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Lexmark Healthcare Award Write Up

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2015 North American Healthcare Content Management Company of the Year Award

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Lexmark Healthcare Award Write Up

  1. 1. © Frost & Sullivan 1 “We Accelerate Growth”
  2. 2. BEST PRACTICES RESEARCH © Frost & Sullivan 2 “We Accelerate Growth” Contents Background and Company Performance ........................................................................3 Industry Challenges..............................................................................................3 Visionary Innovation & Performance and Customer Impact........................................3 Conclusion...........................................................................................................6 Significance of Company of the Year.............................................................................7 Understanding Company of the Year.......................................................................7 Key Benchmarking Criteria ....................................................................................8 Best Practice Award Analysis for Lexmark Healthcare......................................................8 Decision Support Scorecard ...................................................................................8 Visionary Innovation & Performance .......................................................................9 Customer Impact .................................................................................................9 Decision Support Matrix ......................................................................................10 Research Methodology ........................................................................................11 About Frost & Sullivan ..............................................................................................11
  3. 3. BEST PRACTICES RESEARCH © Frost & Sullivan 3 “We Accelerate Growth” Background and Company Performance Industry Challenges The last few years in the healthcare informatics market have been marked by an almost myopic focus on electronic medical record (EMR) investments and implementations. This focus is due largely to providers’ efforts to meet meaningful use (MU) requirements and qualify for the ensuing financial incentives. However, now that the market as a whole has ramped up its EMR adoption, healthcare enterprises are coming to realize that these recent investments have failed to meet many of their strategic objectives they originally sought. Frost & Sullivan recognizes a key objective, and currently one of the most underserved, is to effectively enhance the ability of clinicians to make informed clinical decisions by providing them a comprehensive view of all relevant patient information. One of the main reasons for this shortcoming is that the recent IT investments have not allowed for a complete breakdown of departmental silos of information, which continue to maintain a considerable amount of this information unstructured, inaccessible, non-sharable or non- consumable by the EMR. As EMRs slowly cease to monopolize IT spending and resources, the priority is now turning to ways of leveraging these recent investments in order to materialize their high-level objectives. A relatively new best-practice has been emerging in this context, which consists of underlying the EMR with a more comprehensive content management foundation. In essence, this provision of a solid platform that serves to augment and optimize the EMR’s capabilities is a major step towards attaining the holy grail of true data “liquidity”. Visionary Innovation & Performance and Customer Impact Addressing Unmet Needs Until recently, managing different types of healthcare content required implementing a number of disparate, often loosely-integrated IT solutions: Departmental PACS archives or vendor-neutral archives (VNA) for DICOM imaging, enterprise content management (ECM) platforms for other types of documents, in addition to a number of middleware tools used to structure, capture and ingest various other types of images and information. This approach posed challenges to the ability to unify the IT strategy and generate cost efficiencies, imposed limitations such as a lack of scalability and usability, and brought up concerns about data ownership and control on the part of IT stakeholders. In a sustained effort to take healthcare content management (HCM) to the next level of interoperability and cost efficiency, Lexmark Healthcare has executed highly strategic
  4. 4. BEST PRACTICES RESEARCH © Frost & Sullivan 4 “We Accelerate Growth” acquisitions and subsequently followed up with considerable investments in product development and portfolio integration. Frost & Sullivan's benchmarking analysis reveals this allows Lexmark Healthcare to emerge as the best positioned vendor today to deliver these various components as a comprehensive single-vendor solution. Visionary Scenarios Through Mega Trends Imaging and non-imaging data are both equally important to achieving a complete and patient-centric view of healthcare content. Similarly, these data elements are equally relevant to business management and clinical care. As such, and although their IT management might be very different through the data lifecycle, there is a high degree of complementarity between ECM and VNA solutions and a strong rationale for combining these capabilities into one comprehensive HCM solution. Until recently, however, putting this rationale to effect was challenging due to a lack of product integration and limited consolidation on the vendor side. Two high-profile acquisitions by Lexmark Healthcare, that of Perceptive Software in 2010 and of Acuo Technologies in 2013, have allowed the company to effectively break this status quo, and has secured the company’s position at the forefront of ongoing