Most people will agree that navigating the myriad of revenue cycle management solutions to find the right one for your organization can be an incredibly challenging task.
But with this comprehensive review, you'll discover the top 10 RCM software vendors in healthcare, along with an assessment framework to easily compare solutions across key criteria like integration, automation, security, and more.
You'll leave equipped with the insights needed to make an informed decision for your revenue cycle management needs.
Introduction to Revenue Cycle Optimization
Revenue cycle management (RCM) software is essential for modern healthcare providers to optimize the financial process. RCM software manages the frontend and backend of healthcare revenue generation - from patient appointment scheduling to final payment collection. It enhances revenue realization, cash acceleration, and process efficiency.
Key benefits of RCM software include:
- Automated claims management - Electronic submission and tracking of insurance claims reduces denial rates and speeds up payments
- Improved patient collections - Tools for estimating patient responsibilities and collecting payments upfront
- Analytics and reporting - Actionable insights to identify opportunities and benchmark performance
- Workflow optimization - Streamlined workflows for registration, billing, and collections
- Reduced costs - Automation and efficiency gains lower overhead
As margins grow tighter for healthcare providers, optimizing the revenue cycle is vital. RCM software simultaneously accelerates revenue, reduces costs, and improves patient satisfaction. It is a critical component of running an efficient and profitable healthcare business in today's climate.
The sections below provide an in-depth analysis of the top revenue cycle management software solutions available for healthcare providers.
What is revenue cycle management software?
Revenue cycle management (RCM) software is designed to help healthcare organizations manage the entire revenue cycle process efficiently. This financial software tracks patient care from registration and appointment scheduling to final payment collection.
RCM software typically includes features like:
- Electronic medical records (EMRs) to digitally store and access patient health information
- Medical billing tools to properly code procedures and services, generate insurance claims, and track payments
- Patient scheduling to book appointments and manage capacity
- Analytics dashboards to identify bottlenecks and optimization opportunities
By centralizing the revenue cycle process digitally, RCM software aims to:
- Reduce denial rates and minimize claims errors through accurate coding
- Get reimbursed faster by automating insurance verification and claims submission
- Improve staff productivity with workflow automation
- Enhance visibility into revenue cycle KPIs to drive performance
In summary, RCM solutions enable healthcare providers to manage patient revenue in a streamlined, compliant, and optimized manner. This allows them to improve profitability while delivering quality care.
What are the three main components of the revenue cycle?
The healthcare revenue cycle consists of three key components that work together to optimize financial performance:
Front-End Revenue Cycle
The front-end revenue cycle encompasses all administrative and clinical activities from the point of patient access to the completion of the medical encounter. Key front-end functions include:
- Patient registration and insurance eligibility verification
- Coding and clinical documentation
- Charge capture and claims generation
Efficient front-end processes ensure complete and accurate data capture, which is essential for the subsequent stages of the cycle.
Mid-Cycle Revenue Cycle
The mid-cycle revenue cycle involves central billing office activities. These include:
- Claims submission and payment posting
- Accounts receivable monitoring and follow-up
- Denials management
Smooth mid-cycle operations reduce accounting backlogs and minimize errors that can lead to delays or lost revenue.
Back-End Revenue Cycle
The back-end revenue cycle focuses on final claims settlement and payment collection. It consists of:
- Patient collections and bad debt recovery
- Account reconciliations
- Financial analytics and reporting
Effective back-end processes maximize reimbursement while identifying areas for ongoing process improvement.
Efficiently integrating these three components results in an optimized revenue cycle that maintains steady cash flow. While mid and back-end functions tend to get more focus, strong front-end data quality and system integration across the entire cycle are essential for financial success.
What is an RCM manager?
A revenue cycle manager oversees the revenue cycle process in healthcare organizations. This involves managing patient registrations, insurance verifications, medical billing and coding, claims processing, payment posting, denial management, and reporting.
