Updated on October 18, 2022 by Jordan McGlone
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Healthcare revenue cycle management is the financial process facilities use to manage the administrative functions related to claims processing, payment, and revenue generation. Nowadays, these processes are simplified using different software that addresses the unique needs of every healthcare facility. It ensures that claims are paid for their services as quickly as possible and manages patient appointments better.
Gone are the days when the administration is done manually. Aside from that, manual management is time-consuming and prone to mistakes. Healthcare revenue cycle management systems help speed up work like scheduling, insurance eligibility verification, and patient account establishment. Let’s take a look at the best platforms so far.
Top HealthCare Platforms for Revenue Cycle Management
Epic – Epic is commonly used by registered nurses and medical practitioners to help people get well and stay healthy. Founded in a basement in 1979, the software is one of the top choices for many patients. It has a feature called My Chart where patients have their personal information at their fingertips. Using the system, they can set an appointment and schedule doctor visits. The app allows patients to personally be more involved with their healthcare management.
Luma Health – Luma Health aims to resolve setting doctor appointments through a Patient Success Platform that unifies and automates each patient’s healthcare journey. Using the app, patients can have access to their medical information. Conversely, it allows clinicians and medical staff to access more than 80 EHRs about the patient, paving the way for an increase in revenue.
WebPT – The WebPT platform is one of the largest rehab therapy platforms that allows doctors to easily transition from face-to-face appointments to a user-friendly solution. It helps medical practitioners create documentation, track patient records, and integrate billing. It’s fast, easy, and practical for hospitals who want to simply time management and increase revenue growth.
NextGen – NextGen provides ambulatory practices and support for medical services. It features patient registration and scheduling, eligibility, and pre-service financial clearance. As a cloud-based EHR it can help hospital staff save time and organize patient handling and revenue cycle management.
eClinicalWorks (ECW) – eClinicalWorks’ Practice Management (PM) system is the largest cloud-based EHR solution and is best for practices of any size. It helps manage appointments and schedules and streamlines billing for easier monitoring. It organizes work in the medical facility and stores demographic data. Using this platform, healthcare facilities can automate their processes, save time, and increase their revenue.
Cerner – Cerner has been around for 40 years and is proven to be a beneficial revenue cycle management software for healthcare and information technology. It helps connect medical practitioners and doctors in one system. Using the latest technology, it offers modern revenue cycle management that is hassle-free and patient-focused. It allows patients to schedule an appointment, get financial clearance faster, and access billing.
Kareo – Kareo makes it easier and more rewarding to run an independent medical practice. It offers a cloud-based, clinical, and revenue management technology platform. It helps hospitals run a smarter business, provide better care for their patients, and manage finances more effectively. With more than 75, 000 providers, it is guaranteed to be very easy to use. Unlike other companies that are built on larger medical groups, Kareo is more geared toward medical practice.
Intergy by Greenway Health – Intergy is a popular financial management system that competes for an ambulatory platform that helps facilities connect with the entire practice. It provides support in streamlining workflows and providing patient care. It is used to manage chronic conditions and capture parent incentives. What makes Intergy beneficial is the availability analytics reporting system that puts all reports in one system. The only disadvantage is that this system is more suitable for a large multi-specialty practice and not for RCM or simple billing companies.
TheraNest – TheraNest is a practice management and therapy notes software for mental and social services. It includes a user-friendly calendar with group and multi-staff appointments. It allows creation involves, accepts cash and credit payments. It comes with a good feature that lets you record patient cases, including their treatment plans and progress notes. It can be accessed from any Android and Apple device using the mobile application.
Central Reach – CentralReach is one of the unique healthcare revenue management systems that have a HIPAA-compliant system, which integrates intake, scheduling, billing, claims management, and mobile data collection. It’s a web-based application that is most suitable for both midsized and large-sized organizations that are empowered to serve more clients with time-saving devices.
ChiroTouch – ChiroTouch is a healthcare revenue management system that helps healthcare facilities retain patients by streamlining management. It also helps with organizing revenue monitoring and allocation. The best thing about ChiroTouch is the automated check-in and check-out processes, which reduce downtown patient management and decrease paperwork. This application is commonly used by chiropractors and chiropractic assistants.
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Takeaways…
Every healthcare provider’s top priority is bringing quality care to their patients. However, it is more than just treating the patient. It also means having an effective strategy to manage administrative and clinical functions such as bill processing and monitoring patients’ health.
Nowadays, with too many patients in one healthcare practitioner, manually managing everything would be impractical. That is why revenue cycle management is here to save the day.
With automation, healthcare practitioners can streamline processes and bring better healthcare experiences for patients. The better the service, the higher the patient trust rating will be for a certain hospital.
