Software Advice has helped medical practices of all sizes find the best revenue cycle management software for tracking the full life cycle of the patient experience. How does it work?

Revenue Cycle Management Software


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DrChrono’s iPad and iPhone compatible EHR and medical billing platform allows users to manage patient intake, clinical charting, billing, and revenue cycle management. It includes customizable medical forms, e-prescribing, scheduling... Read More
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DrChrono’s iPad and iPhone compatible EHR and medical billing platform allows users to manage patient intake, clinical charting, billing, and revenue cycle management. It includes customizable medical forms, e-prescribing, scheduling... Read More
 
 
AdvancedMD is an integrated medical software suite for independent practices. Features include practice management, electronic health records, patient engagement, telemedicine, rooming, reputation management, financial analytics and... Read More
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AdvancedMD is an integrated medical software suite for independent practices. Features include practice management, electronic health records, patient engagement, telemedicine, rooming, reputation management, financial analytics and... Read More
 
 
NextGen Healthcare offers solutions for electronic health records (EHR), practice management and more. NextGen EHR solutions are suitable for ambulatory practices of all sizes, and enable users to coordinate patient care while complying... Read More
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NextGen Healthcare offers solutions for electronic health records (EHR), practice management and more. NextGen EHR solutions are suitable for ambulatory practices of all sizes, and enable users to coordinate patient care while complying... Read More
 
 
athenahealth is providing cloud-based services for electronic health records (EHR), revenue cycle management & medical billing, patient engagement, care coordination, and population health management, as well as Epocrates and other... Read More
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athenahealth is providing cloud-based services for electronic health records (EHR), revenue cycle management & medical billing, patient engagement, care coordination, and population health management, as well as Epocrates and other... Read More
 
 
Kareo is a Web-based EHR, medical billing, and practice management used by thousands of physicians across the United States. This system suits small practices and billing companies. With Kareo, practices can schedule patients, confirm... Read More
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Kareo is a Web-based EHR, medical billing, and practice management used by thousands of physicians across the United States. This system suits small practices and billing companies. With Kareo, practices can schedule patients, confirm... Read More

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PrognoCIS is a cloud-based ICD-10 compliant and MU certified EMR solution which helps medical facilities and practitioners to manage patient medical recording. The software comprises of integrated modules for EHR, Practice Management,... Read More
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PrognoCIS is a cloud-based ICD-10 compliant and MU certified EMR solution which helps medical facilities and practitioners to manage patient medical recording. The software comprises of integrated modules for EHR, Practice Management,... Read More
 
 
CareCloud Charts is an integrated electronic health recording (EHR) solution offering collective benefits of EMR, practice management and medical billing services. The solution helps physicians to streamline clinical operations and... Read More
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CareCloud Charts is an integrated electronic health recording (EHR) solution offering collective benefits of EMR, practice management and medical billing services. The solution helps physicians to streamline clinical operations and... Read More
 
 
Compulink Healthcare Solutions is an integrated hybrid medical solution that provides medical service providers functionalities such as electronic health records (EHR), practice management, revenue cycle management, inventory management,... Read More
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Compulink Healthcare Solutions is an integrated hybrid medical solution that provides medical service providers functionalities such as electronic health records (EHR), practice management, revenue cycle management, inventory management,... Read More
 
 
Valant’s EHR for behavioral health offers tools for providers to streamline documentation, increase efficiency, and enhance the productivity of their practice or agency. The fully integrated suite includes secure patient records,... Read More
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Valant’s EHR for behavioral health offers tools for providers to streamline documentation, increase efficiency, and enhance the productivity of their practice or agency. The fully integrated suite includes secure patient records,... Read More
 
 
In 1985, a chiropractor and software developer teamed up to create ECLIPSE, an ONC certified Complete EHR now used by thousands of providers nationwide. Designed for single practitioners, ECLIPSE is routinely used by multi-disciplinary... Read More
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In 1985, a chiropractor and software developer teamed up to create ECLIPSE, an ONC certified Complete EHR now used by thousands of providers nationwide. Designed for single practitioners, ECLIPSE is routinely used by multi-disciplinary... Read More

