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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, CA, June 26, 2023 – VisiQuate is pleased to announce their selection as the number one solution for hospital and health system financial IT revenue analytics. Founder and CEO, Brian Robertson said, “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. VisiQuate’s solutions provide revenue cycle teams 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 4,959 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 "The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations, and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers."

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.

Other Black Book survey insights include:

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.

About Black Book

Black Book™, its founders, management, and staff do not own or hold any financial interest in any of the vendors covered including VisiQuate, and are encompassed in the 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, and/or vendor collaboration as Black Book polls vendors' clients. For methodology, auditing, resources, comprehensive research, and ranking data see: https://www.blackbookmarketres...

Black Book's full 2023 financial software solutions survey results including 40 RCM categories and over 300 vendors can be viewed at https://blackbookmarketresearc...

About VisiQuate
VisiQuate empowers healthcare organizations to achieve peak business health, through expert service-enabled technologies that dramatically improve performance and reduce process waste. We deliver optimized enterprise outcomes through a unique combination of complex data curation, deep AI & ML, advanced analytics and intelligent process automation. VisiQuate’s Velocity consulting team of revenue cycle leaders and operators use their collective experience to drive efficiencies into client organizations and back into our solutions. The company is headquartered in Santa Rosa, CA, with offices in Harrisburg, PA and Dallas, TX.

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