There are numerous growing challenges confronting the healthcare industry today; however, there are solutions available for patient care and financial management. When it comes to software Best Revenue Cycle Management (RCM) Software for Small Practices is there to help.
Revenue cycle management (RCM) software automates the business and clinical aspects of health care practise. This streamlines and simplifies a health care organization’s financial operations. RCM software includes features found in medical billing software, healthcare claims management software, health care credentialing software, medical practice management software, and patient engagement software.
What Is Revenue Cycle Management (RCM) Software?
Revenue cycle management (RCM) software combines the financial and administrative aspects of medical practice to streamline the billing and payment processes. RCM software automates administrative tasks, collects data from healthcare IT management solutions, and arranges financial processes like invoicing and receiving. RCM features are frequently found in comprehensive software solutions such as electronic health records (EHR) and electronic medical records (EMR). However, as standalone software, RCM must integrate with other software solutions.
Benefits of Revenue Cycle Management (RCM)
Automation Improves Efficiency
Medical and administrative staff at your healthcare practice can focus on customer service and quality patient care which software can’t. Today’s RCMs take care of identifying code errors and underpayments, sending invoices, and more.
RCMs increase revenue for your practice by ensuring error-free claim submission, uncovering lost revenue from underpayment, and collecting claims payments more quickly through automation. Intelligent RCMs track KPIs for your practice and alert you to financial performance using AI tools.
Error-free billing helps a healthcare facility improve its reputation. Coding errors can cost your practice a lot of money. Choose an RCM that automatically identifies medical coding errors and/or has a robust support team of expert coders who can assist your staff in ensuring billing accuracy.
Essential Revenue Cycle Management (RCM) Features
The more repetitive tasks that your RCM of choice can take over for human staff, the better. RCMs should automatically keep information flowing throughout the revenue cycle from patient visits to payments received.
Some RCMs are available for purchase as isolated products without needing to commit to an entire platform. In that case, it’s imperative that the RCM of choice integrates with your practice’s existing EHR/EMR solutions to avoid workflow interruptions.
Data Analytics and Reporting
The payment process should be visible and intuitive to those who manage the practice and its financial operations, which means the RCM should also have dashboards and reports. Vendors commonly offer a reporting function that identifies places for improvement in the way your practice handles several stages in the revenue cycle process, such as coding, billing, receiving, etc.
Best Revenue Cycle Management (RCM) Software
- Affinity ERP
- Kareo Billing
Affinity ERP provides complete ERP, Decision Support, Patient Self-Service, and Revenue Cycle Management software and services to small and medium healthcare systems to maximize cash flow. Start improving your cash flow by taking advantage of a price-match guarantee for fully integrated or stand-alone software solutions.
Key Features of Affinity ERP include:
- Self-Service Check-In
- Large Physician Practices
- Systems Management
- Supply Chain Management
- Supply Chain Management
- Large Long-Term Care Organizations
- Integrated Delivery Networks
CareCloud is a cloud-based software provider for the healthcare industry. Their Revenue Cycle Management solution is flexible, which means you don’t have to commit to CareCloud’s entire practise management/EHR platform if you don’t want to. It is compatible with a wide range of other popular software solutions. CareCloud’s RCM has a lot to offer as a standalone product, including:
- Billing for out-of-network services
- Patient billing
- Benefits verification
- Payment posting
- Charge entry
- Claim denial, submission, and error detection
- Specialized billing, remittance, and collection support
A couple of standout features of CareCloud’s RCM is that it ensures that your practice stays up-to-date on regulatory changes, such as MACRA or ICD-10.
Revenue Cycle Management is one of many scalable solutions offered by athenaIDX to healthcare practises of all sizes. Athenahealth is a provider of cloud-based practice management and EHR systems in the healthcare industry.
Key features of athenaIDX include:
- Claim scrub, issue resolution, and submission
- Insurance verification and coverage scanning
- Authorization management
- Charge entry and coding
- Claim denials resolution
- Patient refund issuing
- Posting and payments
- Performance reporting and insights
- Registration verification and co-pay collection
- Zero pay and insurance credit resolution
Add-on services, such as athena EDI, enhance what athena IDX can do by proactively addressing payor issues, thereby speeding up your practice’s revenue cycle. athenaIDX is scalable; however, for small practices seeking revenue cycle support, athenaCollector may be a better option.
