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Data, AI Take Center Stage in U.S. Healthcare Modernization

1. U.S. healthcare adopts digital technologies for efficiency and better outcomes. 2. Generative AI and ML are enhancing claims processing and customer interaction. 3. Cloud-based EHRs optimize operations, reducing costs and improving access. 4. AI-informed revenue cycle management identifies potential coverage denials proactively. 5. ISG recognizes top providers enhancing digital transformation in healthcare services.

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Why Bullish?

The report highlights a growing market for ISG's services, indicating potential revenue increases.

How important is it?

The report underscores ISG's pivotal role in a rapidly evolving healthcare market, influencing investor perception.

Why Long Term?

Digital transformation in healthcare is a sustained trend, suggesting ongoing demand for ISG’s expertise.

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ISG
STAMFORD, Conn.--(BUSINESS WIRE)--Healthcare organizations in the U.S. are eagerly adopting emerging digital technologies as data becomes a critical strategic asset, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. The 2024 ISG Provider Lens™ Healthcare Digital Services report for the U.S. says the industry is using AI and other digital tools and services as part of overall transformations to increase efficiency, improve outcomes and offer better patient/member service. New approaches such as value-based care (VBC), which prioritizes patient outcomes over traditional fee-for-service models, require advanced data capabilities. “Healthcare providers and payers in the U.S. are expanding patient-centered care and service models to enhance everyone’s healthcare experience,” said James Burke, partner at ISG. “Smarter use of data is a key part of this transition.” Both public and private payer organizations are implementing solutions based on generative AI (GenAI), machine learning (ML) and data analytics to extract insights from vast datasets, the report says. Using those insights, they are building more capable claims processing and personalized customer interactions. Electronic health record (EHR) providers are also transforming their systems, migrating to cloud platforms for scalability and flexibility while introducing interoperability for data-sharing among healthcare providers. With an increasing focus on patient/member experience, payer organizations are using GenAI, ML and telehealth to improve overall service efficiency and delivery, ISG says. User-friendly digital portals and AI-powered chatbots make services and information more accessible, furthering omnichannel strategies that let members interact with care providers wherever and on whatever device they choose. New technologies continue to improve the handling of healthcare financials. The report says enterprises are implementing modular and AI-informed revenue cycle management (RCM) systems. AI-based predictive analytics help healthcare providers identify potential denials of coverage before they occur and proactively try to resolve the issues. Cloud-based ERPs and electronic health records (EHR) have significantly changed the operations of U.S. healthcare providers, increasing scalability and removing infrastructure costs, ISG says. Cloud ERP and EHR platforms also let providers quickly implement digital capabilities such as scheduling, billing and patient records access and make them available on any device. “Efficiency is a major benefit of the digital transformations taking place in U.S. healthcare enterprises right now,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “New technologies are creating a culture of innovation and cost optimization that promises care improvements.” The report also explores other trends affecting healthcare organizations in the U.S., including rising interest in ethical AI practices and efforts at improving financial systems. For more insights into the challenges facing the U.S. healthcare sector, including rising cybersecurity threats and increasingly complex regulations, see the ISG Provider Lens™ Focal Points briefing here. The 2024 ISG Provider Lens™ Healthcare Digital Services report for the U.S. evaluates the capabilities of 54 providers across five quadrants: Payer Transformation — Public, Payer Transformation — Private, Provider Transformation — ERP, Provider Transformation — RCM and Provider Transformation — EHR. The report names Accenture, Deloitte, HCLTech and Wipro as Leaders in all five quadrants. It names Cognizant as a Leader in four quadrants and Infosys as a Leader in three quadrants. Kyndryl, NTT DATA and TCS are named as Leaders in two quadrants each. CitiusTech, EXL, Firstsource, Genpact, KPMG, LTIMindtree, Optum, PwC, R1rcm and UST are named as Leaders in one quadrant each. In addition, Tech Mahindra is named as a Rising Star — a company with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants. CitiusTech, Firstsource and Innova Solutions are named as Rising Stars in one quadrant each. In the area of customer experience, Persistent Systems is named the global ISG CX Star Performer for 2024 among Healthcare Digital Services providers. Persistent Systems earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry. A customized version of the report is available from Wipro. The 2024 ISG Provider Lens™ Healthcare Digital Services report for the U.S. is available to subscribers or for one-time purchase on this webpage. About ISG Provider Lens™ Research The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. About ISG ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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