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 FinanceDatawatch 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 PerformanceClark 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 CorporationDatawatch
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 1995Any 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.
© 2016 Datawatch Corporation. Datawatch and the Datawatch logo
are trademarks or registered trademarks of Datawatch Corporation in
the United States and/or other countries. All other names are
trademarks or registered trademarks of their respective
companies.
Source: Datawatch
Media Contact:
Amanda Beaupre
Marketing Communications Manager, Datawatch Corporation
amanda_beaupre@datawatch.com
978-275-8387
Twitter: @datawatch
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