As an RCM manager, core responsibilities include:
- Monitoring workflow efficiency in the revenue cycle to minimize delays and bottlenecks
- Analyzing revenue metrics like days in accounts receivable, denial rates, net collection rates etc.
- Identifying issues leading to revenue leakage and lost charges
- Implementing solutions like coding audits, charge capture improvement, etc. to plug revenue gaps
- Ensuring compliance with payer policies and regulatory guidelines
- Leading a team of billing specialists, coders, follow-up staff to achieve revenue goals
- Creating insightful reports on revenue cycle KPIs for senior management
- Staying updated on healthcare reforms and payer policy changes
The role calls for sharp analytical abilities, leadership skills, attention to detail and knowledge of RCM best practices. RCM managers collaborate with multiple departments - HIM, patient access, finance and clinical teams. They rely on RCM technologies to monitor workflow, analyze data and identify areas for improvement.
What is RCM in SAAS?
Revenue Cycle Management (RCM) solutions delivered via Software-as-a-Service (SaaS) offer healthcare providers a cloud-based alternative to traditional on-premise systems. RCM SaaS platforms provide end-to-end functionality for the entire revenue cycle process within a single, integrated system accessible anytime and anywhere.
Key benefits of RCM SaaS solutions include:
- Lower upfront costs and predictable monthly fees compared to on-premise systems
- Automatic updates ensure access to the latest features and compliance standards
- Scalability to easily accommodate changes in patient volume
- Integration with other cloud-based systems like EHRs and patient portals
- Enhanced security, backup, and disaster recovery measures
Leading RCM SaaS vendors like RCM Cloud offer complete revenue cycle modules—from patient access to claims management—combined with flexible pricing options and performance guarantees. This gives healthcare organizations an innovative approach to revenue cycle technology that reduces capital expenses and risk while providing the tools and insights needed to streamline operations and drive financial success.
Decoding Revenue Cycle Systems in Healthcare
Demystifying Revenue Cycle Management
Revenue cycle management (RCM) refers to the financial process healthcare providers use to manage patient revenue, from appointment scheduling to final payment collection. Effective RCM maximizes reimbursements, reduces claim errors and denials, improves staff productivity, and ensures stable cash flow.
At its core, RCM software facilitates the workflow of key stages:
- Patient scheduling
- Registration
- Coding procedures accurately
- Billing insurance companies
- Managing claims
- Collecting patient payments
Optimizing this workflow is crucial for the financial health of a healthcare business. RCM technology offers automation and analytics to help providers overcome roadblocks at each phase.
The Anatomy of Revenue Cycle Workflow Stages
Understanding the distinct goals and challenges of each revenue cycle stage allows solutions like RCM software to target pain points:
Appointment Scheduling Goals: Fill schedules, reduce no-shows Pain points: Manual workload, last-minute cancellations
Registration
Goals: Collect comprehensive patient data Pain points: Long wait times, incomplete information
Coding Goals: Accurately classify medical services per insurance guidelines
Pain points: Complex coding knowledge required, high error rates
Billing + Claims Management Goals: Maximize insurance reimbursements Pain points: Laborious claim submissions, high denial rates
Patient Payments Goals: Reduce bad debt
Pain points: Confusing bills, poor customer service
Revenue cycle bottlenecks like these lower cash flow and staff efficiency. But purpose-built RCM solutions apply automation and analytics to overcome these challenges.
The Significance of Robust Revenue Cycle Management
In today's complex healthcare payment environment, providers cannot afford revenue leakage from sub-par RCM. Instead they need optimized systems that:
- Maximize collections: Using analytics to optimize billing strategies and predictive modeling to estimate better reimbursement rates based on payer history. This increases collected revenue per patient visit.
- Prevent claim denials: Leveraging rules engines and automated workflows to catch errors early and ensure accurate coding/billing as per the latest insurance guidelines. This reduces costly claim rejections and denials.
