Tag: healthcare

Healthcare Payer Digital Services PEAK Matrix® Assessment 2022

Top Healthcare Payer Digital Services

Healthcare enterprises have made digital adoption the bedrock of their growth strategies to optimize processes, realize cost efficiencies, and enhance member experiences. They are leveraging digital healthcare services for value-based care and population health management, as well as to comply with changing regulations. To support enterprises on their digital transformation journeys, providers are ramping up their capabilities through vertical-specific partnerships and acquisitions, investments in Centers of Excellence (CoEs), and training, among other things. These efforts are, in turn, driving the need for research and market intelligence on demand and supply trends in healthcare payer digital services.

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This report comprises of three sections:

  • Healthcare payer digital services market trends
  • An assessment of 26 healthcare payer digital service providers on capability- and market success-related dimensions
  • Enterprise sourcing considerations, highlighting the strengths and limitations of each healthcare payer digital service provider

What is in this PEAK Matrix® Report:

In this report, we present an assessment of 26 healthcare ITS providers who are mapped on the Everest Group PEAK Matrix®, a composite index of distinct metrics related to a provider’s capability and market impact. We focus on payer digital healthcare services market size and growth, digital service themes for healthcare payers, provider assessments on several capability- and market success-related dimensions, and Everest Group’s independent remarks on the providers to help enterprises make the right sourcing decisions.

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

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How Intelligent Document Processing Is Transforming the Healthcare Industry | Webinar

Anil Vijayan, Partner at Everest Group, will join other industry experts to discuss how several new trends, such as intelligent automation, digitalization, and telehealth have emerged as fundamental driving forces to sustain and transform the healthcare industry.

The speakers will explore:

  • Challenges and emerging trends in the healthcare sector
  • Adoption of intelligent automation in the healthcare industry
  • Critical capabilities of IDP solutions and their benefits for enterprises
  • How the healthcare sector is exploiting IDP to address some of the challenges faced by the industry

Register for the webinar

When

Thursday, May 19, 2022, at 12:00 pm CDT, 1:00 pm EDT, 5:00 pm GMT, 10:30 pm IST

Where

Live, virtual event

Presenters

Anil Vijayan
Partner, Everest Group

Sajesh Gopinath
General Manager, UST SmartOps™

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Increased Deal Activity in Revenue Cycle Management (RCM): What is the Winning Formula? | Blog

Health systems are increasingly seeking competitive proposals post-pandemic to outsource Revenue Cycle Management (RCM) and get the best prices and innovation in contracts. Learn what enterprises want and how providers can win these RFPs. 

Why has outsourcing gained traction in the Revenue Cycle Management (RCM) market?

The hospital revenue cycle process was not immune to the many changes COVID-19 brought to the US healthcare provider ecosystem, causing health systems to significantly shift operations to survive.

Challenges such as financial pressure, regulatory changes, the quality care and patient experience focus, and digital penetration pushed health systems – who traditionally prefer to keep operations in-house – to look outside for support. This drove more than 10% year-over-year growth in sourcing in the RCM market in 2021, and the strong contracting activity continues to gain traction this year.

Several health systems, including MarinHealth, Baptist Health, SSM Health, and Bassett Healthcare, have entered into outsourcing agreements with third-party vendors. However, unlike most past arrangements when sole-source was the dominant sourcing model, RFP-led sourcing is now the preferred model for healthcare providers in the post-pandemic world.

Exhibit 1: Split of new Revenue Cycle Management (RCM) services deals in 2021 – sole-sourced versus RFP-led

Picture1

Source: Everest Group’s coverage of 32 major RCM services outsourcing providers

Why do healthcare providers prefer RFPs?

Key factors driving health systems towards a competitive route over sole-sourced are:

  1. Unlike the pre-COVID era, when outsourcing was, typically, limited to a revenue cycle function or segment, the new deals coming in the Revenue Cycle Management (RCM) market are broad-based and many times encompass the end-to-end revenue cycle needs of healthcare providers. Given the size and scale of such deals, healthcare providers prefer the competitive route to get the best possible deal
  2. While cost used to be the primary decision-making driver, health systems are now emphasizing deal aspects such as innovative pricing (wanting third-party providers to have skin in the game) and offering diversified delivery network, innovation pool commitment, and compatibility with existing infrastructure, including experience of working with platforms such as Epic
  3. With hundreds of outsourcing providers in the RCM market, health systems know they can shop around to get the best deal

Key decision-making parameters for health systems in a competitive bid

Healthcare provider enterprises are looking for service providers who can provide end-to-end services covering the entire gamut of Revenue Cycle Management (RCM), rather than discrete, siloed services.

From a decision-making perspective, below are some of the key parameters that enterprises look for when selecting a potential service provider, along with their relative importance rated on a scale of 1 to 10:

Exhibit 2: Level of importance of key buyer decision-making parameters for outsourcing Revenue Cycle Management (2021)

Picture2

Source: Everest Group’s coverage of major Revenue Cycle Management (RCM) providing enterprises

Service providers need to pay special attention to how they position themselves effectively in the extremely competitive RCM market. The two main levers determining a winning proposal are:

  1. High-quality, well-structured proposals that demonstrate a deep understanding of the client’s needs
  2. Commercial proposals that are well aligned with the client’s budget and offer flexible payment terms

 

As competitive RFPs rise in the RCM market, providers who can create a differentiated value proposition and align their strategies with the enterprise’s vision will succeed in securing these lucrative deals.

To discuss Revenue Cycle Management (RCM) reach out to us at [email protected], [email protected], or contact us.

Learn more about RCM operations in the healthcare industry in our video, Revenue Cycle Management RCM Operations – Emerging Opportunities & Strategies.

Request a briefing with our experts to discuss the 2022 key issues presented in our 12 days of insights.

Request a briefing with our experts to discuss our 2022 key issues

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