KLAS: Providers pick RAC software vendors based on prior dealings
Healthcare providers make recovery audit contractor (RAC) software choices based on previous experience with a particular vendor, found a report issued Nov. 9 by healthcare market research firm KLAS.
Providers most often consider RAC software in which the vendor/client business relationship has already been established, according to the Orem, Utah-based firm.
“More than half of interviewed providers considered only one vendor—a curious finding, given that there were 29 different RAC software vendors chosen in this sampling,” stated report author Paul Pitcher, KLAS research director.
The report—which included 98 healthcare provider organizations and 29 RAC vendors—found that vendors with strong revenue cycles, health information management or case management installed bases are leveraging their previous exposure with customers to win RAC solution contracts. However, many other vendors also offer RAC software.
The top selected RAC vendor was HealthPort, which was considered 23 percent of the time. MediRegs placed second at 16 percent and 3M followed at 14 percent, noted KLAS. Also included in the report were ACS Midas+, the Advisory Board Company, Compliance 360, the greater New York Hospitals Association, Ingenix and MedAssets, among several others.
While HealthPort was considered the most, MediRegs had the highest percent of wins when considered: nearly 90 percent of those who considered MediRegs chose
MediRegs, according to the report.
Providers most often consider RAC software in which the vendor/client business relationship has already been established, according to the Orem, Utah-based firm.
“More than half of interviewed providers considered only one vendor—a curious finding, given that there were 29 different RAC software vendors chosen in this sampling,” stated report author Paul Pitcher, KLAS research director.
The report—which included 98 healthcare provider organizations and 29 RAC vendors—found that vendors with strong revenue cycles, health information management or case management installed bases are leveraging their previous exposure with customers to win RAC solution contracts. However, many other vendors also offer RAC software.
The top selected RAC vendor was HealthPort, which was considered 23 percent of the time. MediRegs placed second at 16 percent and 3M followed at 14 percent, noted KLAS. Also included in the report were ACS Midas+, the Advisory Board Company, Compliance 360, the greater New York Hospitals Association, Ingenix and MedAssets, among several others.
While HealthPort was considered the most, MediRegs had the highest percent of wins when considered: nearly 90 percent of those who considered MediRegs chose
MediRegs, according to the report.
The report also noted that a program's ability to perform audits outside the RAC sphere was highly valued by providers, finding that many providers reported utilizing their solutions to manage non-RAC more often than RAC requirements. A majority of the vendors included in the study reported having at least some capability in this area, said KLAS.
While many providers have yet to consider a commercially available solution, respondents who looked at solutions typically purchased one. However, the report found that many vendors who profess to have a competitive RAC audit solution are not on the provider radar.