Revenue Cycle Management Software

athenahealth EHR Software

athenahealth electronic medical record software is a leading vendor of on-premise and cloud-based health IT solutions for health systems and medical groups nationwide. The platform believes in creatin.. Read more

124 Reviews

eClinicalWorks EMR Software

eClinicalWorks emr software is an award-winning integrated electronic health record and practice management (PM) solution that provides technology throughout the process of patient care delivery. With.. Read more

118 Reviews

Cerner EMR Software

Cerner EMR Software is the leader in healthcare information technology in the US, offering a comprehensive, integrated platform to manage large hospitals’ clinical and administrative requirements. In .. Read more

81 Reviews

Allscripts EHR Software

Allscripts EMR software system has been in business for the past 30 years with a presence across four countries; the US, UK, Canada, and Australia. Over the years, the company has transitioned from an.. Read more

81 Reviews

PrognoCIS EMR Software

Developed in the early 2000s, PrognoCIS is a provider of Health IT solutions for practices and hospitals of all sizes. The vendor offers integrated modules for electronic health record (EHR), practice.. Read more

80 Reviews

Amazing Charts EHR Software

Founded in 2001, Amazing Charts is a leading provider of electronic health record solutions that cater to the needs of independent practices. It offers solutions for practices across multiple specialt.. Read more

76 Reviews

Greenway Health EHR Software

Greenway Health’s EHR system provides innovative technology, impeccable services, and strategic partnership to help you sustain and grow profitably in the healthcare industry. The company presents a p.. Read more

73 Reviews

Practice Fusion EHR Software

Founded in 2005, an Allscripts company, Practice Fusion is the #1 cloud-based electronic health record (EHR) platform in the US. It has partnered with some leading medical billing companies, such as K.. Read more

69 Reviews

AdvancedMD EHR Software

Founded in 1999, AdvancedMD is an integrated suite of software solutions for independent physician practices and medical healthcare organizations. The company is based in South Jordan, Utah, and serve.. Read more

69 Reviews

ChartLogic EMR Software

One of the first in its industry, ChartLogic EHR is a subsidiary of Medsphere Systems Corporation. The company is headquartered in Salt Lake City, Utah. It helps physicians ensure paperless workflows .. Read more

66 Reviews

EpicCare EMR software

An EMR software built for large healthcare systems. EpicCare is certified for stages 1 and 2 of meaningful use. Founded, developed, and implemented in 1979 by a small team, the software is now being u.. Read more

62 Reviews

DrChrono EHR Software

Introduced in 2009, DrChrono offers an all-inclusive medical billing software platform that aims optimize practice efficiency and improve patient care. The company caters to practices of all sizes, sm.. Read more

59 Reviews

NextGen Healthcare EHR

NextGen Healthcare offers NextGen Office (formerly known as MediTouch)—a cloud-based EHR – specifically designed for private practices. NextGen Office is a fully integrated practice management solutio.. Read more

54 Reviews

Kareo EHR Software

Kareo, software specifically built to cater the needs of independent medical professionals running a small facility with a handful of people. Was founded back in 2004 and has been in business for over.. Read more

53 Reviews

Practice EHR Software

Practice EHR is a cloud-based system, serving more than 1,000 physicians and 23 different specialties. The software can be accessed through desktop or mobile from anywhere with an internet connectio.. Read more

46 Reviews

Modernizing Medicine EHR Software

Modernizing Medicine was initiated in 2010. They serve over 16,000 providers and 140,000 healthcare professionals. Their client satisfaction rate is 93%, which is one of the highest in the industry.Mo.. Read more

44 Reviews

Praxis EMR Software

Praxis EMR is an AI-driven system, and it monitors the use of the software and its features. After analyzing the collected data, the processes speed up and adjusts according to the practice's requirem.. Read more

43 Reviews

CureMD EMR Software

CureMD was established in 1997. It is headquartered in New York and is presently one of the leading providers of innovative health solutions that changed healthcare facilities' managerial and clinical.. Read more

42 Reviews

Quest Diagnostics EHR

Quest Diagnostics EHR went through a name change, so Care360 is currently known as Quanum EHR. Quest Diagnostics provides a cloud-based EHR which is completely mobile so doctors and their patients can.. Read more

41 Reviews

Nextech EHR Software

Nextech EHR was found in 1997. They are serving more than 11,000 providers and 4000 clinical specialties. The vendor explicitly caters to specialties of Ophthalmology, Plastic Surgery, Dermatology, Me.. Read more

41 Reviews

Buyers Guide

Last updated: June 19, 2021

A Revenue cycle management (RCM) system is one of the core foundations of hospitals or medical practice. It’s purpose is to help healthcare providers maintain optimal profitability along with ensuring timely claims submission and quick payment processes.

These software are designed to monitor each activity during the patient experience, from the initial registration till the final retribution. Most medical practices implement RCM to automate most tracking and monitoring workflows. This provides practitioners with the freedom of focusing more on their patients rather than repetitive administrative tasks.

