Organizations turn to Datawatch Monarch to solve
data access and reconciliation problems, speed analysis, and ease
burden of financial and compliance reporting
BEDFORD, Mass., March 01, 2017 (GLOBE NEWSWIRE)
-- 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
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particular; and Datawatch's dependence on its principal products,
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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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Datawatch Corporation via Globenewswire
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