- Boost staff productivity: Automating manual paperwork, enabling self-service patient engagement, simplifying workflows. This allows staff to focus on high-value tasks like patient care instead of administrative work.
With the right RCM foundation, providers can ensure fiscal stability even with rising costs and lowering reimbursements. The above RCM capabilities also build patient loyalty by removing financial roadblocks to care. Evaluating feature-rich RCM platforms is key to leveraging these benefits.
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Top 10 Healthcare Revenue Cycle Management Companies Reviewed
Healthcare providers face immense challenges managing their revenue cycle effectively while delivering quality care. As patient financial responsibility grows alongside downward pressure on reimbursements, providers need robust revenue cycle management (RCM) solutions to obtain maximum appropriate reimbursement for services rendered. This article reviews the top 10 RCM systems enabling automation, analytics, and peak revenue cycle performance.
Navigating athenahealth's RCM Ecosystem
athenahealth offers an integrated cloud-based RCM solution combining medical billing services, an EHR, patient engagement tools, and analytics. Key features include:
- Automated administrative tasks like credentialing, enrollment, and billing
- Customizable patient billing estimates and online payment options
- Automated claim submission, tracking, follow up, and denial management
- Detailed analytics identifying revenue opportunities and workflow bottlenecks
With a focus on usability and automation, athenahealth suits small-to-medium practices seeking an intuitive complete RCM ecosystem. Limitations may include lack of specialization benefits larger health systems require. However, athenahealth remains a top contender for consolidated clinical and financial solutions.
Streamlining Processes with Waystar's Revenue Cycle Technology
Waystar delivers an intelligent end-to-end RCM platform integrating patient access, care cost estimates, claims management, clinical documentation, virtual assistants, self-service payments, and analytics. Standout features include:
- Personalized cost estimates via automated data extraction from charts
- Robotic process automation for high-volume tasks
- Real-time claim status visibility and denial code cracking
- Custom reporting and revenue analytics by service line
Waystar simplifies cumbersome processes so staff can focus on revenue and patient experience. Their technology aims to drive efficiencies while remaining flexible to support complex health system revenue cycles.
Enhancing Productivity with Cerner RevWorks
Cerner RevWorks brings automation and visibility to RCM workflows using integrated worklists, dynamic reporting, analytics, and performance dashboards. Benefits include:
- Workflow optimization tools preventing bottlenecks
- Automated coding, charging, and claims processing
- Real-time visibility into metrics like clean claim rates and net days in AR
- Proactive denial management and automated appeal filing
- Custom analytics identifying opportunities to improve revenue
By centralizing RCM data and tasks, RevWorks allows staff to work smarter. Cerner solutions enable high productivity and peak revenue cycle performance.
Innovative Solutions by R1 RCM for Healthcare Revenue Management
R1 RCM offers a flexible full-service RCM solution combining automation tools, analytics, and performance guarantees. Key innovations include:
- Robotic process automation to accelerate workflow
- Real-time analytics into financial and operational KPIs
- Flexible outsourcing options with performance guarantees
- End-to-end denial prevention and management
Focusing on automation, transparency, and accountability, R1 RCM delivers results-driven RCM to streamline systems and maximize reimbursement. Their solutions aim to improve revenue cycle performance across service lines to enable data-driven business decisions.
Introducing Change Healthcare's Intelligent RCM Network
Change Healthcare operates the largest independent healthcare network, facilitating over $1 trillion in annual claims. Their real-time Intelligent Healthcare Network and integrated RCM solutions feature:
- Automated claim processing with instant status visibility
- Comprehensive denial prevention and recovery
- Predictive analytics identifying revenue opportunities
- Patient pay estimation and payment collection
- Financial performance analytics by service line
Spanning revenue lifecycle needs from patient access to payment posting, Change Healthcare combines intelligent automation with real-time data to drive improved decision-making and financial outcomes.
