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Best Revenue Cycle Management (RCM) Products

Best Revenue Cycle Management (RCM) Products

Optimizing revenue cycle processes equals a $9.5B total opportunity.

Revenue cycle management is integral to creating a financially solvent health system. However, embedded in the current process for managing the healthcare revenue cycle are many time-consuming manual processes that contribute to high administrative costs. Revenue cycle stages of securing prior authorization and financial clearance, improving clinical documentation, assigning proper codes, and managing denied claims require substantial labor resourcing. Doing these tasks manually can result in staff burnout and costly errors throughout a patient's care.

Additionally, today’s market presents many challenges—higher costs and deductibles, decreasing reimbursements, more regulatory complexity, shifting payment models, and increasing consumerism. To deal with these financial pressures, health systems are being forced to innovate.

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Revenue Cycle Management (RCM): Products


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HealthNautica’s eORders™, software is a comprehensive, easy-to-use, cloud solution for managing the entire perioperative process and surgical scheduling without changing your scheduling system. It begins with the physician’s office filling out an online surgery scheduling or procedure request.

Gone are the days of illegible, incomplete, inaccurate faxes sent back and forth between the physician’s office and the facility’s scheduling department. The cumbersome and error prone faxing process is replaced by an electronic form that is configured to each facility’s exact specifications and reacts to the user’s input thereby assisting the physician’s office in getting it right the first time.

All orders are legible, complete, screened for CMS Medical Necessity, incorporate SCIP, VTE, SSI and ACS NSQIP measures, verified for insurance eligibility, pre-certified and satisfy edits by CMS, commercial payers and the facility. Our solution ensures efficient surgery center scheduling and block time management while streamlining processes such as prior authorization.

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Ambience Healthcare’s AI technology for scribing, coding, referrals, and patient summaries has been deployed at health systems such as UCSF Health, St. Luke’s Health System, John Muir Health, and Memorial Hermann Health System. Ambience is the only AI scribing and coding solution designed to support 100+ specialties and subspecialties, and is directly integrated with Epic, Cerner, athenahealth, and other leading EHRs. 

 

By partnering with Ambience, healthcare systems reduce documentation time by an average of 80%, improve clinical documentation integrity, and achieve at least a 5X return on investment with more accurate E&M coding. Ambience is also the only AI solution that provides clinicians with AI-assisted CDI support. Ambience surfaces precise diagnosis codes for clinicians to review based on patient conversations, then structures documentation to support selected codes. 

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Leading Health System
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Valer’s technology speeds and simplifies prior authorization and referral management by automating submissions, status checking, verification, reporting, and EHR synchronization across all mid-to-large sized healthcare settings, specialties, and payers from one platform and portal.

All built just for you.

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product capabilities
Requirements Identification
Form Completion
Forms Library
Documentation Collection
Request Submission
Status Monitoring
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CodaMetrix is a SaaS platform, hosted in the AWS Cloud environment, that uses AI and ML to interpret clinical data from the Electronic Health Record (EHR) to reduce time and cost of coding while increasing the quality of coding data sets. It works in parallel with existing coding processes, automatically billing codes and providing medical coding teams with context and suggestions for low-confidence codes. 

CodaMetrix currently supports Epic, GE, Meditech, and Cerner and can be expanded to other EHRs. It is available in Radiology, Pathology, Endoscopy, Surgery, and Evaluation & Management service lines with planned expansion into Emergency Department (ED) and other specialties. CMX Insights includes a dashboard with analytics on automation rate and accuracy, as well as Coding Decision Support tools.

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Leading Health System
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Patients placed in the wrong bed status with improper documentation results in massive revenue loss and patient dissatisfaction.

Physicians can’t keep up with constantly changing criteria needed to admit patients to the hospital, and hospitals spend tons of money and resources fixing bed status issues retrospectively.

AdmissionCare provides the admitting physician with automated admission criteria - such as MCG - integrated directly into the EHR workflow to help document medical necessity that increases payer reimbursements and reduce denials.

How does it work?