Waystar is a cloud-based RCM software that helps healthcare providers in both financial and operational aspects by centralizing their payment processes. Its AI-powered solutions include:
- Payment management
- Claim management
- Analytics and reporting
- Denial prevention and recovery
- Revenue capture
The revenue capture branch of their platform contains three different solutions: Charge integrity, DRG Anomaly Detection, and Transfer DRG.
Like Kareo, Waystar is an integrated platform of solutions. The functions of Waystar’s platform, including its revenue capture function, are not available as a la carte options. However, Waystar offers bundles, so if your practice is looking for at least a few different revenue management tasks to defer to software, Waystar likely offers a solution package that fits your needs.
MedicsRCM is a comprehensive revenue cycle management solution and software for mid-to-large-sized healthcare enterprises. MedicsRCM addresses claims and revenue cycle management. MedicsRCM functions on the cloud, granting clients unlimited access to their data.
MedicsRCM key features include:
- Medicare and Medicaid Submission
- Denial Management
- ERAs, EOBs, and Check scanning
- Accounts Receivable Management
COMET is a suite of clinical, financial, and administrative software programs that provide a streamlined solution for the long-term care industry. COMET provides an EMR-based suite to manage and support all clinical operations and medical.
Key features of COMET are:
- Patient Records Management
- Admissions Management
- Medication History
- Patient Intake
- Clinical Care
- Electronic Signature
- For Nursing Homes
- Geriatric Care
Remedly is another cloud-based software solution for all of your practice’s software needs. Handle scheduling, billing, electronic medical records, inventory management, and insurance billing systematically. Spend more time with patients by automating time-consuming data entry and streamlining processes. Remedly’s HIPAA-compliant software includes EMR, Practice Management, Patient Portal, Revenue Cycle Management, Analytics & Reports, eCommerce, and Marketing.
Remedly key features are:
- Automated scheduling
- Practice management
- Patient waitlists
- Post-treatment consults
- Smart appointment reminders
- Patient visit summary
- Lead conversions
- Task reminders
- Practice contacts management
- Support for multiple locations/rooms/devices
DrChrono is an EHR and medical billing platform that manages billing, patient intake, clinical charting, and revenue cycle management. DrChrono’s RCM product ensures that your practice has a steady income stream so you can focus on patient care.
Features of DrChrono’s RCM include:
- Dedicated RCM account manager
- Claim denial analysis and resolution
- Billing services with a team of billing experts
- Medical billing with the help of certified medical coders
- Coding review and audit with the help of in-house coding compliance officers
- Continuous claim monitoring
- Electronic remittance advice (ERA)
- Patient collections
- Reporting via business intelligence tools
DrChrono’s business intelligence tool is a feature worth noting, as it provides medical practices with real-time reports and insights into how to improve practice performance. This is especially helpful for small practices and/or those that are relatively young.
Kareo is a cloud-based electronic health record solution and revenue cycle management provider that specializes in serving independent practices. Its medical billing product focuses on automation and workflow so you can concentrate on the services you provide to patients, rather than the behind-the-scenes work of billing and payments.
Features of Kareo include:
- Billing analytics
- Claim tracking
- Billing tasks
- Scheduling and calendar functionality
- A nationwide billing rules engine
- Point-of-care capture of charges
Kareo is a great option if you’re looking for a comprehensive platform. Managed Billing Smart Workflow is a feature in Kareo’s RCM that encompasses automated tasks and workflows for patient intake, scheduling, check-in, billing tasks, billing analytics, claim tracking and more. Kareo also features analytics to track KPIs, monitor trends, and identify opportunities for improvement.
Nextech is an electronic health records (EHR) software system that provides electronic medical records, practice administration, revenue management, and patient interaction. Nextech was designed for use in a variety of medical specialties such as ophthalmology, plastic surgery, dermatology, and orthopedics.
Nextech enables specialty practices to automate and streamline administrative processes and workflows. It aims to increase productivity and revenue while strict adherence to regulations to improve the patient experience.
- Charting Capabilities
- Control your workflow
- Patient Portal
- Streamline scheduling
- Optimize billing
- Patient Engagement
Healthcare providers use Revenue Cycle Management (RCM) Software to automate the difficult work of tracking so that they can focus more on the treatment itself and provide a better overall experience to their patients. It is important to choose the best RCM software for your practice given its many features and significant operational value.
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