Much like many things in this world, not all RCM are created equal. That’s why we’ve created this guide to help you identify top-performing RCM systems. In this guide, we’ll talk about all of the factors you need to understand revenue cycle management systems. Here’s what we’ll be discussing in this buyer’s guide:

What is a Revenue Cycle Management?
Revenue Cycle Management Features
Choosing a Revenue Cycle Management Vendor
Revenue Cycle Management Benefits

What is a Revenue Cycle Management?

A revenue cycle management is used to streamline billing processes, track and monitor patient experience, get faster payments, and ensure compliance with healthcare regulatory bodies. You can choose to implement this system as a stand-alone service or as an integrated part of your electronic health records (EHR) software. The reason it’s such a unique software is that it reduces redundant steps and streamlines billing tasks that are otherwise prone to errors.

In other words, an RCM system is the financial infrastructure of medical practices and hospitals that tracks each patient’s visit and interactions from initial scheduling to the final payment.

Although that may sound like an easy process, it comes with a lot of tools and features. This includes insurance eligibility of patients during appointment scheduling, creating insurance claims, accurate coding, and documentation.

A revenue cycle management system is divided into five categories:

Pre-visit: This step involves tracking patient registration and validating insurance eligibility.

Medical Exam: This step involves processing upfront co-payment and provides services.

Generating Payment: Track, monitor, and bill patients for the procedures and facilities used.

Payment Collection: Process claims with the right documentation and sends them to the patient and the insurance companies.

Cycle Management: Monitor financial performance and ensure the financial health of your practice.

There are hundreds of revenue cycle management systems in the market today. They range from providing the mere basic services to a full-fledged revenue cycle management that caters to all of your billing needs. All of whom are designed to simplify the manual billing processes and create ease for practitioners.

Here, I’ll be going over the various features of revenue cycle management along with the requirements of selecting your software vendor for your practice.

A successful revenue cycle management implementation offers numerous benefits to your practice. For instance, these benefits include reduced costs of administrative tasks, minimized chances of error, enhance patient satisfaction, and improved clinical efficiency.

Here’s all you need to know to make the most of your revenue cycle management.

Revenue Cycle Management Features

Here are some features of revenue cycle management that help improve patient care, streamline your clinical workflows, and simplify administrative tasks.

Patient Intake and Registration – You can also have patient upload all of their personal information, medical history, and billing information prior to their appointment to reduce patient waiting time and increase patient satisfaction.

E-Eligibility Verification – Rather than spending hours and resources in trying to verifying eligibility or services, your revenue cycle management should be able to streamline this task.

Copay Management: Track and validate the upfront copayment amount to be accurate from the insurance companies and adjust the remainder in the claims.

E-Submissions – Your revenue cycle management should offer electronic submissions (or e-submissions). This includes submitting claims to your payers.

Denied Claims Analysis – It’s important to understand why your claims got rejected in the first place. Your revenue cycle management should be able to provide insights into the problems and errors you face when submitting claims.

ICD-10 and CPT Codes – In order to process accurately coded claims, your revenue cycle management needs to be adept in ICD-10 and CPT codes.

Accounts Receivables – Your RCM system should be able to keep track of all the money still owed to your medical practice in a single sheet.

HIPAA Compliance – A Server-based EHR software also needs to ensure patient information confidentiality and privacy through compliance with the Health Insurance Portability and Accountability Act (HIPAA) guidelines.

Choosing a Revenue Cycle Management Vendor

Now that we’ve discussed the necessary features of revenue cycle management, let’s talk about some of the requirements you’d need from your vendor. These may differ for each individual medical practice.

Vendor Size – What type of practices does your vendor typically cater to? Some vendors only provide services to small-scale practices, while others cater to large-scale practices. Therefore, if you have a small practice, paying for services that help large practices, won’t do much good. Similarly, large practices won’t be able to function with services designed for small practices.

Design – The design of revenue cycle management’s infrastructure depends on your choice. Whether you would prefer a cloud-based, web-based, or even standalone software.

Web-based: These companies focus on a web-based approach and practitioners can access their patient information through their web browser.

Stand-alone: Although not quite popular as the others, this software is an on-premise module that can be accessed remotely through smartphones, iPads, etc. as long as you’re connected to your practice’s network.

Cloud-based: Companies that provide native cloud-based software offer you access to patient information through a cloud-storage.

Certification – Vendor certification ensures patient information confidentiality and security and is perhaps one of the most important things to look for in an RCM vendor. So make sure your vendor has ONC-authorized testing and certification body (ONC-ATCB) certification.

Most EMR vendors focus on providing cloud-based RCM services to enhance security and provide seamless services.

Revenue Cycle Management Benefits

Here are some of the most advantageous benefits of revenue cycle management.

  • Improve clinical efficiency.
  • Enhance profitability by lowering costs.
  • Seamless insurance claims management and denied claims.
  • Improve administrative efficiency by simplifying processes.
  • Improve revenue and ROI.