2015 US Cloud Ambulatory EHR Solutions Market Leadership Award

Transcription

1 2015 US Cloud Ambulatory EHR Solutions Market Leadership Award 2015

2 Contents Background and Company Performance... 3 Industry Challenges... 3 Cloud Market Leadership of eclinicalworks... 3 Significance of Market Leadership... 8 Understanding Market Leadership... 8 Key Performance Criteria... 9 The Intersection between 360-Degree Research and Best Practices Awards Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices About Frost & Sullivan Frost & Sullivan We Accelerate Growth

3 Background and Company Performance Industry Challenges Today, the US ambulatory electronic health record (EHR) market is transforming due to multiple factors pertaining to EHR regulation, adoption, and productivity. Meaningful use (MU) incentives worth $25 billion have accelerated EHR adoption significantly, and Centers for Medicare & Medicaid Services CMS aim to link 90% of Medicare Fee for Service FFS to value/risk-based care by Despite such progressive advances, most EHRs today fail to demonstrate care outcomes improvement as they struggle to function seamlessly across the entire care continuum. As a result, CMS has shifted focus from EHR adoption to EHR optimization. MU incentives cease to exist and MU non-adherence has started to attract penalties (1 5% of total revenue) from Integrated EHR at point of care is expected and core EHR propositions will evolve to function as a population health management enabler that coordinates care, drives patient engagement, and facilitates personalized remote care. Despite CMS s effort to streamline EHR functions, the reality is far from ideal. The EHR market is at a mature stage in terms of penetration, but the high levels of end-user frustration with usability and profitability present strong business opportunities for innovative technology vendors. Current on-premise EHRs lack of productivity and low return on investment (ROI) efficiency have compelled practices to switch to cloud-based platforms that offer cost competitiveness, remote accessibility, and higher interoperability. Frost & Sullivan estimates that by 2020, almost 80 90% of ambulatory EHRs in operation will be cloud based. Although the demand momentum is accelerated, many cloud-based EHRs also become vulnerable to security breaches and inconsistent performance due to lack of technical sophistication. EHR replacement propensity is at record-high now and Frost & Sullivan observes that only a select few cloud-based EHR vendors are able to confirm secured clinical communication that drives tangible value for customers. Cloud Market Leadership of eclinicalworks Brand Strength eclinicalworks v10, an EHR platform, is the most widely adopted cloud-based EHR in the US ambulatory market. eclinicalworks has managed to achieve the highest penetration (10%) in this segment by offering a highly agile and customizable EHR suite that drives compliance, streamlines clinical workflow, and aids integrated practice management. The cloud-based EHR platform is HIPAA compliant, MU stage-2 certified, and ICD-10 ready. eclinicalworks also provides transparent and competitive pricing to help ambulatory practices optimize profitability and exudes unmatched brand strength due to its widespread service network. In fact, more than 115,000 physicians are currently using its solutions at more than 50,000 care facilities. Also, the company annually processes claims worth $60 Frost & Sullivan We Accelerate Growth

4 billion. Developing such an extensive customer portfolio is an impressive feat and it has reinforced eclinicalworks mission to transform healthcare delivery through innovative solutions. As a result, eclinicalworks achieved almost 10.2% of US ambulatory EHR revenue in 2015 and became the leading cloud-based ambulatory EHR provider in terms of market share. Growth Strategy Excellence When cloud EHRs disrupted the traditional on-premise based EHR model and created a new healthcare information technology (HCIT) paradigm for providers, eclinicalworks envisioned to not only leverage the opportunity but also to optimize it. eclinicalworks adopts an unique strategy that incorporates customer feedback and triggers subsequent product feature enhancement. These customer interactions and recommendations also helped eclinicalworks anticipate that providers would aim to embrace a HCIT environment that is easy to deploy, interoperable, auto-scalable, remotely accessible, and, most importantly, cost effective. Thus the company introduced eclinicalworks v10, a cloudbased EHR platform that is cost effective and also able to cater to the evolving regulatory and operational landscape. It also introduced eclinicalworks 10e, a new approach to EHRs, incorporating population health and patient engagement for a single unified user experience. Built on HTML5, 10e can be used on any platform or device with the same usability. Patient engagement is also a key area for eclinicalworks and the company has established healow to further enhance and expand patient engagement tools. The healow suite of products includes a patient check-in kiosk, online appointment booking, telehealth solutions and mobile applications that directly connect patients to health records as well as facilitate two-way communications between providers and patients, improving the overall healthcare experience for patients and physicians. Currently, 45 million patients have access to their health data via healow. As providers are rapidly migrating to value-based reimbursement programs, eclinicalworks helps them predict at-risk populations so that homogeneous, condition-specific patient clusters are developed to determine a preferred care delivery strategy. The company also acknowledges the value of care coordination and patient engagement that empowers physicians and patients at point of care and drives better care delivery. The company currently supports providers to qualify for ACO, PCMH, Home Health, or other shared saving programs through its highly interoperable and remotely accessible Population Health Management suite (CCMR). Providers can opt for the entire portfolio or just a few components, and prices are aligned accordingly to maintain affordability, flexibility, and convenience. Most importantly, CCMR is fully compatible with other eclinicalworks cloud solutions and allows providers to streamline care delivery across the continuum though a single vendor engagement. Thus, CCMR is considered to be the most widely adopted solution across all functional ACO categories today. Frost & Sullivan We Accelerate Growth

