Money comes in and out in the healthcare business as visitors enter and leave your doors. That said, secure business opportunities and ensure to collect payments in exchange for your high-quality services through efficient and digital methods. Make negotiations smoother and transactions paperless by equipping revenue cycle management software and incorporating it into your financial management processes.
13+ Revenue Cycle Management Software
1. Waystar
2. Kareo
3. athenaCollector
4. Availity
5. Drchrono
6. AdvancedBilling
7. EClinicalWorks
8. Sage Intacct
9. CareCloud
10. eMDs Aprima
11. OpenPM
12. MedClarity
13. Affinity ERP
14. TIMS Medical
What Is Revenue Cycle Management Software?
Revenue cycle management is the solution that supports hospitals and health care businesses throughout the billing journey of their clients. It tracks billable services purchased or requested by clients and sets up a portal, making information readily accessible for the concerned parties and offering multiple options for payment processing. Additionally, it tracks data analytics for better insights into the cash flow. This software integrates the tools for managing and monitoring end-to-end RCM processes in a centralized platform, offering users a more unified experience and better control.
Benefits
Using this software solution to incorporate workflow automation in your revenue cycle minimizes manual intervention and human labor to complete the repetitive and menial administrative and clinical functions. That said, it increases productivity and reduces costs. Also, it routes information and stores them in a secure database, ensuring documentation for transactions and other essential processes.
Features
When you browse the software market aiming to choose the software solution most compatible for your organization, you may find the process to be a little challenging. Aside from studying their interface design and ensuring that they are easy enough to incorporate into your daily operations, you should look into their pricing plans and see if they have the service offerings that fill in the gaps of your business functions. The following are essential features that should also hold weight in your decision-making process:
- Accounts receivable tools
- Insurance claims management functionalities
- Medical billing capabilities
- Invoice management features
- Contract management tools
- Collections management functionalities
- Charge capture features
- Patient records management tools
- Online payment processing capabilities
Top 10 Revenue Cycle Management Software
1. athenaCollector
With this hospital management software, you can streamline dunning management and appointment scheduling. They have 6,452 employees in their team and have a revenue of 869.9 million dollars.
2. EClinicalWorks
EClinicalWorks is a telemedicine solution with charting and inventory management tools. They have 3,976 people in their team and have a generated revenue of 576.5 million dollars.
3. Availity
With this digital solution, you can use tools for managing physicians and in-patient & out-patient. They have 1,054 people working for them and have 140.7 million dollars in revenue.
4. Waystar
This claims processing solution has records management and medical billing capabilities. They have 727 people in their team and have a revenue of 105.4 million dollars.
5. Sage Intacct
Sage Intacct is a professional service automation software that provides order management and check processing capabilities. They have a revenue of 104.1 million dollars and have 1,013 employees working for them.
6. Kareo
This 6. medical practice management software has treatment planning and claims management functionalities. They have 100 million dollars in revenue and have 706 employees working for them.
7. AdvancedBilling
AdvancedBilling is a revenue cycle management software with online noticing and collections management capabilities. They have a generated revenue of 90.6 million dollars and have employed 636 people.
8. CareCloud
Functionalities for patient flow management and e-prescribing are accessible in this digital solution. They have 554 employees and have 36.7 million dollars in revenue.
9. eMDs Aprima
Insurance eligibility verification tools and a patient portal are features you can use in this medical practice management software. They have generated a revenue of 29.1 million dollars and have employed 201 people.
10. Drchrono
With Drchrono, you can simplify the complexities involved in insurance management and compliance tracking. They have 169 employees and have a revenue of 22.9 million dollars.
FAQs
What is the revenue cycle?
The revenue cycle involves the life of the patient account, from the moment the clients generate the account until the payment collection stage for the treatment and other services provided. This cycle involves the pre-registration phase, benefits verification, charge capture, utilization review, claims submission, payment posting, denial management, insurance follow-up, and reporting.
What are tips for improving your revenue cycle?
One tip to improving your revenue cycle management strategy is to invest your resources in hiring and training your employees to become a talented revenue cycle committee that will rake in good results. Also, digitize your collection process by having POS software that will help you do more such as streamline scheduling and insurance information management.
What is medical practice management software?
Medical practice management software functions to help medical facilities manage their finances and organize patient information. It performs medical billing processes and records payment demographics electronically, making it more cost-efficient and accurate to optimize processes and avoid complications. Also, it has reporting tools for generating and presenting essential information to physicians and involved staff.
Deliver high-value care from start to finish of your revenue cycle, and be prepared to do it all over again with a smile on your face and the right tool in hand by clicking the download button on the best revenue cycle management software. Get yours now and do things that traditionally take more effort and consume a long time with just a few clicks or with a swipe of their cards.
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