The Healthcare Informatics 100 Product Breakouts: Financial Information Systems

June 22, 2016
As a supplement to the Healthcare Informatics 100, Healthcare Informatics will be revealing its top 5 companies—based on percentage of total health IT revenue—within seven different product categories. First up is Financial Information Systems.

Editor’s Note: Each year, Healthcare Informatics ranks the 100 vendors with the highest revenues derived from healthcare IT products and services earned in the U.S. based on revenue information from the previous year. This year, however, for the first time ever, vendors were also asked to estimate the percentage of revenue earned in all of their product segments. For the vendors that filled out the product revenue data, those percentages were displayed in pie chart form within each listing.

Beyond presenting the product segment revenues in each company listing, Healthcare Informatics editors wanted to further breakdown the top revenue earners in each of our seven segments: Financial Information Systems, Clinical Information Systems, Data Analytics, Data Management, Data Security, Data Exchange, and Consulting Services.

Throughout the next several days, Healthcare Informatics will reveal its top 5 companies by revenue—based on percentage of total health IT revenue—within these seven different categories. Serving as a supplement to the broader Healthcare Informatics 100 list, we hope that this data, along with the brief content that accompanies it, gives you our readers, a greater sense into the latest market trends within each of these respective product categories.

All data has been sent to Healthcare Informatics from the vendors themselves and confirmed by each company.

According to Scott Pillittere, vice president of Naperville, Ill.-based healthcare consulting firm Impact Advisors, and director of the firm’s revenue cycle management (RCM) practice, while there has been large push to implement new electronic health records (EHRs) over the last few years, during this timeframe, “foundation” solutions were implemented for the revenue cycle with most of the focus being on the clinical side of things. “Given this, healthcare organizations were left with revenue cycle systems that would work, just not well,” Pillittere says.

But now, Pillittere continues, the industry is starting to look at their revenue cycle systems more and more. He further notes three core trends in this area: 1) healthcare organizations that are still running (or struggling) with foundation revenue cycle are now looking to optimize what they have; 2) organizations that attached numerous bolt-on applications to work-around their foundation revenue cycle systems are now looking to consolidate; and 3) organizations that have already optimized and feel they have maximized the functionality of their revenue cycle tools are looking for additional bolt-on technologies to advance their revenue cycle. These are usually focused on the self-pay market (propensity to pay, patient statements, etc.) or denial management.

“Think of it as a progression—foundation to optimized revenue cycle functionality to eliminating unnecessary bolt-ons to adding necessary bolt-ons,” Pillittere says. “Depending on where a health system sits on this progression line will drive where they are looking to spend their IT dollars.”

Top 5 Financial Information Systems Vendors by Revenue

VendorProduct Breakout Revenue% Of Whole Revenue
Conifer Health Solutions$1,050,000,00075%
Kronos Incorporated$184,800,00060%
Change Healthcare$162,479,13011%