Conifer Health's Comprehensive Revenue Cycle Solutions
Conifer Health offers extensive revenue cycle technologies and services including full outsourcing support. Capabilities span:
- Claims management with rules-based workflow
- Automated coding, auditing, denial prevention
- Custom analytics for revenue insights
- Patient access and estimation tools
- Comprehensive outsourcing options
Conifer Health aims to tailor robust RCM solutions to each client’s needs, integrating technologies and services to improve productivity, cash flow, and revenue. They offer flexible partnership models to offload cumbersome administrative burdens.
Parsley Health's Cutting-Edge Revenue Cycle Management
Parsley Health delivers personalized functional medicine paired with advanced RCM technologies. Specialized solutions include:
- Automated coding, billing, claims filing
- Streamlined patient financing and payment plans
- Proprietary analytics platform with revenue insights
- Tailored services to optimize workflows
Parsley Health’s innovative RCM tools aim to simplify administrative tasks so practitioners can deliver outstanding patient care while maximizing appropriate reimbursement. Their solutions scale to support small clinics to national multi-site health systems.
Leveraging Experian Health's Patient Revenue Management Tools
Experian Health enables data-driven patient revenue management including comprehensive denial prevention and complex claims resolution. Capabilities span:
- Automated coding, auditing and compliance
- Rules-based claims management and denial prevention
- Underpayment identification and overpayment protection
- Custom analytics identifying revenue opportunities
Experian Health allows organizations to leverage data and analytics to strengthen revenue integrity, accelerate cash flow, and identify process improvement areas. Their flexible solutions aim to reduce manual efforts while maximizing revenue.
The Agility of Quadax's Revenue Cycle Management Software
Quadax offers robust cloud-based RCM software providing end-to-end automation, analytics and performance reporting for improved revenue cycle management. Features include:
- Configurable rules-based workflows
- Automated routing, work assignment, scheduling
- Real-time analytics on KPIs and bottlenecks
- Custom reporting on financial and operational metrics
- Patient self-service payment portal
Quadax provides intelligent automation enabling staff to work more efficiently. Larger health systems benefit from Quadax’s flexible workflows while smaller clinics gain access to enterprise-level capabilities cost-effectively via the cloud.
Optimizing Performance with ABILITY Network's RCM Solutions
ABILITY Network delivers end-to-end revenue cycle technologies spanning patient access, claim management, analytics and denial workflows. Capabilities include:
- Eligibility verification, coding, auditing
- Robust rules engine centralizing rules-based workflows
- Real-time analytics into metrics like first-pass acceptance rate
- Configurable dashboards to identify opportunities
- Intuitive denial management software
ABILITY Network combines intelligent tools, metrics, and performance analytics allowing organizations to measure productivity, prevent revenue leakage, and make data-driven decisions for peak revenue cycle operation.
Assessing RCM Software: PwC's Revenue Cycle Management Framework
When evaluating RCM solutions, practices should assess key capabilities spanning integration, analytics, automation, reporting, patient engagement tools, security, implementation support, and pricing models based on PwC's Revenue Cycle Management Framework. This helps identify the right long-term partner addressing today's needs while enabling future growth.
Seamless EHR and PM System Integration
Tight integration with EHRs and practice management software enables seamless end-to-end workflow. Practices should ensure the RCM system can:
- Integrate via HL7 and APIs with major EHRs like Epic, Cerner, eClinicalWorks etc.
- Allow automated eligibility checks, pre-registrations etc. from EHR portal.
- Enable single sign-on and auto sync of patient data across systems.
- Have bidirectional data exchange minimizing manual entries and errors.
This eliminates workflow gaps and inefficiencies through automated handoffs across the care journey.
Analytics-Driven Claims Management for Revenue Maximization
Advanced analytics and rules engines enable practices to:
- Identify high-risk claims needing review.
- Uncover trends causing denials and underpayments.
