What is Revenue Cycle Management?
While it is important to ensure that your practice is running well like a well oiled machine, in that you are doing justice to your patients, you also need to make sure that you are making money because at the end of the day, your practice is your source of income. While it is important to focus on patients, you need to remember that your practice provides you with your livelihood and most likely livelihood to several other people so you should focus on making some money as well.
This is where revenue cycle management software come into play. We will be talking about some of the best software options you can consider when it comes to choose a software that also helps you manage your finances. Making sure you choose the right software in this instance is very important since an RCM software can either make or break your practice; financially speaking. So if you want to know more about the best options in the industry keep reading to find out which software you should opt for!
Top 5 Revenue Cycle Management Software
The first software on our list for best revenue cycle management software is athenahealth because of its robust billing features. This software has several features which make it easy for you to make billing much simpler. You are able to reduce the amount of mistakes you might make when doing billing manually which helps you to get your bills reimbursed faster as well. The other thing about this software’s billing and revenue cycle management features which is worth mentioning is that it has a quotes feature which allows you to look at quotes other medical professionals might give to patients for similar services.
Next we have eClinicalWorks which is also a wonderful EHR option. This software has a great revenue cycle management feature as well which helps you do a lot of billing easily. The software comes equipped with ICD and other codes which enable you to make bills correctly without having to worry about the wrong codes and what not. This also guarantees that your bills will be reimbursed on time and properly!
PrognoCIS EMR also happens to have a brilliant revenue cycle management software which helps you maintain your financials at your medical practice easily. The eligibility checking feature enables you to verify whether a new patient at your practice or a current one qualifies for insurance when you take their case or for a particular service. This helps you avoid any issues later on when you find out a patient is unable to cover their costs!
Epic is one of the most popular medical software producing companies in North America. The billing software for Epic which serves as its revenue cycle management software also happens to be wonderful. The software has a claims scrubbing option built within it which helps you automate filling out claims and also monitors and tracks them to see what stage they are on and overall allows for claims to be reimbursed much faster than before.
The final software in our list is AdvancedMD which has a robust billing component. This feature allows you to do a lot of work related to billing quite easily. The software has a feature which keeps track of your billing for you. It sends out reminders to both you and your patients about unpaid bills. Overall, this software increases the amount of bills which are reimbursed at your practice which is incredibly beneficial for your overall cash flow and success.
Which RCM Software Should you Invest in?
Now that we have told you about several options for revenue cycle management software, you are probably wondering which one of these should you opt for. We cannot make a decision for you regarding this unless we knew the specifics of your practice and what you want for it.
We can however advise you on how to get the right software for yourself. We advise that you read as many reviews as you can for these software to see whether or not current users for these software even like it.
You should also ask the vendor for whichever revenue cycle management software you are considering seriously for a demo of the software so that you know what to expect from it. We are sure at the end of the day, that you will choose a software that will be the right fit for you and your practice!