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A new IDC MarketScape report1 names Verscend Technologies as a “major player” in clinical and financial analytics. We sat down with Jordan Bazinsky, executive vice president of product and strategy, for a conversation about what this recognition means, and what the future holds for Verscend’s product development.
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When I think of clinical and financial analytics, I think of the intersection of clinical care (measurement and identification of risks and opportunities that lead to targeted interventions) and financial performance, and how those two things relate to one another either in fee-for-service or value-based arrangements. From my perspective, the study answers this question: What are the preeminent organizations who have deep healthcare domain expertise, deep technology expertise to be able to understand and manipulate high-volume, high-velocity, high-variability data sets, and the analytic chops to point you to the next action to take to create positive and sustained financial uplift that relates to improved clinical outcomes?
It tells me that there are very few organizations like ours in healthcare that are able to bring together the technology, analytics, and expertise in an easy-to-use fashion, managing programs on behalf of or alongside payer and other at-risk organizations. We sit at the nexus of dollar flows for the different programs that generate revenue or help contain costs for risk-bearing organizations, and we thrive on managing big data in a way that yields very real financial return for our clients. And along the way, we also point them toward clinical improvement opportunities. We’ve been doing this at the highest level for a very long time, and we were excited to see third-party validation and recognition of this.
When Verscend was recognized as “Best in KLAS” in 2017 for payer quality analytics and reporting, it was a very powerful statement about what matters most to us as an organization: analytics, data, and service at the intersection of financial performance and corollary clinical outcomes. I don’t think it’s an accident or a coincidence that we’re starting to see more industry recognition. We’ve been leading the way in a lot of these areas, and I think it’s showing.
We’re a more focused company and we’re less concerned about some of the distractions that come with being part of a larger conglomerate that works across multiple verticals and markets. We’re able to put investment more directly into the things that matter the most to our customers. As a standalone company, we have a dedicated executive team, board, and owner all focused on a singular mission: creating sustained financial uplift for at-risk organizations. It’s in our DNA. In the past, we didn’t have that same level of focus, purpose, and vertical and horizontal alignment across all stakeholders the way we do today.
What surprised me about the IDC MarketScape report was that very few of our direct competitors were on the list. I take it to mean that while we have some strong competitors, they tend to be reasonably siloed into a specific area, whereas Verscend has a broader mandate. Where healthcare organizations have very substantial financial and clinical analytic problems that affect their bottom line, we help find the answers. Most of our direct competitors aren’t able to do that across a client’s book of business, either due to lack of scale or product breadth or expertise.
We are hyper-focused on creating value for at-risk organizations in the healthcare space. It’s what we do. We’re very good at helping customers identify where there is real financial return to be gained, not only for their own betterment but for that of the broader healthcare system.
As we think about the years ahead, we will focus on several areas that are highly differentiated, very challenging to deliver on, and very meaningful to our customers:
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