  • Integrate into the clinician's EHR workflow
  • Determine the most appropriate bed status for each patient at admission
  • Synchronize payer criteria with the clinician's documentation
  • Collect revenue for the care provided, while avoiding costly denials
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XpertCoding uses advanced AI, NLP, and RPA technologies to automate over 90% of medical coding tasks, processing claims within 24 hours. XpertCoding's AI-powered coding system maintains a 98% accuracy rate and reduces coding costs by over 50%. 

XpertCoding also includes a Business Intelligence suite with a Clinical Documentation Improvement (CDI) Dashboard and a Comprehensive Data Analytics Dashboard, providing essential insights for healthcare leaders and teams to optimize operations.

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Our pre built and custom revenue cycle management bots run the gamut from Pre-Visit to Accounts Receivable and all that's in between. We've automated processes in Epic, eCW, Cerner and so many more! We offer full automation lifecycle services and support. Check out our Revenue Cycle products: https://www.campteksoftware.com/healthcare-revenue-cycle-management/

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Leading Health System
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Solv’s suite of features provides you with everything you need to exceed patients’ expectations the first time they ever interact with your brand, with tools that are proven to increase loyalty, reduce leakage, and accelerate revenue collection. 

Solv provides a digital presence for providers to want to offer convenient, accessible healthcare to their patients, with features including:
- Online self-scheduling
- Digital registration with insurance capture and electronic consent
- Online payment
- Video telemedicine
- Automated waitlist management and optimization
- Secure chat
- Feedback, surveys and reputation management
- New patient acquisition
- Returning patient loyalty portal

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Leading Health System
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There is a different way to work. If you were to reimagine the way you run your business, what would you do differently? What if you could save up to 80% of your operational costs by reimagining the way business outcomes are delivered?

Through the power of automation emerging technologies, we challenge you to think differently about how you work and how you use your people to full effective.

We can help you across the automation journey from thinking through your strategy to implementing and executing robotic process automation, machine learning and other emerging technologies across the enterprise.  

Revenue Cycle Management:

Prior Authorization ​

Insurance Claims - Posting

Patient Payment - Posting

Coordination of Benefits: Primary, Secondary, & Tertiary

Revenue Integrity - Payment Audits (Under & Over)

Provider: Insurance Enrollment

Revenue Integrity - Charge Description Master (CDM) Management

Revenue Integrity - IME or IMR Audits (CMS & Medicare Advantage)

Insurance Claims - Denied & Rejected Follow-Up

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Leading Health System
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RevSpring closes all the gaps to deliver a patient experience that’s as effortless, personal and connected as the device in their hands.

Engage IQ™ centers on patient understanding to deliver a holistic experience that is effortless and personal, which optimizes outcomes for patients, members and providers.

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Digital statementing
Statement consolidation
Post-service patient payment
Self-service out-of-pocket estimator
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Buyer's Guide


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A Buyer's Guide to

Revenue Cycle Management (RCM)

What is digital in revenue cycle management?
Digital RCM solutions are software platforms and technologies that automate and optimize the healthcare revenue cycle. These tools leverage advanced algorithms, artificial intelligence, and data analytics to streamline financial processes, improve efficiency, reduce errors, and provide actionable insights.

Solution framework

Front-end
Credentialing Systems that verify and assess the qualifications, experience, and professional background of healthcare providers to ensure they meet the standards required to practice within a specific healthcare organization or network.
Insurance eligibility verification and prior authorization Systems that confirm a patient’s insurance coverage, benefits, and obtain approval from the insurance provider for specific medical procedures or treatments before they are performed.
Price transparency and cost estimation Systems that provide clear, accessible information about the costs of healthcare services to patients, including estimated out-of-pocket expenses, and facilitating various payment options to improve financial clarity and patient satisfaction.

*Scheduling and Pre-Registration are crucial parts of the Front-End Revenue Cycle process. Please see our Digital Front Door categories for companies in the Scheduling and Pre-Registration space.


Mid-cycle
Clinical documentation integrity Systems that ensure patient medical records are accurate, complete, and properly reflect the patient’s condition, treatments, and outcomes to support quality care, appropriate reimbursement, and regulatory compliance.
Medical coding Systems that translate medical diagnoses, procedures, and equipment into universal alphanumeric codes based on standardized coding systems (e.g., ICD-10, CPT) for accurate billing and reporting.


