Organizations turn to Datawatch Monarch to solve data access and reconciliation problems, speed analysis, and ease burden of financial and compliance reporting
BEDFORD, Mass. – Datawatch Corporation (NASDAQ-CM: DWCH) today announced that the Datawatch Monarch self-service data preparation platform is in high demand among healthcare organizations seeking to overcome the common hurdles to data access, reconciliation and reporting. In fiscal year 2016 alone, 118 healthcare organizations turned to Monarch to radically expedite data analysis and fact-based decision making. More than 720 hospitals and other healthcare services providers now rely on Monarch to improve the preparation and analysis of patient, physician and financial data and gain insights vital to driving down operational costs, increasing productivity, maintaining regulatory compliance and improving quality of patient care.
According to Grandview Research, the global healthcare analytics market will grow to $42.8 billion by 2024 as organizations look to leverage data for financial applications, operational and administrative purposes. This surge is being driven by the increased use of electronic health records (EHRs) and the digitization of financial records and insurance claims processing. Self-service data preparation solutions are vital to ensuring that all the data critical to the analytical processes are pulled into the proper format, thus confirming the highest data quality.
Datawatch Monarch allows healthcare administrators to easily access, manipulate, enrich and combine disparate data from virtually any source, including EHRs, HL7 messages, 835/837 insurance remittance forms and claim denial documents, into a secure database or reliable spreadsheet. Users can eliminate manual, time-intensive data entry and reconciliation and instead spend more time analyzing information to make better, faster decisions related to HIPAA compliance, managing cash flow, cutting costs and identifying gaps in the revenue cycle process. Monarch also allows data masking that redacts certain parts of the patient’s information like their Social Security Number, medical history and other details to ensure privacy and security. Because the platform also empowers organizations to unlock data within PDFs, HTML files and static reports, they can get a broader view of data for analysis to identify trends in administrative processes, patient demographics, medical histories, diagnoses, medications and lab results.
Each day, Datawatch Monarch is being used to solve data problems that have plagued healthcare organizations for decades as well as address new challenges brought on by the exponential growth of data. Some of the most common use cases for Monarch among the existing customer base include:
Accounting and Finance
Datawatch Monarch is the industry standard for data preparation for revenue cycle management. The platform streamlines the collection, reconciliation, scrubbing and submission of patient healthcare and financial information, helping organizations to recognize and report revenue faster.
Pam Klein, manager of support systems at Financial Recoveries, a medical billing and collections firm for hospitals and medical practices, uses Monarch to manipulate the healthcare data flowing in and out of her office, “I’ve used Monarch for years to convert our clients’ data files into our system, or to manipulate our own data to our clients’ exact import specifications. This was just not possible before and my company would need to spend thousands of dollars for other firms to prepare the data for me. Monarch has saved my life for over 20 years.”
Data extraction is a critical reason why Tom Pellerin, reimbursement manager at Dana-Farber Cancer Institute uses Monarch, “Our monthly net-revenue calculations are based on several different PDF reports and databases, and Monarch helps to expedite this process by gathering, filtering and blending data into an Excel spreadsheet. It is a significant time-saving solution and a tremendous analytical tool.”
Regulatory Compliance
Datawatch healthcare customers are also using Monarch to improve operational processes as well as ensure regulatory compliance.
According to Patricia Hickey, senior clinical analyst at Piedmont Henry Hospital in Stockbridge, Georgia, “With Datawatch, we can provide actionable data that impacts performance, increases revenue and ensures HIPAA compliance. We can register patients quickly and with more accurate information, so staff can efficiently handle individual care while our office team can improve patient billing and timely reimbursements from the government and insurance companies. With Datawatch providing the right data for proper analysis, workflow and policies have evolved to support the organization’s goals.”
Physician Performance
Clark Carpenter, network administrator at Southeastern Med, a community hospital in Cambridge, Ohio explained, “With Datawatch, I am able to create and share powerful visualizations and uncover insights that I haven’t been to find in the past. It is the ability to access our unstructured data that lets us better track hospital-acquired infections, thus reducing these incidences and costs. Additionally, we are improving our operational processes through dashboards that gauge physician performance and our endoscopy unit saves at least 15 hours a week by eliminating the manual reporting.”
“Datawatch Monarch has gained significant traction in the healthcare market to date, helping business users, across all levels of an organization easily acquire and prepare data for operational reporting and analytics,” said Michael Morrison, CEO of Datawatch. “Our latest version of Monarch delivers data socialization capabilities for data preparation that will transform the way that our healthcare customers think about and interact with their data to drive better business and clinical outcomes. Organizations will gain an unprecedented ability to share curated data sets, collaborate and boost individual and department productivity – all while maintaining strong data governance.”
For more information about how Datawatch Monarch is being utilized within the healthcare market, visit: http://www.datawatch.com/in-action/industries/healthcare/.
About Datawatch Corporation
Datawatch Corporation (NASDAQ-CM: DWCH) enables ordinary users to achieve extraordinary results with their data. Only Datawatch can unlock data from the widest variety of sources and prepare it for use in visualization and analytics tools, or for other business processes. When real-time visibility into rapidly changing data is critical, Datawatch also enables users to analyze streaming data, even in the most demanding environments, such as capital markets. Organizations of all sizes in more than 100 countries worldwide use Datawatch products, including 93 of the Fortune 100. The company is headquartered in Bedford, Massachusetts, with offices in New York, London, Frankfurt, Stockholm, Singapore and Manila. To learn more about Datawatch or download a free version of its enterprise software, please visit: www.datawatch.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements contained herein, including but not limited to those relating to product performance and viability, are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: rapid technological change; Datawatch’s dependence on the introduction of new products and product enhancements and possible delays in those introductions; acceptance of new products by the market, competition in the software industry generally, and in the markets for next generation analytics in particular; and Datawatch’s dependence on its principal products, proprietary software technology and software licensed from third parties. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by Datawatch from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015. Any forward-looking statements should be considered in light of those factors.