VNA + ECM convergence. Frost & Sullivan is certain the combination of the best-of-breed capabilities in Lexmark Healthcare’s solutions portfolio into a comprehensive HCM platform is the prime example, in today’s market, of the IT foundation needed to close the loop on a holistic EMR strategy. Implementation Best Practices Yet, such an all-encompassing, enterprise-wide repository for healthcare content is only the starting point for the innovative IT deployment model made possible by Lexmark Healthcare. Indeed, the goal of healthcare facilities goes beyond having a single point of access to patient information; it is about delivering the right content to each consumer on-demand, in-time and in-context. In this context, three additional elements stand out as crucial elements of Lexmark Healthcare’s value proposition. The first one is the cutting-edge connectivity and federated search capabilities that the company has developed, which allow for a far-reaching aggregation of relevant content collected across the various points of care and though the various patient interactions. The second one is its industry-leading hardware and middleware tools, which allow for the ingestion of unstructured data elements otherwise isolated from the patient record. The third one is the advanced workflow features of the solution, which essentially provide the intelligence layer needed to distribute and present relevant data in the right sequence, at the right place and at the right time. Frost & Sullivan research shows it is through these leading capabilities that Lexmark
  5. 5. BEST PRACTICES RESEARCH © Frost & Sullivan 5 “We Accelerate Growth” Healthcare is able to effectively translate its unified content management platform into a full-fledged enterprise service bus that dynamically serves the data needs of all clinical, business and IT stakeholders. Blue Ocean Strategy The time is ripe right now for healthcare providers to set the stage for a new healthcare content management strategy that is more sustainable and predictable from the standpoint of IT management and operational costs. Indeed, with massive data elements such as digital pathology images and genomic patient profiles about to enter the pool of digital enterprise data, the scalability and the cost-effectiveness of the IT infrastructure are more critical than ever today. Similarly, as more providers start contributing to the development of population health management systems, they need an HCM foundation that prepares them to take part in the healthcare information exchange (HIE) underlying these efforts in a cost-efficient manner. Frost & Sullivan notes by positioning itself ahead of the curve with a next-generation HCM model, Lexmark Healthcare is catering today to the avant-garde of healthcare providers that are already implementing this forward-looking vision. By doing so, the company is also setting the stage for wide-scale adoption of new HCM platforms by the mainstream market which, given the ongoing data overload and the limitations of current data management models, will follow suit soon. Customer Ownership Experience With many customers having surpassed the 10-year mark since implementing VNA technology from Acuo Technologies, Lexmark Healthcare now has the required longevity to demonstrate, and the required experience to optimize the total cost of ownership (TCO) of its solutions to customers. Frost & Sullivan's research confirms this value proposition is truly multi-faceted, as it caters effectively to the various stakeholders involved in purchasing, deploying, maintaining and using the solution. For example, while IT stakeholders praise the solid foundation that comprehensive HCM provides for data ownership, governance, security and interoperability, individual clinical stakeholders benefit from access to a more complete patient record at the point of care, and from shared access and collaboration as part of multi-disciplinary care teams. Further contributing to the ongoing upgrade by Lexmark Healthcare of its value proposition, are the recently added option for a hosted cloud-based deployment model (GNAX Health, 2014) and the addition of a best-of-breed zero-footprint image viewer (Claron Technology, 2015).
  6. 6. BEST PRACTICES RESEARCH © Frost & Sullivan 6 “We Accelerate Growth” Conclusion Frost & Sullivan's independent analysis clearly shows these along with the other solution components, now grouped under the Lexmark Healthcare brand, collectively constitute the strongest value proposition for comprehensive healthcare content management in the market today. The HCM model pioneered by Lexmark Healthcare has the power to bring healthcare enterprises to the next level of operational efficiency and to open new avenues to improve quality of care. In recognition of the energy, creativity and diligence in building this next-generation platform, Lexmark Healthcare has earned Frost & Sullivan’s 2015 Company of the Year Award.
  7. 7. BEST PRACTICES RESEARCH © Frost & Sullivan 7 “We Accelerate Growth” Significance of Company of the Year To receive the Company of the Year Award (i.e., to be recognized as a leader not only in your industry, but among your non-industry peers as well) requires a company to demonstrate excellence in growth, innovation, and leadership. This kind of excellence typically translates into superior performance in three key areas: demand generation, brand development, and competitive positioning. These areas serve as the foundation of a company’s future success and prepare it to deliver on the two criteria that define the Company of the Year Award (Visionary Innovation & Performance and Customer Impact). Understanding Company of the Year As discussed above, driving demand, brand strength, and competitive differentiation all play a critical role in delivering unique value to customers. This three-fold focus, however, must ideally be complemented by an equally rigorous focus on visionary innovation to enhance customer value and impact.
