Revenue cycle management is an essential aspect of any business, but its importance is paramount for healthcare organizations and practices. Revenue cycle management software helps practices streamline internal processes while optimizing the revenue cycle to achieve growth. In this blog, we will talk about 5 of the best revenue cycle management software of 2023 that healthcare practices can opt for to improve revenue collection, AR, and much more.
What is Revenue Cycle Management software?
Revenue cycle management software is a computer program built specifically for healthcare practices to manage clinical and financial aspects of their business to increase revenue effectively. RCM software makes it easy for techniques to optimize their revenue cycle management process while reducing manual data entry and pulling data directly from EHRs and other hospital information management systems.
What Are the Benefits of RCM Software?
Increased Productivity:
RCM software can significantly minimize manual work such as billing and payment collection entry, which helps increase the staff’s productivity. RCM automates tasks like patient estimation and insurance benefits verification so that the practice’s staff can cater to more patients and be more focused on other work.
Increased Revenue Collection:
The most significant benefit of RCM software is that it can verify in real time whether a person is eligible to receive a particular healthcare service. Moreover, it details the patient’s insurance coverage so that the patient knows about the financials and makes money arrangements. Most RCM software also has a reminder feature to remind patients about the payment they need to make, ensuring timely and increased revenue collection.
Lesser Bad Debt:
For healthcare practices, one of the most significant challenges is receiving patient bill payments. Patients unable to pay their medical bills are typical in the US, resulting in increased bad debt. RCM software develops integrated predictive analytics and patient estimate tools that effectively help practices receive payments from patients on time while reducing lousy debt.
Reduced Days in Account Receivable:
The account receivable is a metric that determines how effective the payment collection process of a healthcare practice is. Using RCM software, techniques can automate their billing and claim processes to significantly reduce the number of days in AR. Moreover, it helps submit accurate claims for lesser claims denials and delays.
Our Top 5 Picks for Best Revenue Cycle Management Software
Cerner Revenue Cycle Management
Cerner revenue cycle management claims that it is a patient-focused revenue cycle management, and rightly so. That’s why we have picked it for the top spot. In terms of features, Cerner has everything to offer that a practice needs to optimize its revenue cycle.
From appointment scheduling, patient financial clearance, and patient accounting to contract management and charge capture, there are a lot of modules to drive economic outcomes. In addition, Cerner offers health information management features such as chart completion, coding staff workflow, and release of information for a clinically driven revenue cycle.
Even if you need help with case management, Cerner has utilization management and care transition planning tools for improving the quality of care.
Waystar Revenue Cycle Management:
At number 2 on our best revenue cycle management software list, we have Waystar. The best thing about Waystar is that it recently released a new software called Hubble that AI, predictive analytics, and machine learning power. It helps healthcare practices improve their productivity and financial performance.
From revenue capture and claim management to financial clearance and payment management, Waystar comprehensively covers all aspects of the revenue cycle management of a practice. In addition, it helps with denial prevention and payment recovery.
There are also various useful features, such as automated claim status check and paper EOBs to electronic files converter, that helps in reducing administrative burden.
Medsphere RCM Cloud:
RCM Cloud by Medsphere is an all-inclusive suite that helps medical practices meet their financial objectives by managing their revenue cycle more efficiently. The impressive thing about RCM Cloud is that it is a browser-based RCM solution that enables easy access, and still, it’s as secure as any RCM software.
Whether you want to streamline the patient access process by making patient registration, discharge, and billing seamless or looking to increase payment collections while accelerating accounts receivable, RCM Cloud is the best RCM solution. Not just that, RCM Cloud also helps practices with real-time payer eligibility verification for reduced billing denials and increased clean claims rates.
eClinicalWorks RCM:
For the fourth spot, we are picking eClinicalWorks, a revenue cycle management solution specifically built for large practices and enabling them to handle their billing independently.
eClinicalWorks is a comprehensive RCM solution in every way, as it caters to every domain of a practice’s revenue cycle management. It doesn’t matter if your practice finds verifying patient eligibility or submitting claims challenging; with the eClinicalWorks RCM solution, things will become easy, transparent, and optimized.
It can also provide you with deductible information while you can also post electronic payments and manage claim denials and appeals.
Experian Healthcare RCM
Last but not least, we have the RCM solution by Experian Healthcare. Experian Healthcare built its revenue cycle management solution around the entire patient lifecycle, making it robust.
Experian Healthcare RCM solution comprises various integrated solutions such as patient access solutions that ensure patient information verification and payment collection solutions that help optimize payment collections while reducing the cost of collection.
In addition, the RCM solution also helps with healthcare claims management and payer contract management for automating claims workflows and auditing payer compliance for increased reimbursements.