Back-end
Claims management Systems that prepare, submit, track, and resolve healthcare claims with insurance payers to ensure timely and accurate reimbursement for services provided.
Denials and appeals management Systems that identify, analyze, and address denied claims, including the process of appealing incorrect denials to maximize reimbursement and improve future claim submission accuracy.
Patient billing and payment collection Systems that generate accurate patient bills, communicate financial responsibilities, offer payment options, and collect payments for healthcare services rendered.
Revenue cycle analytics and intelligence Systems that use data analysis tools and techniques to gain insights into the revenue cycle performance, identify trends, predict outcomes, and make data-driven decisions to optimize financial performance and operational efficiency.

Transforming revenue cycle management (RCM) through digital innovation is no longer just a back-office necessity; it’s a strategic imperative for healthcare organizations. By leveraging advanced RCM solutions, organizations can not only reduce administrative burdens and improve cash flow but also elevate the patient financial experience. A seamless, data-driven revenue cycle empowers healthcare providers to reinvest in their mission, delivering higher-quality care, expanding access, and driving sustainable growth in an increasingly complex environment.
Amberly Diets
— Beth Konczakowski
Director of Strategic Advisory Services

The case for digital in revenue cycle management

Healthcare systems today face numerous challenges that impact their financial stability and operational efficiency through increasing complexity of reimbursement models, rising costs, and growing patient financial responsibility. In this landscape, digital solutions for revenue cycle management have the potential to address these issues and optimize healthcare financial operations.

Key drivers for digital in RCM

Financial performance
One of the most pressing concerns in healthcare is maintaining financial stability while delivering high-quality care. Many healthcare organizations struggle with narrow margins and financial pressures with the average operating margin for hospitals performing at a loss of 13.5% in 2022. 1 Effective RCM addresses this challenge by streamlining revenue capture, reducing claim denials, and accelerating cash flow. By implementing robust RCM solutions, healthcare organizations can improve their financial performance, ensure proper reimbursement for services rendered, and maintain the resources necessary to provide excellent patient care.
Administrative burden
Administrative costs in healthcare have reached unsustainable levels, accounting for 15-25% of total healthcare spending in the United States. 2 Much of the administrative load falls on clinical staff, contributing to burnout and job dissatisfaction. RCM solutions offer a way to alleviate this burden by automating many administrative tasks related to billing, coding, and claims processing. Through intelligent automation and workflow optimization, RCM not only improves operational efficiency but also has the potential to enhance job satisfaction and retention among healthcare professionals.
Patient financial experience
As patient financial responsibility continues to grow, with out-of-pocket costs rising exponentially year-over-year, healthcare organizations face increasing pressure to provide a transparent and consumer-friendly financial experience. 3 Traditional billing practices often lead to confusion, frustration, and ultimately, lower collection rates. RCM solutions address this by offering patient-centric billing options, unified billing, clear cost estimates, and flexible payment plans. By improving the patient’s financial journey, healthcare organizations can increase patient satisfaction, boost collection rates, and build long-term patient loyalty.
Regulatory compliance
Healthcare organizations operate in a highly regulated environment, with complex rules governing billing, coding, and reimbursement. Non-compliance can result in significant financial penalties and reputational damage. The total cost for non-compliance is currently deemed greater than $14M. 4 RCM solutions help organizations navigate this regulatory landscape by embedding compliance checks into workflows, automating documentation for audits, and staying up-to-date with changing regulations. This proactive approach to compliance not only reduces risk but also improves the accuracy and efficiency of the revenue cycle.