- Benchmark performance vs specialty peers.
- Model "what-if" scenarios to maximize collections.
This leads to reduced write-offs, improved realization rates and higher reimbursements.
Automating Success: Workflow Automation in RCM
Intelligent workflows with rules-based routing auto-classifies and distributes claims and documents to appropriate teams. Key features include:
- Auto-forwarding claims to clearinghouses/payers based on payer requirements.
- Identifying and routing incomplete charts for physicians to complete.
- Enabling load-balancing across teams to prevent claim backlogs.
Such automation reduces manual oversight needs, improves turnaround times and boosts staff productivity.
Transparency Through Reporting and Performance Tracking
Practices need visibility into KPIs like denial rates, AR days, coding accuracy, resource workload etc. RCM systems should provide:
- Interactive self-service dashboards with graphical reports.
- Drill-down capabilities to the claim level.
- Custom reporting by payer, provider, CPT code etc.
- Automated report delivery to inbox.
This arm practices with data to identify issues, uncover savings and improve outcomes.
Engaging Patients with Payments and Financing Tools
Patients now shoulder a larger financial responsibility. RCM solutions should equip practices to:
- Offer online portals for payments, payment plans and financial assistance screening.
- Enable online eligibility checks and price estimates.
- Automate patient statements with clear balances and payment options.
Such tools drive patient satisfaction, financial clearance rates and point-of-service payments.
Safeguarding Data with High Security Standards
Robust security is non-negotiable. Practices must validate RCM systems:
- Are HIPAA and HITECH compliant securing PHI data.
- Have resilient IT infrastructure with redundancy.
- Conduct regular disaster recovery and penetration tests.
- Have strong access controls and activity audit trails.
This protects practices from data breaches and ensures continuity of operations.
Guided Onboarding: Implementation and Support Services
Vendor assistance is key during system setup and go-live including:
- Data migration and validation.
- Workflow analysis and optimization.
- End-user training on system usage.
- Dedicated account manager for ongoing needs.
- 24/7 technical troubleshooting with minimum downtimes.
Such guided support ensures smooth onboarding and continued success on the new RCM platform.
Comparing RCM Pricing Models and Contract Flexibility
When comparing RCM solutions, practices should evaluate:
- Deployment options (SaaS, on-premise, hybrid).
- Scalable pricing models (FFS, % net revenue, capitation).
- Contract flexibility allowing add-on tools.
- Ability to switch plans as practice needs evolve.
This ensures the solution aligns both current and future projected volumes enabling continued value.
Blueprint for Successful RCM Software Deployment
This concluding section will summarize best practices healthcare organizations should follow when rolling out RCM systems to maximize the likelihood of a successful implementation.
Building Organizational Consensus for RCM Adoption
Early involvement of key staff and executives in software selection and planning is vital for easing change management when adopting a new RCM system. Holding stakeholder workshops to align on goals, assembling a multidisciplinary project team, and securing executive sponsorship can help build organizational consensus. This fosters staff readiness to embrace the new tools.
Continuous two-way communication through each project phase also helps secure buy-in. For example, demos tailored to each user group demonstrate how daily workflows will improve. Celebrating quick wins and milestones maintains momentum.
Ultimately, when people understand why a change is happening and how it benefits them, acceptance follows more naturally. RCM software changes the status quo, so stakeholder alignment from the start prevents future roadblocks.
Investment in Staff Training and RCM Expertise Development
The success of any RCM implementation depends on users maximizing the system's capabilities. This requires comprehensive training and readily available support. Staff should feel confident using all features relevant to their role before go-live.
Ongoing lunch-and-learn sessions, refresher courses, and one-on-one coaching also reinforce knowledge. As processes and tools evolve, continuing education enables practices to stay ahead.
Developing internal RCM experts across different user groups sustains these gains long-term. They become the first point of contact for questions post-implementation. With deep understanding of system functionality and workflows, these superusers identify new opportunities for revenue maximization.
