BEDFORD, Mass., June 26, 2017
(GLOBE NEWSWIRE) -- Datawatch
Corporation (NASDAQ-CM: DWCH) today announced that
professional services firm Baker Tilly Virchow Krause, LLP (Baker
Tilly) will tap the power of the Datawatch Monarch self-service
data preparation platform to help healthcare organizations optimize
revenue cycle operations for a variety of reimbursement
methodologies, including value-based care strategies. Baker Tilly
will employ Monarch as part of its new Revenue Cycle Innovation
service offering, which has been conceived to drive true
transformational change in the way that revenue cycle activities
are performed. Baker Tilly's innovative revenue cycle service
offering automates processes and applies advanced analytics to
empower clients to achieve outcomes that are 10 times greater than
standard approaches.
"Although healthcare executives place a strategic
focus on revenue cycle programs and invest a lot of money in them,
the return on investment is consistently much lower than what we've
seen is possible. A lot of this has to do with the access to data
and information being an obstacle for management teams," said
Michael Duke, principal, Healthcare Consulting Practice, Baker
Tilly. "Any benefits that have been achieved are often short lived
and not sustainable. With the use of the Datawatch suite,
especially Monarch, we enable our clients to access Revenue Cycle
Process Analytics in a way that wouldn't be otherwise
achievable."
Despite rapid IT advancements across healthcare
back office systems, most healthcare providers still grapple with
disparate revenue cycle systems and poor operational processes
which drive up costs and negatively impact net revenue. They have
grown tired of the false promises of their health information
technology (HIT) and electronic medical record (EMR) vendors, and
have seen failed investments in high-priced revenue cycle
improvement services.
"Revenue cycle innovation requires new ways of
solving traditional problems, and advanced analytics is key," said
Andrew Malinow, PhD, director, Business Analytics, Baker Tilly.
"Organizations must also begin driving workflow in an automated
fashion with a much stronger understanding of the transaction level
events that impact overall performance. Rapid, iterative
decision-making must become the new norm. If management teams truly
want to improve revenue, maximize cash flow and reduce operating
costs, they need tools that are generally not found in the core EMR
system-we provide them."
Baker Tilly selected Datawatch Monarch to serve as
its standard platform for self-service data preparation and
automation. Monarch provides analysts with an unprecedented ability
to quickly and easily access, manipulate, enrich and combine
disparate data from virtually any source and prepare it for
analysis. Only Monarch can unlock 835/837 insurance remittance
forms, HL7 messages and data in unusable reports from EHR/EMR and
other systems-without coding, manual data entry or involvement from
IT.
"Baker Tilly is a premier, full-service accounting
and advisory firm with rich domain expertise in healthcare revenue
cycle management," said Michael Morrison, CEO of Datawatch. "We are
excited to partner with Baker Tilly and its team of healthcare
experts to rapidly turn operational data into revenue cycle
insights that will help the firm's clients radically improve
program results and accelerate time to value."
"With Monarch, Baker Tilly can eliminate manual,
time-intensive data manipulation and spend more time analyzing data
to identify gaps in clients' revenue cycle processes," added Duke.
"We're able to obtain insights much faster, and from a broader
range of data sources, to make more strategic recommendations to
healthcare organizations about how they can increase annual net
revenue, accelerate cash-flow collection and dramatically reduce
costs through staff reallocation and process improvements."
Datawatch Monarch is used by healthcare
organizations and service providers worldwide seeking to overcome
the common hurdles to data access, reconciliation and
reporting. More than 720 hospitals and other healthcare
providers 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.
For more information about how Datawatch Monarch
is being utilized specifically for revenue cycle management,
visit: http://www.datawatch.com/in-action/roles/revenue-cycle-management-healthcare-providers/
For more about Baker Tilly,
visit: http://www.bakertilly.com/
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.
© 2017 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