5 Implementation Excellence One of the key challenges for providers who are planning to migrate to a more robust EHR solution is the high cost of data conversion from on-premise EHRs to cloud-based EHRs. Frost & Sullivan s independent research reveals that the conversion cost can range from $ ,000 per provider depending on practice size. eclinicalworks is one of the rare vendors that proposes to eliminate this concern by offering free data conversion support to potential customers, receptive to replacement. Furthermore, the implementation training and related services are provided on-site at zero additional cost, thus addressing a concern of some ambulatory practices that may be apprehensive about the value of online training. Customization and value-added services are important for any practice aiming to enroll for outcomes-based reimbursement programs, and eclinicalworks recognizes the need to stay nimble and continue to innovate to stay ahead of market transformation. Hence, the company currently offers a host of services such as integration of scanning and faxing software, ICD-10 and CPT (current procedural terminology) codes, various clinical decision support systems, and clinical templates at no extra cost. Product Quality eclinicalworks offers award-winning product features, and the company repeatedly ranks on the list (TechTarget) of the top 5 ambulatory EHR suites in the United States. Almost 61% of providers today are stuck at MU stage 1 and have failed to attest for MU stage 2 objectives due to their unqualified incumbent vendors. eclinicalworks, however, has managed to become one among the top MU attestation performers and secured the second position in terms of total MU stage 2 attestations in eclinicalworks proprietary EHR suite is fully compatible with practice management software that aims to streamline patient admission and care delivery workflow across the entire care continuum. Data entry is also expedited with specialty-specific templates and drop-down menu lists. Ensuring interoperability is a priority at eclinicalworks. Hence the EHR suite is able to connect with disparate health systems within or outside of care networks to facilitate referrals or to practice population health management. The overarching objective is to align patient information with insurance, claims, and billing data to help providers identify the ideal intervention strategy that will improve patient outcome and provider profitability. Frost & Sullivan We Accelerate Growth

6 Technology Leverage eclinicalworks strives to expand its customer base and ensure consistent performance with the help of state-of-the-art technologies. While most EHRs fail to interface seamlessly with disparate health solutions, eclinicalworks offers superior technological uniformity. The company s solutions are compatible with each other and can function as a single, integrated healthcare delivery system. In fact, eclinicalworks proposes a variety of cloud-based healthcare solutions that are developed in-house. The company also promotes private cloud platforms to help providers communicate securely. Thus the company aspires to neutralize the risk of data security on account of multiple, third-party technology intervention. eclinicalworks v10 also supports easy exchange of healthcare information within domestic and offshore provider networks. In addition, the secured cloud application allows providers to prioritize workflow and access clinical content from an office or home. The EHR suite incorporates built-in registry and patient disease management tools that help clinicians benchmark outcomes and report quality measures. The integrated EHR & Practice Management platform also aligns a patient s demographic and financial information with claims and billing data to predict suitable options. eclinicalworks technological superiority is confirmed due to its ability to support large specialty-agnostic health systems along with niche care facilities. Currently, eclinicalworks supports more than 40 specialties and embeds specialty-specific workflow tools that are designed with physicians recommendations. Such scalable and uniform technology solutions added tremendous value to eclinicalworks customer community. For instance, Florida's Community Health Centers, Inc. won the 2014 HIMSS Community Health Organization Davies Award of Excellence because it was able to demonstrate sustainable care outcome improvement while achieving the desired ROI through the eclinicalworks EHR. Price/Performance Value Unlike many EHR vendors who charge providers incrementally for every upgrade or customization, eclinicalworks proposes transparent pricing. As a result, customers estimate return on investment more efficiently. The company offers different pricing for its standalone EHR, integrated EHR (EHR+PM), and revenue cycle management suites. The detailed service list is open to all and subject to modification, to some extent. Also, the initial on-site training is free for practices with less than 10 physicians considering these practices often face tremendous cost pressure to implement EHRs. Such progressive strategies have helped eclinicalworks deliver tangible value to its customers. Frost & Sullivan We Accelerate Growth

7 For example, MedPeds, a small healthcare provider, received the HIMSS Davies Award of Excellence in 2013 for improving care delivery and ensuring patient safety while sustaining desired ROI. Apart from traditional EHR implementation, training, and managed services, eclinicalworks also extends unlimited educational content online at no extra cost. Currently, the company offers the same level of service to practices of all sizes at the same price (per provider), thus allowing each practice to maintain consistent profitability. Conclusion Frost & Sullivan s independent analysis reflects that eclinicalworks is a distinguished EHR vendor for the US ambulatory segment. Its comprehensive cloud-based technology solutions, coupled with pioneering implementation support services, have helped it achieve the highest market share among all cloud-based EHR vendors. Recognizing its persistent drive for technological leadership, Frost & Sullivan recognizes eclinicalworks with the 2015 Market Leadership Award for Cloud-based Ambulatory EHRs. Frost & Sullivan We Accelerate Growth