In short, investing in staff expertise pays dividends through smarter use of RCM software and continuous performance improvement.
Embracing Change: A Phased Rollout Strategy
Big Bang deployments that update entire RCM systems simultaneously carry substantial risk. A gradual rollout focusing first on priority workflows enables practices to optimize tools for their unique needs before organization-wide implementation.
For example, starting with pre-registration, scheduling, and eligibility verification lays the patient access foundation. Mastering claims management, accounting, analytics, and advanced modules follows in subsequent stages based on readiness.
This phased approach eases the burden of process change. It also allows time for workflow adjustments, system configurations, and integration tweaks to maximize value at each step.
Practices embracing RCM software as an ongoing journey, not a single event, are best positioned to enhance revenue over the long-term.
Benchmarking and Adapting: The Continuous Improvement Cycle
The optimization process does not end at go-live. Regular benchmarking identifies new opportunities for revenue maximization as workflows and reporting improve.
Key metrics to monitor include denial rates by payer, coding accuracy, days in A/R, cost to collect, and more. Unfavorable trends prompt investigation into potential process gaps.
Adaptability is critical. For example, analytics may reveal clinical documentation improvement represents the biggest opportunity for capturing additional revenue. Adopting speech recognition and forms automation to aid physicians meets this need.
In summary, continuous performance benchmarking paired with a willingness to adapt RCM systems and workflows fuels a positive cycle of ongoing revenue enhancement.
Leveraging the Cloud: The Rise of RCM Cloud Solutions
Cloud-based revenue cycle management (RCM) solutions are transforming healthcare revenue cycles. As organizations aim to reduce costs and increase efficiency, cloud RCM presents many advantages over traditional on-premises systems.
Lower Costs and Increased Scalability
A key benefit of cloud-based RCM is significantly lower upfront costs compared to on-premises solutions. Organizations avoid large capital expenditures on hardware and software licenses. Instead, they pay a monthly fee based on usage. This subscription model also allows organizations to scale up or down as needs change.
With on-premises RCM, organizations must purchase enough infrastructure to manage peak capacity. But with the cloud's scalability, organizations can easily expand during times of high claim volume. This flexibility ensures efficiency no matter the season.
Automatic Upgrades and Enhanced Security
Cloud RCM providers manage software upgrades and maintenance. This saves considerable IT resources compared to managing an on-site system. Organizations benefit from the latest features and fixes without any effort.
Data security is also superior with cloud solutions. Reputable providers invest heavily in advanced security infrastructure and processes. Small healthcare organizations can leverage enterprise-grade security previously only accessible to large hospitals. Cloud RCM also enables easy implementation of technologies like single sign-on and role-based access control.
Improved Analytics and Interoperability
The cloud facilitates data consolidation from across the care continuum. This powers robust analytics and reporting to identify inefficiencies and optimize revenue strategies. Many cloud RCM systems integrate with EHRs and other systems too. This interoperability streamlines workflows and connects revenue cycle data.
The Rise of RCM Cloud Leaders
Given these advantages, cloud RCM adoption grows each year. Analysts predict the global healthcare cloud computing market will reach $64.7 billion by 2025. Spurred by remote work and digital acceleration during the pandemic, many organizations are migrating revenue cycle management to the cloud. Established vendors like R1 RCM, Waystar, and nThrive lead this transition. But specialty startups like RCM Cloud promise innovative niche solutions too. As cloud technology matures, it will likely become the dominant RCM delivery model this decade.
Navigating the Software Landscape: Revenue Cycle Management Capterra Reviews
Revenue cycle management (RCM) software is essential for optimizing the financial performance of healthcare organizations. With the right RCM system, providers can increase revenue, reduce costs, and improve efficiency across the revenue cycle. However, with countless options on the market, identifying the best revenue cycle management software can be an overwhelming task. This is where third-party review platforms like Capterra come in handy.
