Frost & Sullivan Applauds Kronos for Providing Effective Healthcare Workforce Management
Kronos focuses on innovation and thought leadership
SANTA CLARA, Calif. — November 7, 2017 — Based on its recent analysis of the North American healthcare workforce management IT market, Frost & Sullivan recognizes Kronos Incorporated with the 2017 Market Leadership Award. Each year, Frost & Sullivan presents this award to the organization that strives to be best-in-class in three key areas: understanding demand, nurturing the brand, and differentiating from competition. Kronos, a workforce management (WFM) market leader, has sustained leadership in the United States for nearly four decades and is growing in international markets. The underlying element of the company’s success is keen foresight of impending industry issues and early investment in technologies that address the emerging needs of providers globally.
More than 90 percent of U.S. hospitals have some form of WFM IT in place, representing an established market threatened by commoditization. Kronos is the current market leader, serving more than 3,500 acute hospitals and more than 10,000 post-acute care organizations. Globally, it has a presence in the presence across Africa, Asia, Australia, Europe, and North America.
“Frost & Sullivan finds that at the core of Kronos’ growth strategy is continuous innovation in response to changing market needs,” said Frost & Sullivan Principal Analyst Nancy Fabozzi. “Over the years, it has built customized workflow tools for the healthcare industry that aptly focus on specific provider workflows. At present, the company sees huge growth potential for its cloud platform.”
Product differentiation is another area that helps Kronos stand apart from the competition. Kronos provides the most comprehensive healthcare workforce management suite of solutions in the cloud. The Kronos suite includes time and attendance, HR, payroll, employee scheduling including nurse; physician; clinician; and periOp scheduling, absence management, workforce analytics, and mobile applications. These solutions deliver strategic value to health systems every day. Examples include:
- The workforce analytics module enables predictive scheduling, improved cost management, and increased labor productivity with more visibility to staffing at all times;
- The patient classification solution more effectively matches human resources to patient needs on a day-to-day basis;
- Customized nurse scheduling incorporates the shift-based staffing approach; and
- An enterprise-wide physician scheduling solution helps minimize delayed time to patient treatment.
“Kronos understands that both building the optimal solution and achieving market success, require close understanding of and interaction with the industry in focus,” reported Fabozzi. “The company employs a sizeable healthcare-focused staff in comparison to other workforce management software vendors. Its staff includes 25 registered nurses, two with doctoral degrees, and the rest with master’s degrees in nursing, comprising a formidable team able to cover all medical specialties. This very team works directly with clients to minutely understand their business challenges and then develops customized solutions.”
As a technology leader, Kronos focuses entirely on software supremacy and believes that minimal IT support should be required for implementation and maintenance. Committed to industry-leading innovation, Kronos offers an industry-recognized cloud platform.
Currently Kronos is used by more than 30,000 customers, and the company is already exploring new technologies that will serve emerging market needs such as employee mobility and self-scheduling.
“The Kronos sales model exemplifies an industry best practice because it provides a dedicated change management team that works with clients to help with training, internal communication, and workflow redesign, so that the staff members are prepared to make optimum use of the technology,” Fabozzi further added.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Kronos Incorporated
Kronos is a leading provider of workforce management and human capital management cloud solutions. Kronos industry-centric workforce applications are purpose-built for businesses, healthcare providers, educational institutions, and government agencies of all sizes. Tens of thousands of organizations — including half of the Fortune 1000® — and more than 40 million people in over 100 countries use Kronos every day. Visit https://www.kronos.com. Kronos: Workforce Innovation That Works.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion.