After evaluating the revenue cycle management (RCM) industry, Frost & Sullivan announces that Innovaccer is the winner of the 2024 North American Technology Innovation Leadership Award for healthcare value-based care delivery excellence. Known for its innovative artificial intelligence (AI)-powered applications, the Innovaccer data platform provides the foundation for healthcare organizations to team members focus on high-value tasks and prioritize cases with the most significant impact on outcomes and revenue for resolution. While excelling in optimizing coding for VBC contracts, it distinguishes itself as a platform company that actively engages with healthcare ecosystem stakeholders.
The Innovaccer data platform establishes interoperability between healthcare IT systems, including legacy and mission-critical systems, to create a unified, longitudinal patient record. The platform also aggregates and cleans data from multiple sources, hydrates it to enable use in any application, activates it to integrate into workflows, and harmonizes it across relevant systems and care settings, ensuring it is synchronized.
Innovaccer offers a range of prescriptive and predictive analytics tools that are embedded in workflows to help value-based care organizations achieve a laser-sharp focus on improving risk coding and quality outcomes and reducing costs by prioritizing time and resources. The company’s finance and contract management solutions help providers track and enhance revenue cycle performance for healthcare providers. It minimizes revenue loss, providing a comprehensive and efficient approach to managing claims and improving revenue integrity.
“As we experience unprecedented growth and innovation in healthcare, Innovaccer remains focused on developing game-changing technology solutions that address frontline point-of-care challenges. Receiving this award is a testament to our ongoing dedication to transforming the healthcare landscape,” said Abhinav Shashank, cofounder and CEO of Innovaccer. “We are honored to be acknowledged by Frost & Sullivan, an esteemed authority in evaluating industry leaders. The 2024 North American Technology Innovation Leadership Award for value-based care delivery excellence is an affirmation of our commitment to improving risk management and reducing costs to enhance operating margins and improve patient outcomes through AI-powered workflows and advanced health data analytics.”
Innovaccer’s Sara for Healthcare, an innovative suite of AI solutions, was designed to help automate repetitive tasks, process medical information, uncover insights, and simplify access to data. Trained in healthcare context, the suite provides accurate, secure, and compliant solutions that reduce and automate workflows and support decisions, contributing to high-quality, low-cost, patient-centered care.
Dr. Rishi Pathak, global director of healthcare and life sciences at Frost & Sullivan, observed, “Innovaccer’s unwavering commitment to customer-centricity is demonstrated through its tailored solutions that actively engage patients across their healthcare journey. With consistent 30% to 40% year-over-year growth, the company’s multidimensional approach to data analytics and AI differentiates it as a comprehensive solution provider that improves patient care, streamlines workflows, and saves substantial costs for healthcare organizations.”
Innovaccer’s approach encompasses vital components in data analytics, population health, and more, establishing it as the preferred enterprise-focused company in the healthcare sector. It demonstrates an impressive commitment to innovation through its dynamic culture, strategic partnerships, and customer-centric practices dedicated to addressing healthcare challenges and delivering top-notch, patient-centered care. Additionally, Innovaccer’s focus on bridging healthcare workforce challenges through advanced AI solutions underscores its commitment to enhancing efficiency and satisfaction in the industry, affirming its growth potential and impact in the evolving healthcare landscape.
“Innovaccer clearly distinguishes itself in the market through its dedication to innovation and creativity while achieving commercial success. It anticipates continued growth through its data platform, traditional value-based care platform adoption, value-based customer relationship management platform, and generative AI solutions addressing healthcare workforce challenges over the next five to ten years,” added Ojaswi Rana, best practices research analyst at Frost & Sullivan. “With its strong overall performance, Innovaccer earned the 2024 Frost & Sullivan Technology Innovation Leadership Award in the healthcare revenue cycle management industry.”
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables. Its best practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.