The world of healthcare is vast. Many may think that it has only one aspect, providing healthcare services to the patients. However, that is not the case. Like any other company, any healthcare organization has various departments that work in unity to help the organization work smoothly and reach its goal.
Among many departments is finance and administration that look after the organization’s financial aspect and if everything is working smoothly. One of the crucial parts of the same is revenue cycle management. It starts from the moment a patient is registered and ends when the patient is discharged and the organization receives the reimbursement for its services.
As settled as the process looks, it is equally complex because of various factors, like collecting patient information, managing claim denials, ensuring timely payments, and much more, which can burden the healthcare organization to a great extent. To reduce the same, the best practice is to outsource the process.
There are many healthcare revenue cycle management companies in US that you can delegate the process to, but they may not be able to provide the desired results. But worry not! We have come up with a list of best RCM companies to help you achieve the desired goal. Let’s check out the 10 best RCM companies.
Why is it Important to Outsource RCM Process?
- Expertise and Specialization
Outsourcing healthcare revenue cycle management (RCM) processes to a trustworthy healthcare revenue cycle management company provides access to professionals with specialized knowledge and skills, ensuring accurate billing and coding practices.
- Cost Efficiency
Outsourcing RCM processes to a good healthcare revenue cycle management company eliminates the need for investing in expensive technology, software, and training, leading to significant cost savings.
- Enhanced Efficiency and Productivity
Outsourced RCM teams streamline processes, reducing errors, claim denials, and delays, leading to faster reimbursements and improved cash flow.
- Compliance and Regulations
It is important to be in compliance with the latest healthcare regulations and policies to carry out the RCM processes properly. However, if it is not done, there can be errors that can lead to denied claims and legal issues. Outsourcing makes sure that the RCM processes are carried out in compliance with the updated policies and regulations.
- Advanced Technology
An outsourced healthcare revenue cycle management company comes with the latest cutting-edge technology and tools for accurate claims processing, analysis, and reporting. This helps in achieving the desired goal in the given time.
- Scalability
Outsourced RCM services can easily scale with fluctuating patient volumes, preventing overstaffing during peaks and reducing costs during valleys.
- Focus on Patient Care
Providers can redirect their focus to patient care, strategic initiatives, and improving clinical outcomes instead of getting entangled in administrative tasks.
- Reduced Administrative Burden
Outsourcing alleviates the administrative burden of managing RCM processes, allowing healthcare professionals to concentrate on core responsibilities.
- Minimized Staff Turnover Impact
Staff turnover can disrupt in-house RCM processes, whereas outsourcing ensures continuity and stability in billing operations.
- Data Analytics and Insights
Outsourced healthcare revenue cycle management company offers valuable data analytics and insights, enabling providers to make informed decisions and improvements based on accurate data.
Top 10 Healthcare Revenue Cycle Management Companies
- Cosentus
Craving for quality results? Cosentus is the right match for you! This healthcare revenue cycle management company does not only streamline your billing process, but also optimizes your collections so that you can grow while you deliver outstanding patient experience.
The healthcare revenue cycle management company offers a dedicated team of experts that is up-to-date on all the latest RCM procedures. You can focus on improving your patient care services while Cosentus handles all your RCM needs.
- eClinical Works
This is yet another reliable healthcare revenue cycle management company that specializes in electronic health records (EHR) and practice management software. The company provides the best cloud-based solutions and products.
- AthenaHealth
If you are looking for a healthcare revenue cycle management company that is an old player in the market, AthenaHealth is the answer. The company, established in 1997 is one of the top healthcare revenue cycle management companies in the USA.
- Cerner
If you are looking for a healthcare revenue cycle management company that can supply health information technology (HIT), Cerner is the right match. This healthcare revenue cycle management company provides digital information systems that are used in larger healthcare organizations, like hospitals and healthcare systems through which medical professionals can give better healthcare services to patients.
- Quest Diagnostics
This is yet another healthcare revenue cycle management company that offers risk assessment services. It has made the list, as it is one of the most reliable companies in the healthcare industry.
- GeBBC Healthcare
If you are looking for a healthcare revenue cycle management company that can provide related services and risk management solutions, GeBBC Healthcare it is! This company works on innovative technology and has a global workforce in the world of healthcare, assisting healthcare organizations to boost their performance and improving patient experience.
- Conifer Health Solutions
This is another good healthcare revenue cycle management company that focuses on providing desired results for healthcare organizations and providers. They provide revenue cycle and value-based healthcare solutions that help improve the organization’s financial performance, ultimately improving their overall patient experience.
- Epic Systems
This is another renowned healthcare revenue cycle management company that offers software solutions to healthcare organizations. They develop software to aid people in various ways to stay healthy.
- Allscripts
Allscripts offers practice management and innovative EHR (Electronic Health Record) services to healthcare organizations or providers. It also offers care cooperation, patient engagement products, and financial and analytics technology.
- McKesson
Last but not the least, McKesson is another healthcare revenue cycle management company that provides health information technology solutions, intelligent care management, and medical supplies.
Conclusion
In the world of healthcare, there are many aspects that contribute to the proper working of a healthcare organization. One of these aspects is the healthcare revenue cycle management process that takes care of everything from the registration of the patient to their discharge and payment for the services received.
While the RCM process is important, it is equally complex. It may become a task for the healthcare organization to manage its healthcare revenue cycle if the staff is not trained properly, if the team is understaffed, and much more. This often leads to poor results in patient care, as the organization is not able to deliver properly.
As a solution, the healthcare organization can outsource their healthcare revenue cycle processes to get better results. There are many benefits of outsourcing RCM services, like dedicated team, experts onboard, focus on the RCM processes, reduced denied claims, and much more.
However, it is important to delegate the task to the right healthcare revenue cycle management company that is able to provide quality revenue cycle management services, leading to better results. It can be a task to search for the right healthcare revenue cycle management company, as there are many in the market. Check out the list of top 10 healthcare revenue cycle management companies that offer the best quality RCM services in the USA!
As providers continue to face financial challenges, these RCM leaders remain steadfast in their commitment to advancing healthcare financial operations, ensuring sustainability, and ultimately contributing to improved patient care.