From the January/February 2019 issue of HealthCare Business News magazine
Replacement rates
If you’re a speech recognition vendor and have customers using your platform for radiology or their EHR, chances are good that you are safe from dealing with high customer churn. Both of those categories are reporting about 97 percent of customers who plan to keep their current solution. This leaves a scant 3 percent replacement market, which is some of the lowest numbers we’ve seen across any solution covered in the Research Cloud. However, Cardiology and Pathology are different. Both are showing about 70 percent of customers sticking around, leaving a much more wide-open replacement market of 30 percent.
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Provider satisfaction
For the most part, both M*Modal and Nuance have good customer satisfaction with their respective solutions. From the providers in our research portal, M*Modal holds a slight edge with satisfaction in the EHR space, whereas Nuance has a slight edge in Radiology.
Conclusion
If we wrote a formal conclusion, that would go against what this article is meant to be, it’s not an analysis, or our opinion of what’s happening. It’s stating the facts from the results of research that comes into the Research Cloud. So, we’ll just give you a recap. Keep in mind, all results mentioned in this article are meant to reflect the view and situation of only those providers in our network and does not claim to be an exact representation of the entire market.
• Adoption rates are good, but there are a lot of providers still holding out for better accuracy.
• M*Modal and Nuance are the biggest players, however, any company that comes along and cracks the accuracy issue has a good market ready to purchase as is evidenced by the quick rise of nVoq.
• Radiology and EHR have a very small replacement market, but certain factors make it so cardiology and pathology users are much more likely to look for a new vendor.
About the author: Erik Westerlind is vice president of healthcare markets for Reaction Data, a leading source for outcomes-based research for the global healthcare provider, payer, and life sciences industries. For more information about this research, the methodology, or other research currently underway from Reaction Data, visit www.reactiondata.com.
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