Revenue Cycle Management (RCM) Software provides constant monitoring and evaluation helping the medical practices’ consistent improvement in the financial aspects. Due to the complexity of the whole financial workflow, it gets really difficult for practices to identify the shortcomings and fix them without help.
Through proper scheduling of payments and continuous verification and validation, try to minimize all the errors which might occur due to incorrect entries or bugs within the systems. These errors can act as an obstacle in daily tasks and interrupt the workflow. Hence, through constant monitoring, try to keep these errors to the minimum and get the software debugged by the vendor in case you find a really critical bug.
Most of the Electronic Medical Records (EMR) Software and Practice Management (PM) Software also offer built-in RCM tools but, it is always advisable to use an independent Revenue Cycle Management (RCM) Software.
Features of Revenue Cycle Management Software
In order to Select The Right RCM Software the more knowledge you have, the greater the insight you can gain. Some of the keys feature almost all the Revenue Cycle Management (RCM) Software offer include:
Patient Scheduling & Registration – The software should be able to track all the scheduled patient appointments and record initial overreach
Verification & Validation of Insurance Data – Verify the eligibility of the patients by gathering their insurance information
Clinical Documentation of Visit – Record the type and experience of a patient visit along with all the activities that took place during the whole visit
Accounts Receivable Management – Keep a regular record of the accounts receivable of the medical practice and generate constant reminders for payment
Processing of Medical Payments – Generate, accept, and process medical payments via online billing. It can accept payments from debit/credit cards and other electronic payment methods in a completely safe and secure way
Claims Management – Create and regularly maintain a database showing all the past as well as current claims. Generate and send payment bills and keep this database of claims updated
Patient Portal – Revenue Cycle Management (RCM) Software should have an integrated Patient Portal will allow the patients the ease of Medical Bill payment through online methods, improving the Patient Engagement
Dashboard – Revenue Cycle Management (RCM) Software should display all the financial data in the form of a single insightful dashboard
Compliance with ICD-10 – Keep the medical practice compliant with ICD-10 by managing the cataloging implications
Cloud-based Servers – Provide an online web/cloud-based server for making the backup and security stronger and create a more affordable software package for the healthcare providers
Top 10 Revenue Cycle Management (RCM) Software by EMRFinder
EMRFinder has compiled a list of the 10 best and top-rated Revenue Cycle Management software in 2020. The list is solely based on customer reviews and ratings and is as follows:
Make sure the software you’re going to purchase is certified. For RCM Software, the certification you should be looking out for is by the ONC-Authorized Testing and Certification Body (“ONC-ATCB”). They are responsible for making sure your vendor meets Meaningful Use objectives and is HIPAA compliant. Many RCM Software vendors offer a lot of features but providers mostly find them redundant or perceive them as a marketing gimmick. Some of these features are actually very helpful as they are advertised, but what you should be concerned with is whether they are relevant to your particular practice or not. You really need to look at your financial workflow. It is highly imperative that the software you choose is compatible with that of the rest of the practice and with the existing EMR Software if you are opting for a stand-alone option. Please do consult your provider to ensure that the software you are choosing only provides those features and not more than what you need.