Healthcare providers must find ways to avoid overcharging their patients with unnecessary fees that might prevent them from fully paying their medical bills. With value-based reimbursement software, medical providers can find ways to get their patients to pay for the actual medical services they paid for at a fair price. Here are some of the best value-based reimbursement software available right now.
7+ Value-Based Reimbursement Software
1. Therap Services
3. LexisNexis MemberPoint
4. SoftCure Hospital Software
6. Physician Coder
7. TriZetto CareAdvance Provider
8. ABILITY CAREWATCH
What Is Value-Based Reimbursement Software?
Value-based reimbursement software is a specialized reimbursement management software where medical institutions provide an alternative payment model for patients to pay their medical bills. This expense reimbursement software is aimed to be more patient-focused as it focuses on the value of the medical services rendered within the health care system.
Value-based reimbursement software is focused on being patient-focused that can help patients get more of their value out of the medical services they rendered, avoiding overcharging at their expense that might not be possible to pay or even recoup the expenses. Through this expense reimbursement software, it can help reduce payer health care costs on the end of the patients as it optimizes the relationship between the payer patients and the healthcare providers. The reimbursement software can also help fix the payment structure system for medical services as it aims to be fairer for patients in paying for the medical services rendered. The expense reimbursement software can also help medical providers such as hospitals and clinics to accurately compensate the reimbursements from the medical services rendered by the patient.
Value-based reimbursement software should provide tools for medical providers to identify high medical payment methods and bundle them for insurance agents. The mileage reimbursement software should be able to analyze patient record data that can help them identify the medical services rendered through its data analytics software capabilities. The reimbursement management software should also be able to create value-based reimbursement models through the patient data gathered and analyze its impact. The software should also provide flexible contracts for patients to sign that are easily customizable following the needs and demands of the patients and compliant with the policies established by medical providers.
- Identify and bundle high medical payment methods
- Analyze patient record data
- Create value-based reimbursement models
- Provide flexible and customizable contracts
Top 8 Value-Based Reimbursement Software
IClinic provides healthcare providers with medical electronic billing software that helps them improve their revenue cycle and eliminate administrative obstacles. IClinic is owned and developed by MD Land, which the parent company has 35 employees and earns annual revenue of $5.1 million.
2. LexisNexis MemberPoint
LexisNexis MemberPoint allows healthcare providers to transform their engagement that can improve the way they interact with their patients. LexisNexis has 11,449 employees and earns a revenue of $892 million.
3. TriZetto CareAdvance Provider
TriZetto CareAdvance Provider helps companies to automate their utilization management process with ease. TriZetto has 579 employees and earns annual revenue of $84 million.
4. ABILITY CAREWATCH
ABILITY CAREWATCH helps healthcare providers with their simplified quality management software that ensures accurate medical data to help them provide the best, high-quality healthcare care possible. ABILITY CAREWATCH is owned and developed by ABILITY Network, which the parent company has 544 employees and earns annual revenue of $73.7 million.
5. Therap Services
Therap Services provides medical lending software that allows healthcare providers to find ways to reimburse for medical services availed by patients. Therap Services has 325 employees and earns annual revenue of $47.1 million.
HealthQx provides value-based payment analytics software that allows payers to group episodic insurance claims that help them improve their reimbursement capabilities. HealthQx has 26 employees and earns a revenue of $5 million.
7. Physician Coder
Physician Coder provides medical software that helps healthcare providers to set and establish professional fees with ease and help them find reimbursements.
8. SoftCure Hospital Software
SoftCure Hospital Software provides cloud-based hospital software that helps them manage all aspects of hospital management.
Is value-based reimbursement software a standalone product or a feature of another software?
Value-based reimbursement software can be offered as standalone software or exists as a feature of another health insurance software. It’s common for healthcare providers to use a more generalized health insurance software that has value-based reimbursement software as its features as it can help them be well equipped with more streamlined solutions on healthcare reimbursement.
How much does value-based reimbursement software cost?
Pricing for value-based reimbursement software is usually customized, with each software offering different subscription tiers that offer more features as the prices increase. Pricing for value-based reimbursement software varies depending on the features available and the intended target healthcare providers. Small healthcare providers may benefit from low-cost value-based reimbursement software while large healthcare providers may benefit from high-cost software.
With value-based reimbursement software, healthcare providers can help their patients better by eliminating unnecessary fees and have them pay the actual medical services they avail at a reasonable price.
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