Capterra is one of the most popular software review websites, with over 700,000 verified user reviews across various software categories. For providers evaluating RCM solutions, Capterra is an invaluable resource to leverage during the software selection process. Here's a closer look at some of Capterra's key features for researching and comparing RCM software:
In-Depth Product Profiles and User Reviews
Capterra allows potential buyers to browse comprehensive product profiles for leading RCM solutions. These profiles provide an overview of each software's key capabilities, integrations, deployment options, target customers, and more. Most importantly, users can read candid feedback via customer reviews and ratings. With reviews spanning criteria like ease of use, functionality, customer support, and value for money, providers gain transparent qualitative insights into how an RCM software actually performs for other customers.
For example, Waystar has earned an average user rating of 4.4 out of 5 stars across 650+ Capterra reviews. According to one Waystar user in ambulatory healthcare:
"Waystar offers user-friendly revenue cycle software with everything you need in one platform. The end-to-end RCM system has significantly improved our net collection rate."
Such detailed reviews offer social proof and reinforce why leading solutions like Waystar rank among the top RCM software on Capterra.
Customized Shortlists and Product Comparison
In addition to RCM software reviews, Capterra makes it easy to generate customized shortlists and compare solutions head-to-head. Users can filter products by features, integrations, pricing options, user ratings, and more to create shortlists tailored to their unique needs.
The platform also provides an interactive comparison tool to evaluate multiple RCM software side-by-side across 150+ data points like medical billing capabilities, automated denial management, reporting dashboards, etc. Mapping solutions to organizational requirements aids the decision-making process.
Vendor Research and User Demographics
To supplement product evaluations, Capterra enables providers to research RCM software vendors, including years in business, company size, target customers, top alternatives deployed, and market presence. This equips buyers with background context to determine if a vendor's solutions align with their environment and roadmap.
Additionally, the RCM category page shares user demographics to showcase which customer segments are leveraging different software solutions. Metrics like company size, industry breakdown, and departmental use allow buyers to analyze peer usage trends among target RCM software.
Independent Product Recommendations
Finally, buyers can leverage Capterra's proprietary algorithms and industry expertise to receive tailored RCM software recommendations. Based on their business needs and usage criteria, providers obtain a shortlist of recommended top-rated solutions best fitting their unique requirements. Backed by data and insights, these personalized recommendations from an independent third-party serve as a North Star to narrow down options.
In summary, user review platforms like Capterra empower healthcare organizations to conduct exhaustive due diligence on RCM vendors and make informed software decisions backed by peer experiences. Leveraging authentic customer feedback and data-driven recommendations, buyers can confidently invest in revenue cycle management software to streamline financial workflows. The right RCM system yields material dividends, and review sites like Capterra help providers choose the best solution fitting their needs.
Revenue Cycle Management Insights: A PwC and Cerner Perspective
Revenue cycle management (RCM) is crucial for healthcare providers to operate efficiently. As leaders in RCM consulting and solutions, PwC and Cerner offer valuable perspectives.
PwC advises healthcare clients on optimizing their revenue cycles. They highlight important metrics like net patient revenue and cash flow, analyzing performance to identify opportunities for improvement. For example, PwC may uncover issues with claim rejection rates indicating problems with charge capture or coding.
Cerner takes a technology-focused approach to RCM, providing end-to-end solutions spanning patient access, charge capture, claims management, and more. Their systems leverage automation and analytics to drive higher financial returns for clients. According to recent reviews on Capterra, Cerner is a top revenue cycle vendor in terms of market presence and functionality.
Both PwC and Cerner emphasize revenue cycle best practices like speeding up claim submission, tracking denial rates, centralizing data, and monitoring KPIs. While PwC offers consulting expertise, Cerner provides the technical tools for execution. Together, they enable healthcare providers to significantly improve revenue cycle efficiency.