8 Significance of Market Leadership Ultimately, growth in any organization depends upon customers purchasing from your company, and then making the decision to return time and again. Loyal customers become brand advocates; brand advocates recruit new customers; the company grows; and then it attains market leadership. To achieve and maintain market leadership, an organization must strive to be best-in-class in three key areas: understanding demand, nurturing the brand, differentiating from the competition. This three-fold approach to delivering market leadership is explored further below. Understanding Market Leadership As discussed on the previous page, driving demand, strengthening the brand, and competitive differentiation all play a critical role in a company s path to market leadership. This three-fold focus, however, is only the beginning of the journey and must be complemented by an equally rigorous focus on the customer experience. Best-practice organizations therefore commit to the customer at each stage of the buying cycle and continue to nurture the relationship once the customer has made a purchase. In this way, they build a loyal, ever-growing customer base and methodically add to their market share over time. Frost & Sullivan We Accelerate Growth

9 Key Performance Criteria For the Market Leadership Award, we focused on specific criteria to determine the areas of performance excellence that led to the company s leadership position. The criteria we considered include (although not limited to) the following: Criterion Requirement Growth Strategy Excellence Demonstrated ability to consistently identify, prioritize, and pursue emerging growth opportunities Implementation Excellence Processes support the efficient and consistent implementation of tactics designed to support the strategy Brand Strength The possession of a brand that is respected, recognized, and remembered Product Quality The product or service receives high marks for performance, functionality and reliability at every stage of the life cycle Product Differentiation The product or service has carved out a market niche, whether based on price, quality, uniqueness of offering (or some combination of the three) that another company cannot easily duplicate Technology Leverage Demonstrated commitment to incorporating leading edge technologies into product offerings, for greater product performance and value Price/Performance Value Products or services offer the best value for the price, compared to similar offerings in the market Customer Purchase Experience Customers feel like they are buying the most optimal solution that addresses both their unique needs and their unique constraints Customer Ownership Experience Customers are proud to own the company s product or service, and have a positive experience throughout the life of the product or service Customer Service Experience Customer service is accessible, fast, stress-free, and of high quality Frost & Sullivan We Accelerate Growth

10 The Intersection between 360-Degree Research and Best Practices Awards Frost & Sullivan s 360-degree research methodology represents the analytical rigor of our research process. It offers a 360-degreeview of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies. Too often, companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry players and for identifying those performing at best-in-class levels. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS Frost & Sullivan We Accelerate Growth

11 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan Awards follow a 10-step process to evaluate Award candidates and assess their fit to best practice criteria. The reputation and integrity of the Awards are based on close adherence to this process. STEP OBJECTIVE KEY ACTIVITIES OUTPUT 1 Monitor, target, and screen Identify award recipient candidates from around the globe Conduct in-depth industry research Identify emerging sectors Scan multiple geographies Pipeline of candidates who potentially meet all bestpractice criteria 2 Perform 360-degree research Perform comprehensive, 360- degree research on all candidates in the pipeline Interview thought leaders and industry practitioners Assess candidates fit with best-practice criteria Rank all candidates Matrix positioning all candidates performance relative to one another 3 Invite thought leadership in best practices Perform in-depth examination of all candidates Confirm best-practice criteria Examine eligibility of all candidates Identify any information gaps Detailed profiles of all ranked candidates 4 Initiate research director review Conduct an unbiased evaluation of all candidate profiles Brainstorm ranking options Invite multiple perspectives on candidates performance Update candidate profiles Final prioritization of all eligible candidates and companion best-practice positioning paper 5 Assemble panel of industry experts Present findings to an expert panel of industry thought leaders Share findings Strengthen cases for candidate eligibility Prioritize candidates Refined list of prioritized award candidates 6 Conduct global industry review Build consensus on award candidates eligibility Hold global team meeting to review all candidates Pressure-test fit with criteria Confirm inclusion of all eligible candidates Final list of eligible award candidates, representing success stories worldwide 7 Perform quality check Develop official award consideration materials Perform final performance benchmarking activities Write nominations Perform quality review High-quality, accurate, and creative presentation of nominees successes 8 Reconnect with panel of industry experts Finalize the selection of the best-practice award recipient Review analysis with panel Build consensus Select winner Decision on which company performs best against all best-practice criteria 9 Communicate recognition Inform award recipient of award recognition Present award to the CEO Inspire the organization for continued success Celebrate the recipient s performance Announcement of award and plan for how recipient can use the award to enhance the brand 10 Take strategic action Upon licensing, company may share award news with stakeholders and customers Coordinate media outreach Design a marketing plan Assess award s role in future strategic planning Widespread awareness of recipient s award status among investors, media personnel, and employees Frost & Sullivan We Accelerate Growth

12 About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages almost 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit Frost & Sullivan We Accelerate Growth