  8. 8. BEST PRACTICES RESEARCH © Frost & Sullivan 8 “We Accelerate Growth” Key Benchmarking Criteria For the Company of the Year Award, Frost & Sullivan analysts independently evaluated two key factors—Visionary Innovation & Performance and Customer Impact—according to the criteria identified below. Visionary Innovation & Performance Criterion 1: Addressing Unmet Needs Criterion 2: Visionary Scenarios Through Mega Trends Criterion 3: Implementation Best Practices Criterion 4: Blue Ocean Strategy Criterion 5: Financial Performance Customer Impact Criterion 1: Price/Performance Value Criterion 2: Customer Purchase Experience Criterion 3: Customer Ownership Experience Criterion 4: Customer Service Experience Criterion 5: Brand Equity Best Practice Award Analysis for Lexmark Healthcare Decision Support Scorecard To support its evaluation of best practices across multiple business performance categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool allows our research and consulting teams to objectively analyze performance, according to the key benchmarking criteria listed in the previous section, and to assign ratings on that basis. The tool follows a 10-point scale that allows for nuances in performance evaluation; ratings guidelines are illustrated below. RATINGS GUIDELINES The Decision Support Scorecard is organized by Visionary Innovation & Performance and Customer Impact (i.e., the overarching categories for all 10 benchmarking criteria; the definitions for each criteria are provided beneath the scorecard). The research team confirms the veracity of this weighted scorecard through sensitivity analysis, which confirms that small changes to the ratings for a specific criterion do not lead to a significant change in the overall relative rankings of the companies.
  9. 9. BEST PRACTICES RESEARCH © Frost & Sullivan 9 “We Accelerate Growth” The results of this analysis are shown below. To remain unbiased and to protect the interests of all organizations reviewed, Frost & Sullivan chose to refer to the other key players as Competitor 2 and Competitor 3. DECISION SUPPORT SCORECARD: COMPANY OF THE YEAR AWARD Measurement of 1–10 (1 = poor; 10 = excellent) Company of the Year Visionary Innovation & Performance Customer Impact Average Rating Lexmark Healthcare 10 9 9.5 Competitor 2 9 8 8.5 Competitor 3 8 7 7.5 Visionary Innovation & Performance Criterion 1: Addressing Unmet Needs Requirement: Implementing a robust process to continuously unearth customers’ unmet or under-served needs, and creating the products or solutions to address them effectively Criterion 2: Visionary Scenarios Through Mega Trends Requirement: Incorporating long-range, macro-level scenarios into the innovation strategy, thereby enabling “first to market” growth opportunities solutions Criterion 4: Implementation of Best Practices Requirement: Best-in-class strategy implementation characterized by processes, tools, or activities that generate a consistent and repeatable level of success. Criterion 3: Blue Ocean Strategy Requirement: Strategic focus in creating a leadership position in a potentially “uncontested” market space, manifested by stiff barriers to entry for competitors Criterion 5: Financial Performance Requirement: Strong overall business performance in terms of revenues, revenue growth, operating margin and other key financial metrics Customer Impact Criterion 1: Price/Performance Value Requirement: Products or services offer the best value for the price, compared to similar offerings in the market Criterion 2: Customer Purchase Experience Requirement: Customers feel like they are buying the most optimal solution that addresses both their unique needs and their unique constraints
  10. 10. BEST PRACTICES RESEARCH © Frost & Sullivan 10 “We Accelerate Growth” Criterion 3: Customer Ownership Experience Requirement: Customers are proud to own the company’s product or service, and have a positive experience throughout the life of the product or service Criterion 4: Customer Service Experience Requirement: Customer service is accessible, fast, stress-free, and of high quality Criterion 5: Brand Equity Requirement: Customers have a positive view of the brand and exhibit high brand loyalty Decision Support Matrix Once all companies have been evaluated according to the Decision Support Scorecard, analysts can then position the candidates on the matrix shown below, enabling them to visualize which companies are truly breakthrough and which ones are not yet operating at best-in-class levels. DECISION SUPPORT MATRIX: COMPANY OF THE YEAR AWARD High Low Low High CustomerImpact Visionary Innovation & Performance Lexmark Healthcare Competitor 2 Competitor 3
  11. 11. BEST PRACTICES RESEARCH © Frost & Sullivan 11 “We Accelerate Growth” The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Frost & Sullivan’s 360-degree research methodology represents the analytical rigor of our research process. It offers a 360-degree-view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies. Too often, companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry players and for identifying those performing at best- in-class levels. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS

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