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Aprima EHR is designed to take advantage of mobile hardware including the Aprima Mobile smartphone app for tablets, touchscreens and smartphone devices. Aprima is suitable for physicians in primary care and more than 70 specialties... Read More
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Aprima EHR is designed to take advantage of mobile hardware including the Aprima Mobile smartphone app for tablets, touchscreens and smartphone devices. Aprima is suitable for physicians in primary care and more than 70 specialties... Read More
 
 
Azalea provides cloud-based electronic health records (EHR), practice management (PM), revenue cycle management (RCM) and telehealth solutions for ambulatory and hospital care settings. Azalea is suitable for community and rural health... Read More
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Azalea provides cloud-based electronic health records (EHR), practice management (PM), revenue cycle management (RCM) and telehealth solutions for ambulatory and hospital care settings. Azalea is suitable for community and rural health... Read More
 
 
Practice EHR, a medical practice management software, was developed to accommodate the needs of small to mid-size businesses. The platform is customizable to internal medicine practices, chiropractors, physical therapists, family medicine,... Read More
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Practice EHR, a medical practice management software, was developed to accommodate the needs of small to mid-size businesses. The platform is customizable to internal medicine practices, chiropractors, physical therapists, family medicine,... Read More
 
 
Founded in 2005, Practice Fusion offers a cloud-based EHR that includes a suite of integrated features like charting, e-prescribing, patient scheduling, lab and imaging integration and more. Additionally, practices can qualify for... Read More
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Founded in 2005, Practice Fusion offers a cloud-based EHR that includes a suite of integrated features like charting, e-prescribing, patient scheduling, lab and imaging integration and more. Additionally, practices can qualify for... Read More
 
 
Greenway Health’s ambulatory platform provides healthcare organizations with clinical, financial, and administrative tools and services. Intergy, part of the Greenway Health suite, is available as both a web-based and on-premise... Read More
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Greenway Health’s ambulatory platform provides healthcare organizations with clinical, financial, and administrative tools and services. Intergy, part of the Greenway Health suite, is available as both a web-based and on-premise... Read More

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ChiroTouch is an electronic health records (EHR) and practice management system designed specifically for small to midsize chiropractic practices. It combines electronic health records, billing, patient scheduling, outcomes assessments... Read More
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ChiroTouch is an electronic health records (EHR) and practice management system designed specifically for small to midsize chiropractic practices. It combines electronic health records, billing, patient scheduling, outcomes assessments... Read More
 
 
MDConnection is a web-based solution for medical practice management. The system serves the needs of small practices consisting of just one physician or a small group of physicians. The core functions include scheduling, medical billing,... Read More
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MDConnection is a web-based solution for medical practice management. The system serves the needs of small practices consisting of just one physician or a small group of physicians. The core functions include scheduling, medical billing,... Read More
 
 
eClinicalWorks is an integrated electronic health record (EHR) and practice management solution providing technology through every step of the patient care delivery process. Features include patient engagement, televisits, care coordination,... Read More
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eClinicalWorks is an integrated electronic health record (EHR) and practice management solution providing technology through every step of the patient care delivery process. Features include patient engagement, televisits, care coordination,... Read More
 
 
MedEZ is an electronic health record (EHR) and billing suite suitable for most medical facilities, particularly behavioral health centers and substance abuse rehabilitation programs. On-premise and cloud-based deployments are available. MedEZ... Read More
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MedEZ is an electronic health record (EHR) and billing suite suitable for most medical facilities, particularly behavioral health centers and substance abuse rehabilitation programs. On-premise and cloud-based deployments are available. MedEZ... Read More
 
 
WebPT is a cloud-based, multi-product platform for outpatient physical, occupational and speech therapy clinics. At its core, WebPT is an electronic medical records (EMR) system that enables therapists to produce and store patient... Read More
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WebPT is a cloud-based, multi-product platform for outpatient physical, occupational and speech therapy clinics. At its core, WebPT is an electronic medical records (EMR) system that enables therapists to produce and store patient... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: November 1, 2018


Health care revenue cycle management is the central foundation of hospitals and all other health care practices. Successful management processes enable medical practices to maintain profitability while dealing with timely claims and payment processes.

These health care systems monitor the entirety of each patient experience, from initial scheduling and registration through the visit and finally to post-visit statuses and final retribution. Medical practices adopt these systems to offload and automate this tedious tracking endeavor. And in doing so, they are able to spend more time focusing on treating patients and providing great experiences.

