH, NextGen Healthcare, Oracle Health (Cerner), and Veradigm, among others. The solution is used by organizations of all sizes but has more customers in larger organizations with more than 1,000 beds, according to KLAS.
Finally, surveyed customers of FinThrive were across the spectrum, with a nearly even split across highly satisfied, satisfied, and dissatisfied categories. KLAS found that customers would like the vendor to be more proactive about identifying and resolving issues with the solution. For example, some customers cited manual workflows to aggregate data.
However, customers valued the improved financial improvements they realized from implementing FinThrive solution. They also said the tool’s data analysis capabilities are efficient and enable them to drill down into data easily.
Capabilities validated by KLAS include ad hoc reporting, denials management analytics, budget forecasting, KPI and trending insights and performance reporting metrics. The solution engaged with athenahealth, Epic, MEDITECH, and Oracle Health (Cerner).
