The best revenue cycle management software serves as a cohesive bridge between the operational and clinical aspects of healthcare practices by automating administrative duties, extracting data from electronic health records (EHRs) and other hospital information systems. It organises the different RCM processes that are already in place, making the flow of money in healthcare organisations smoother and more organised.
This all-in-one RCM software has many functions that are similar to those found in software for medical billing, healthcare claims oversight, healthcare credentialing, medical practise management, and patient interaction. Some RCM solutions even have tools for analysing data and training staff. RCM software is used by people in the medical field, patients, and insurance companies. Below we have best revenue cycle management software.
The most important elements in the revenue cycle
The revenue cycle is an important part of any business that makes money by selling goods or services. It includes everything that goes into making money, from the first interaction with a customer to getting paid. Having an efficient and effective revenue cycle depends on a few key things:
Engagement with customers and sales: This is where the revenue cycle begins. For customers to come in and sales to go up, you need effective customer engagement, sales strategies, and marketing.
Order Processing: Once a customer places an order, it needs to be correctly recorded and processed. This means checking to see if the product is available, how much it costs, and if any discounts apply. Order processing must be done correctly to avoid mistakes that can cause delays or make customers unhappy.
Billing: It’s important to make invoices that are correct and on time. Invoices should make it clear what goods or services were sold, how many were sold, how much they cost, and any other relevant information. If there are mistakes on an invoice, it can delay payment or cause a dispute.
Billing and collecting payments: Customers know what they have to pay if their bills are sent on time and are correct. By giving customers different ways to pay and making sure the payment process goes smoothly, you can keep customers happy and get paid faster.
Best Revenue Cycle Management Software Comparison Table
The table below shows a quick overview of the best Revenue Cycle Management (RCM) software solutions, including their key features, pricing, user ratings, and ability to work with other software. It’s a great resource for healthcare organisations looking for the best RCM software to improve their financial processes and revenue streams.
| Software | Type | Key Features | Industry Focus | Pricing |
|---|---|---|---|---|
| CareCloud Concierge | Healthcare EHR | Medical billing, EHR, PM | Healthcare | Contact for pricing |
| eClinicalWorks | Healthcare EHR | EHR, Practice Management, Billing | Healthcare | Contact for pricing |
| Freshsales | CRM | Sales automation, Email, Analytics | Various | Starts at $19/user/mo |
| ModMed EMA | Healthcare EHR | EHR, Practice Management, Billing | Healthcare | Contact for pricing |
| NetSuite | ERP/CRM | Financials, CRM, eCommerce | Various (ERP/CRM) | Contact for pricing |
CareCloud Concierge
Features
- Cloud-based platform for seamless access and collaboration.
- Patient engagement tools to improve communication and satisfaction.
- Automated claims processing for faster reimbursements.
- Detailed financial reporting and analytics.
- Integration with electronic health records (EHR) systems.
- Customizable workflows to match practice needs.
CareCloud Concierge is an all-in-one solution for managing the revenue cycle that takes care of billing and collections so you can focus on patient care. Their approach is flexible and consultative, and their end-to-end services and specialised back-office team meet your needs right on the spot. Increase your practice’s efficiency and feel at ease knowing that an RCM team is working on your behalf. For now, this is one of the best Revenue Cycle Management Software you can consider now.
Pros
- User-friendly interface with easy navigation.
- Comprehensive practice management features.
- Integration with electronic health records (EHR) systems.
- Robust reporting and analytics capabilities.
- Good customer support.
Cons
- Pricing might be on the higher side for smaller practices.
- Some users might find certain customization options limited.
eClinicalWorks
Features
- Comprehensive patient scheduling and appointment management.
- Integrated electronic health records (EHR) for streamlined data access.
- Claim tracking and management for accurate reimbursement.
- Revenue cycle analytics and reporting tools.
- Patient portal for online appointment booking and communication.
- Robust billing features with coding and documentation support.
You can filter claims in the eClinicalWorks Revenue Cycle Management (RCM) Console, which gives you a better view of your practise. eClinicalWorks RCM Services offers an alternative by letting their expert billers handle back-office tasks directly through the eClinicalWorks application. This is safe and accurate. Dashboards let authorised users see how the process is going and how well your practise is doing financially in real time. Overall, this is one of the best Revenue Cycle Management Software you can consider now.
Pros
- All-in-one solution with EHR and practice management features.
- Offers telehealth capabilities.
- Integration with various healthcare systems.
- Patient portal for easier communication and engagement.
- Suitable for practices of various sizes.
Cons
- Interface can be overwhelming for new users.
- Some users have reported occasional glitches or system downtime.
- Pricing structure might not be transparent.
Freshsales
Features
- Lead and contact management for sales teams.
- Sales automation to streamline processes and tasks.
- Email tracking and analytics to monitor engagement.
- Real-time insights with visual sales pipeline tracking.
- Customizable dashboards and reports for performance analysis.
- Integration with other business tools for seamless workflows.