Key attributes of revenue cycle management solutions

Effective Revenue Cycle Management solutions share several critical attributes that enable them to optimize financial performance and enhance operational efficiency. When evaluating RCM solutions, healthcare organizations should look for the following key characteristics:

End-to-end coverage
  • Manages the entire revenue cycle from patient scheduling to final payment
  • Complements existing practice management systems to streamline financial operations
  • Provides a unified platform for all revenue cycle functions
Example: An RCM ecosystem that handles scheduling, eligibility verification, coding, billing, and collections within a single integrated platform.
Intelligent automation
  • Utilizes AI and machine learning to automate routine tasks
  • Employs robotic process automation (RPA) for repetitive, rule-based processes
  • Reduces manual data entry and associated errors
Example: An RCM solution that automatically codes encounters based on clinical documentation and updates claims in real-time.
Advanced analytics and reporting
  • Offers real-time financial dashboards and key performance indicators
  • Provides predictive analytics for denials management and cash flow forecasting
  • Enables drill-down capabilities for detailed analysis of revenue cycle performance
Example: A system that predicts which claims are likely to be denied and suggests preemptive actions to prevent denials.
Patient-centric financial experience
  • Offers clear, upfront cost estimates and explanations of benefits
  • Provides multiple payment options and flexible payment plans
  • Enables self-service portals for patients to manage their accounts
Example: A patient portal that allows individuals to view their bills, set up payment plans, and make payments online or via mobile app.
Compliance and security
  • Ensures adherence to healthcare regulations (e.g., HIPAA, HITECH)
  • Provides robust data security measures to protect sensitive financial information
  • Offers audit trails and reporting for compliance monitoring
Example: An RCM system with built-in compliance checks that flag potential regulatory issues before claims are submitted.
Real-time eligibility and benefits verification
  • Performs instant insurance eligibility checks
  • Provides detailed breakdowns of patient benefits and coverage
  • Updates patient financial responsibility in real-time
Example: An RCM tool that automatically verifies insurance coverage when appointments are scheduled and updates information at check-in.
Denial management and prevention
  • Identifies root causes of denials through pattern analysis
  • Offers workflow tools for efficient denial follow-up and appeals
  • Provides education and training to prevent future denials
Example: A denial management module that categorizes denials, assigns them to appropriate staff, and tracks appeal outcomes.
Continuous performance improvement
  • Benchmarks performance against industry standards
  • Identifies areas for process improvement and cost reduction
  • Provides ongoing training and support for optimal system utilization
Example: An RCM system that compares an organization’s key metrics to peer benchmarks and suggests improvement strategies.

Organizing for success with revenue cycle management

To successfully implement Revenue Cycle Management solutions, health systems must consider several key factors. By keeping these principles in mind, organizations can effectively optimize their revenue cycle operations and achieve financial goals.
  • Conduct a comprehensive revenue cycle assessment
    1. Analyze current performance metrics across all stages of the revenue cycle
    2. Identify pain points, inefficiencies, and opportunities for improvement
    3. Benchmark performance against industry standards and best practices
  • Optimize existing technology and processes
    1. Assess current RCM technology for underutilized features and potential upgrades
    2. Identify and address user issues regarding existing systems
    3. Explore opportunities for automation and improvement within existing systems to maximize efficiency with current and new technologies
  • Invest in staff training and change management
    1. Provide comprehensive training on new RCM systems and processes
    2. Educate all staff on the importance of accurate documentation and coding
    3. Offer ongoing education to keep staff updated on best practices and regulatory changes
    4. Encourage open communication about revenue cycle challenges and solutions
    5. Recognize and reward staff contributions to revenue cycle improvement
  • Establish key performance indicators (KPIs) and monitoring processes for continuous improvement
    1. Define clear, measurable KPIs for each stage of the revenue cycle
    2. Use analytics tools to identify trends, patterns, and opportunities for improvement
    3. Implement data-driven decision-making processes across the revenue cycle
    4. Regularly review and act on insights generated from RCM analytics
  • Optimize front-end processes
    1. Implement robust patient registration and eligibility verification processes
    2. Develop clear financial counseling protocols for patients
    3. Establish processes for accurate charge capture and coding at the point of service
  • Stay current with regulatory changes and industry trends
    1. Establish processes for monitoring and implementing regulatory updates
    2. Participate in industry associations and conferences to stay informed of best practices
    3. Regularly evaluate new technologies and solutions that could enhance RCM performance
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