But not all revenue cycle management (RCM) software is created equally. That's why we've created this guide to give you an idea of what the must-have capabilities are. Use this as a jumping off point for reaching out to vendors and doing some demos. From there, you'll be able to make the best selection for your unique needs.

In this guide, we'll cover:

What Is Revenue Cycle Management Software?

As we explained before, revenue cycle management software is the financial workhorse of medical practices, tracking each billable patient interaction from scheduling through to payment completion.

That sounds easy enough, but there's a ton of tools and capabilities within RCM software. They include the ability to verify insurance eligibility when scheduling appointments, creating claims submissions with the most correct codes and patient payment notice and collection.

Revenue cycle management software operates along all points of the patient/billing journey, including:

Typical Revenue Management Cycle for Medical Practices

Typical Revenue Management Cycle for Medical Practices

Given its operational importance and breadth of functionality, choosing the best RCM software for your unique needs is all the more critical.

Common Features of Revenue Cycle Management Software

Revenue cycle management software provides users with the tools necessary to manage all stages of the medical practice. Key features include:

Scheduling and registration Record the initial outreach and track any scheduled appointments.
Insurance verification/validation Gather patient insurance information and verify its eligibility.
Copay management Validate the copayment amount covered by insurers and adjust the remainder owed accordingly.
Patient visit documentation Manage the proper code output based on the type of visit and the services that took place during the visit.
Claim management Maintain an organized database of current and past claims. Accurately send and file bills and keep claims updated.
ICD-10 compliance Manage the intricacies of ICD-10 cataloging and keep your practice compliant.
Payment processing Securely and reliably accept credit, debit and other electronic forms of payment.
Denial management Organize denials based on critical signifiers such as source of denial and reason for denial.
Accounts receivable Keep track and provide a filterable snapshot of the money still owed to your medical practice.
Patient statements Send detailed statements to patients highlighting what's still owed, what insurance has covered and available payment methods.

What Type of Buyer Are You?

Moving from paper to automated systems. These buyers want to automate their medical processes, cutting back on paper-based organization and unnecessary exposure to human error. These buyers want to improve office efficiency and provide a more consistent patient experience.

Replacing legacy systems. These buyers have gotten everything they can out of their current system, and it's become a hinderance to their operational efficiency. Regardless of whether they have a mixed together system, something built in-house or just old software, they need greater reliability, federal compliance and more transparency into the financial well-being of the practice.

Centralizing capabilities into one RCM system. These buyers come from practices that have pieced together disparate applications to get what they need. This approach might work for a while, but it very likely will begin to impede growth, as it makes it difficult to scale operations. Moving to a single RCM system enables practices to have a clear view of the status of the organization and also drill down to see critical information at the patient level.

Benefits of Adopting Revenue Cycle Management Software

There are different benefits that revenue cycle management software offers based on what you're replacing. However, there are also similar benefits shared by all new RCM adopters. These include:

Increased operational efficiency. Revenue cycle management systems enable health care practices of all types and sizes to define optimized processes for managing each step in the revenue cycle. These processes and newfound automations are certain to increase operational efficiencies for users.

Maintain financial health. Easily track and explore critical financial metrics to gauge the financial health of the organization. Drill down to see specific components of the payment process that might be stalling final retribution.

Ensure federal compliance. Lean on an ICD-10 coding catalog to not only ensure medical codes are compliant but also give time to employees who would otherwise be inundated with coding edits.

Market Trends to Understand in Revenue Cycle Management

Mobile. More and more medical practices are leveraging mobile technologies such as smartphones, tablets and wearable devices to improve operations. We're increasingly seeing medical vendors providing support for patient information access as well as payment processing on mobile.

Cloud-based software. Cloud-based revenue cycle management software gives providers and patients the ability to easily (but still securely) access patient data, billing and payment statuses from any compatible device with internet access. Cloud-based RCM platforms most often operate on a subscription basis, making them more affordable for smaller practices looking to get a new system in place.

Patient portals. Mobile, SaaS and other digitalization in the health care space isn't reserved for providers. Patients now expect communications and access to their medical information through online and mobile portals. If that's something you're interested in, take a look at our guide on patient portal software.

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Medical Billing Software Pricing Guide

 

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