Freshsales is a full-fledged solution for sales teams to automate their sales force. It gives a salesperson everything they need to find good leads, have contextual conversations, close deals with AI-powered insights, and keep in touch with customers. With email, phone, chat, and telephony already built in, Freshsales gives sales teams more time to sell by automating the sales process and making their daily tasks more efficient and productive. Still, this is one of the best Revenue Cycle Management Software you can consider now.
Pros
- Intuitive and user-friendly interface.
- Customizable to fit different business needs.
- Good lead and contact management features.
- Email tracking and automation capabilities.
- Integration with other Freshworks products.
Cons
- Might lack some advanced sales features compared to more specialized sales-focused tools.
- Limited marketing automation functionalities.
- Might not be ideal for larger enterprises with complex sales processes.
ModMed EMA
Features
- Specialty-specific electronic medical records (EMR) system.
- Touch-based interface for intuitive charting and documentation.
- Built-in medical coding and billing to improve accuracy.
- Practice management tools for scheduling and billing.
- HIPAA-compliant secure communication with patients.
- Integration with labs and imaging centers for data sharing.
EMA by Modernising Medicine is a specialty-specific EHR system that can be used by any number of providers and staff. It can be used for dermatology, optometry, orthopaedics, ENT, pain management, urology, plastic surgery, podiatry, etc. It provides an audio and video telehealth platform that works together.
Some of the most important features are that it was made by doctors who are still in practise, that it has a native iPad app, that it is cloud-based, that it learns as it goes, that it automatically makes notes and bills, that it suggests automated coding, that it has a MIPS dashboard built in, and more. Thus, this is one of the best Revenue Cycle Management Software you can consider now.
Pros
- Specialty-specific templates and workflows for healthcare providers.
- Integration with various EHR systems.
- Touchscreen support for easier use during patient interactions.
- Built-in MIPS/MACRA tracking and reporting.
- Efficient medical billing and coding features.
Cons
- Pricing could be higher compared to general EHR solutions.
- Might have a steeper learning curve due to its specialty-specific approach.
- Not as suitable for practices that require a broader range of features beyond medical specialties.
NetSuite
Features
- Comprehensive business management suite for various industries.
- Financial management with accounting and revenue recognition.
- Order and billing management for accurate invoicing.
- Customer relationship management (CRM) for sales and support.
- Real-time analytics and reporting for data-driven decisions.
- Scalable and customizable platform to fit business needs.
At StratusGreen, we offer NetSuite users in the United States and Canada a wide range of professional services, such as consulting, implementation, and technical support. Our consultants have a lot of experience in your industry and can help you get the most out of your NetSuite system. The implementation team’s job is to get your business running NetSuite on time and on budget. Our technical consultants will take into account your specific needs to streamline your processes and help your business grow. Overall, this is one of the best Revenue Cycle Management Software you can consider now.
Pros
- Comprehensive suite with ERP and CRM functionalities.
- Highly customizable to fit complex business processes.
- Scalable for businesses of various sizes.
- Offers advanced financial management capabilities.
- Integration with other Oracle products.
Cons
- Implementation can be time-consuming and complex.
- Pricing might be prohibitive for small businesses.
- Might require dedicated IT resources for maintenance and updates.
How revenue cycle management software can help?
Revenue Cycle Management (RCM) software is made to help healthcare organisations streamline and improve their financial processes, from the time a patient makes an appointment to the time they pay their bill in full. It includes tasks like billing, processing claims, getting paid back, and reporting on finances. Here are some ways RCM software can help medical professionals:
Efficiency in Billing and Claims Processing: RCM software automates the billing process, making it less likely that mistakes will happen and making sure that claims are sent in the right way. It can make sure that claims are complete and correct before they are sent in, which increases the chances of getting paid quickly. This helps healthcare organisations get paid faster and reduces the number of claims that are turned down.
Reduced Billing Errors: RCM software includes coding and billing rules to make sure that the coding is correct. This lowers the chance that a claim will be denied because of an error in the coding. This means that payments are made faster and more money is collected.
Claim Tracking and Follow-up: RCM software keeps track of how claims sent to payers are doing. If a claim is denied or rejected, the software can send follow-up tasks to the billing staff automatically. This makes sure that problems are dealt with quickly to avoid losing money.
Automated Payment Posting: The software can automatically post payments from insurance companies, patients, and other sources. This makes it easier to match up payments and saves time. It also improves accuracy.
Patient Eligibility Verification: RCM software can check a patient’s insurance coverage and eligibility before the appointment. This keeps people from making appointments for patients who aren’t covered or who need to get permission first. This keeps claims from being denied later.
FAQs
Revenue cycle management (RCM) software brings together the business and clinical sides of a health care practise by automating administrative tasks, pulling data from electronic health records (EHRs) and other hospital information management solutions, and organising the different RCM processes that already exist.
In health care, revenue cycle management (RCM) is the business process that helps organisations get paid for the services they provide. The revenue cycle is made up of 17 different steps. The first step is to schedule a patient, and the last step is to make sure that all payments have been made.
