06-27-2023, 05:10 AM
Black Book Names VisiQuate #1 In Revenue Analytics
Black Book names VisiQuate top of class in hospital and health system financial IT solutions for revenue analytics
Santa Rosa, Calif., June 26, 2023 – 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 "The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations, and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers."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 Reveals Need for Digital Transformation for Financial Systems
Eighty percent of CFOs and senior leaders in the 2023 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 organizations. Less than 9% of respondents confirmed their organizations have fully initiated comprehensive strategies for extensive financial IT improvement, worsened since last year.
Seventy-five percent of respondents stated that missing IT capabilities and redundant or conflicting processes were identified in the second quarter of 2023 as immediate drivers of prioritizing financial systems rationalization and prompt acquisitions by Q1 2024. In Q2 2023, providers are reportedly seeking modular technology improvements for patient engagement and access solutions (30% surveyed), predictive analytics (30%), benchmarking analytics (23%), cost accounting (13%), forecasting tools (10%) and enterprise resource planning software (8%) specifically. Eighty-one percent of financial executives report their organizations are actively monitoring the use of automation technology to increase charge accuracy and reduce operational costs.
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 77% 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-nine 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's full 2023 financial software solutions survey results including 40 RCM categories and over 300 vendors can be viewed at https://blackbookmarketresearch.com/finance-revenue-cycle-management. To learn more about VisiQuate’s full suite of revenue cycle solutions, visit www.visiquate.com or visit us at Booth #515 at the Healthcare Financial Management Association's annual conference in Nashville, June 25-28.
About Black Book
Black Book Market Research LLC provides healthcare decision-makers, IT users, media, investors, analysts, quality-minded vendors, prospective software system buyers, health plans, and other interested sectors of the insurance technology industry with comprehensive comparison data of the industry's top respected and competitively performing technology and managed services vendors in the sector.
The largest user opinion poll of its kind in healthcare IT, the Black Book™ database of user satisfaction houses over 2,000,000 viewpoints on information technology, capital equipment, emerging technology, consulting firms, and outsourced services vendor performance with thousands of updates added every week throughout the year. For methodology, auditing, resources, comprehensive research, and ranking data, see http://www.blackbookmarketresearch.com.
About VisiQuate
Founded in 2009, VisiQuate, Inc.’s user-friendly advanced analytics and automation solutions let virtually anyone in a healthcare organization explore complex data from multiple sources to quickly gain insights and create actionable workflows. This ability helps clients improve yield, optimize cost efficiencies, and dramatically improve the quality and velocity of decision making. Ana, VisiQuate’s cognitive learning platform and interactive, automated data assistant, makes the process even simpler by using natural language chats that are powered by AI, ML, and informed by crowdsourced data. Underlying the advanced analytics is the collective experience of industry domain leaders who constantly share knowledge and best practices. The company is headquartered in Santa Rosa, CA, with offices in Harrisburg, PA and Dallas, TX. For more information, visit www.visiquate.com or contact info@visiquate.com.